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The global construction machinery telematics market is expected to grow at a fast pace over the forecast period. Some of the major factors driving the growth of the market are rise in infrastructural investments, growing construction industry, and reduced fuel consumption. However, complex features and high price associations make the fleet operators reluctant to integrate the technology into business processes.
Increasing Infrastructure Investments
The global GDP is estimated to grow at a rate of 3.9% in 2018 according to the IMF, and this growth is supported by growth in both building and infrastructure investments. Asia-Pacific region is the fastest growing infrastructure market, driven by increasing government spending in China and India, as both the countries have depended on building and infrastructure to boost the economy and create jobs.
One of the major growth drivers for the infrastructure industry, as a whole, and the mobile crane market, in particular, is the China-led, Belt and Road Initiative, which is aimed at building roads, railways, ports, and energy projects stretching from China’s western regions to Europe. The projects under the Belt & Road initiative are expected to create a huge demand for construction equipment. Additionally, the market for excavators and other types of construction machinery is anticipated to strengthen in China over the forecast period. Government spending on municipal infrastructure projects is the key reason for healthy sales of construction machinery in recent months. For instance, cities around the country are expanding subways and other urban transportation systems. In 2018, China is expected to continue the implementation of proactive and sound monetary policies and the development plans of Guangdong, Hong Kong, and Macao Bay Area.
Moreover, in China, as the restrictions on foreign investment in land development, high-end hotels, office buildings, international exhibition centers, and the construction and operation of large theme parks have also been lifted. This is expected to increase the demand for high-performance equipment in the country, thus driving the construction equipment market.
India is still a developing economy, the construction sector is one of the booming industries in the country, and will continue to grow due to increased demand for real estate and infrastructure projects. The Indian government has allocated USD 90 billion in 2017 to build a road network of over 80,000 kilometers over the next 5 years, and USD 3 billion for Gram Sadak Yojana for construction of roads in rural areas. Furthermore, the United States government is also expected to increase its infrastructure spending by over USD 1 trillion in the next 10 years, with an aim to create more jobs in the country.
Asia-Pacific – Likely to Expand Over the Forecast Period
Currently, North America is expected to be the largest market for the market for the construction equipment telematics, however, Asia-Pacific region is projected to expand with the highest CAGR over the forecast period. Some of the major factors that will aid in driving the market are growing construction industry in the region, availability of a large number of heavy equipment, and the rising consumer base of mobile devices.
Construction Machinery Telematics Market Key Developments:
June 2018: JCB launched a new version of its LiveLink telematics system, which will enable mixed fleet operators to control all of their plant and equipment with one network.
Construction Machinery Telematics Market Key Industry Players: JCB, Volvo Construction Equipment, Komatsu, and Caterpillar, amongst others.
Reasons to Purchase Construction Machinery Telematics Market Report:
To study the current and future market outlook in the developed and emerging markets
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
Detailed analysis of the segment that is expected to dominate the market
Regions that are expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares and strategies employed by the major market players.
3 months analyst support along with the Market Estimate sheet in excel.
Construction Machinery Telematics Market Report Customization and Benefits:
This report can be customized to meet the desired requirements. Please connect with our analyst, who will ensure that you get a report that suits your needs.
Increasing Infrastructure Investments
The global GDP is estimated to grow at a rate of 3.9% in 2018 according to the IMF, and this growth is supported by growth in both building and infrastructure investments. Asia-Pacific region is the fastest growing infrastructure market, driven by increasing government spending in China and India, as both the countries have depended on building and infrastructure to boost the economy and create jobs.
One of the major growth drivers for the infrastructure industry, as a whole, and the mobile crane market, in particular, is the China-led, Belt and Road Initiative, which is aimed at building roads, railways, ports, and energy projects stretching from China’s western regions to Europe. The projects under the Belt & Road initiative are expected to create a huge demand for construction equipment. Additionally, the market for excavators and other types of construction machinery is anticipated to strengthen in China over the forecast period. Government spending on municipal infrastructure projects is the key reason for healthy sales of construction machinery in recent months. For instance, cities around the country are expanding subways and other urban transportation systems. In 2018, China is expected to continue the implementation of proactive and sound monetary policies and the development plans of Guangdong, Hong Kong, and Macao Bay Area.
Moreover, in China, as the restrictions on foreign investment in land development, high-end hotels, office buildings, international exhibition centers, and the construction and operation of large theme parks have also been lifted. This is expected to increase the demand for high-performance equipment in the country, thus driving the construction equipment market.
India is still a developing economy, the construction sector is one of the booming industries in the country, and will continue to grow due to increased demand for real estate and infrastructure projects. The Indian government has allocated USD 90 billion in 2017 to build a road network of over 80,000 kilometers over the next 5 years, and USD 3 billion for Gram Sadak Yojana for construction of roads in rural areas. Furthermore, the United States government is also expected to increase its infrastructure spending by over USD 1 trillion in the next 10 years, with an aim to create more jobs in the country.
Asia-Pacific – Likely to Expand Over the Forecast Period
Currently, North America is expected to be the largest market for the market for the construction equipment telematics, however, Asia-Pacific region is projected to expand with the highest CAGR over the forecast period. Some of the major factors that will aid in driving the market are growing construction industry in the region, availability of a large number of heavy equipment, and the rising consumer base of mobile devices.
Construction Machinery Telematics Market Key Developments:
June 2018: JCB launched a new version of its LiveLink telematics system, which will enable mixed fleet operators to control all of their plant and equipment with one network.
Construction Machinery Telematics Market Key Industry Players: JCB, Volvo Construction Equipment, Komatsu, and Caterpillar, amongst others.
Reasons to Purchase Construction Machinery Telematics Market Report:
To study the current and future market outlook in the developed and emerging markets
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
Detailed analysis of the segment that is expected to dominate the market
Regions that are expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares and strategies employed by the major market players.
3 months analyst support along with the Market Estimate sheet in excel.
Construction Machinery Telematics Market Report Customization and Benefits:
This report can be customized to meet the desired requirements. Please connect with our analyst, who will ensure that you get a report that suits your needs.
Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
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The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
