The installed base of construction equipment OEM telematics systems will reach 6.9 million units worldwide by 2024, according to Berg Insight.
The IoT market research provider released a new market research project that indicates that the global installed base of active construction equipment OEM telematics systems reached almost 3.4 million units in 2019.
The report assumes a compound annual growth rate of 15.6 percent, putting the active installed base at 6.9 million units worldwide in 2024. This includes all telematics systems marketed by construction equipment OEMs, either developed in-house or provided by the manufacturers in partnership with third-party telematics players.
The North American market accounted for around 700,000 active construction equipment OEM telematics systems at the end of 2019. The European market is estimated to be slightly larger than the North American. The Rest of World represents more than half of the global installed base of telematics systems provided by construction equipment OEMs.
Most major construction equipment OEMs have introduced telematics offerings. OEM telematics systems are today commonly factory-installed as standard at least for heavier machines.
“Caterpillar has now reached the milestone of 1 million connected assets across all segments,” said Rickard Andersson, principal analyst, in a prepared statement. He adds that Caterpillar and Komatsu are also the leading construction equipment manufacturers in terms of market share.
“The remaining top-6 construction equipment OEM telematics players are JCB, Hitachi Construction Machinery, SANY, and Volvo Construction Equipment, which all have hundreds of thousands of active units,” Andersson said.
Other OEMs offering telematics solutions include Deere & Company, Doosan Infracore, Liebherr, CNH Industrial, Hyundai Construction Equipment, Tadano, and JLG Industries, according to Berg Insight.
“All of these players have installed bases in the tens of thousands of telematics units deployed on various types of construction equipment, either independently or in collaboration with telematics partners,” Andersson said.
Source: Berg Insight