Material Handling Equipment Telematics Market by Product and Geography - Forecast and Analysis 2021-2025

The material handling equipment telematics market share is expected to increase by USD 2.17 billion from 2021 to 2025, and the market's growth momentum will accelerate at a CAGR of 10.85%.

This material handling equipment telematics market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers material handling equipment telematics market segmentation by product (truck, earthmoving equipment, crane, tractor, and others) and geography (North America, Europe, APAC, and South America). The material handling equipment telematics market report also offers information on several market vendors, including Cargotec Corp., CLARK Material Handling Co., Continental AG, Deere & Co., Doosan Infracore Co. Ltd., Geotab Inc., Hyundai Construction Equipment Co. Ltd., Oshkosh Corp., Robert Bosch GmbH, and Trackunit AS among others.

What will the Material Handling Equipment Telematics Market Size be During the Forecast Period?

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Material Handling Equipment Telematics Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a NEUTRAL impact on the market growth during and after COVID-19 era. The increase in construction activities is notably driving the material handling equipment telematics market growth, although factors such as issues related to data security may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the material handling equipment telematics industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Material Handling Equipment Telematics Market Driver

The increase in construction activities is one of the key material handling equipment telematics market growth drivers. The growth of the construction industry across the globe has increased the demand for material handling equipment telematics. The industry plays a crucial role in increasing the economic growth of the country and the sustainability of the global economy. Governments play a major role in the growth of the construction industry worldwide. The government investments in the construction industry are expected to boost the growth of the industry across the globe, which would subsequently drive the demand for material handling equipment telematics during the forecast period. 

Key Material Handling Equipment Telematics Market Trend

Increased digitization is one of the key material handling equipment telematics market trends.  Rapid growth in the e-commerce industry, growing omnichannel distribution systems, and increasing consumer expectations have resulted in a rise in the number of orders processed per day. This has increased the pressure on buyers by increasing the limit for the distribution of products to end-users. To fulfill the requirement of customers, industries are working in multiple shifts. This has increased the integration of digitization to enable companies to gain information related to the operations of individual processes, thus maintaining connectivity with the working facilities. The application of digitization can help companies improve their reliability and productivity.The use of sensor technology and radio-frequency identification (RFID) is expected to drive product innovations in the global material handling equipment telematics market. RFID is a solution designed for user authentication and access control, which can help companies manage the risks and other liabilities associated with material handling equipment, such as trucks, cranes, and forklifts. Increasing digitization with the use of RFID and wireless technologies and the advances in material handling equipment are expected to support the growth of the global material handling equipment telematics market during the forecast period.

Key Material Handling Equipment Telematics Market Challenge

Issues related to data security are the key challenges for the market in focus is the major hindrance to the material handling equipment telematics market growth. The connectivity of material handling equipment with wide corporate networks helps companies monitor and manage the operations remotely, thus increasing the chances of cyberattacks. Companies that are engaged in sharing and accessing information with external vendors are more vulnerable to data breaches and cybersecurity issues. Factors such as altering installation settings and the location of assets, changes in production settings, malfunctioning in the installation of the equipment, and the theft of confidential data of companies may lead to physical damage to equipment and increase risks. Risks associated with the hacking of confidential data related to equipment and organizations are expected to reduce the adoption of telematics, limiting the material handling equipment telematics market growth during the forecast period. 

This material handling equipment telematics market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2020-2024.

Parent Market Analysis

Technavio categorizes the global material handling equipment telematics market as a part of the global information technology (IT) spending market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the material handling equipment telematics market during the forecast period.

Who are the Major Material Handling Equipment Telematics Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

 

• Cargotec Corp.
• CLARK Material Handling Co.
• Continental AG
• Deere & Co.
• Doosan Infracore Co. Ltd.
• Geotab Inc.
• Hyundai Construction Equipment Co. Ltd.
• Oshkosh Corp.
• Robert Bosch GmbH
• Trackunit AS

 

This statistical study of the material handling equipment telematics market encompasses successful business strategies deployed by the key vendors. The material handling equipment telematics market is fragmented and the vendors are deploying growth strategies such as organic and inorganic strategies to compete in the market.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The material handling equipment telematics market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Material Handling Equipment Telematics Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the material handling equipment telematics market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of global information technology (IT) spending market includes the following core components:

• Inputs
• Inbound logistics
• Operations
• Outbound logistics
• Marketing and sales
• Service
• Support activities
• Innovation

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

 

Which are the Key Regions for Material Handling Equipment Telematics Market?

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43% of the market's growth will originate from North America during the forecast period. The US is the key market for material handling equipment telematics market in North America. Market growth in this region will be faster than the growth of the market in Europe, South America, and MEA.

The rising demand for cranes and aerial work platforms in the construction and industrial sectors will facilitate the material handling equipment telematics market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

In 2020, the material handling equipment telematics market in North America witnessed certain challenges owing to the COVID-19 pandemic. The US was the most affected country by the pandemic in North America in 2020. The suspension of construction activities limited the application of various machinery such as cranes, tractors, and others, which, in turn, limited the deployment of material handling equipment telematics in the region. However, some governments in the region announced financial support for the development of the industrial sector to recover from the adverse effects of the pandemic. For instance, in April 2020, the Government of Alberta, Canada, announced increased funding for the development of the construction industry owing to the effects of the COVID-19-induced restrictions on the industry. Furthermore, in the US, the mayors of various cities are prioritizing investment in infrastructure and technological developments to drive the economy from the COVID-19 crisis. This can result in the development of new infrastructure projects in the region. Such factors can positively influence the demand for material handling equipment telematics in the region during the forecast period.

What are the Revenue-generating Product Segments in the Material Handling Equipment Telematics Market?

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The material handling equipment telematics market share growth by the truck segment will be significant during the forecast period. In material handling equipment, trucks play an important role in moving materials from one place to another. These industrial trucks are widely used for the transportation of goods and materials in and out of storage areas, manufacturing locations, or loading docks. Reduced operating costs, improved fleet security, and control are the major factors driving the adoption of telematics in the trucks used for material handling.

Besides the above-mentioned factors, the post COVID-19 impact has brought forth a slowdown in or fast tracked the demand for the service or product. This report provides an accurate prediction of the contribution of all the segments to the growth of the material handling equipment telematics market size and actionable market insights on post COVID-19 impact on each segment.

 

Material Handling Equipment Telematics Market Scope
Report Coverage	Details
Page number	120
Base year	2019
Forecast period	2020-2024
Growth momentum & CAGR	Accelerate at a CAGR of 10.85%
Market growth 2020-2024	$ 2.17 billion
Market structure	Fragmented
YoY growth (%)	10.13
Regional analysis	North America, Europe, APAC, and South America
Performing market contribution	North America at 44%
Key consumer countries	US, China, Gibraltar, and Italy
Competitive landscape	Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled	Cargotec Corp., CLARK Material Handling Co., Continental AG, Deere & Co., Doosan Infracore Co. Ltd., Geotab Inc., Hyundai Construction Equipment Co. Ltd., Oshkosh Corp., Robert Bosch GmbH, and Trackunit AS
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Material Handling Equipment Telematics Market Report?

• CAGR of the market during the forecast period 2020-2024
• Detailed information on factors that will drive material handling equipment telematics market growth during the next five years
• Precise estimation of the material handling equipment telematics market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the material handling equipment telematics industry across North America, Europe, APAC, and South America
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of material handling equipment telematics market vendors

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