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The installed base of construction equipment OEM telematics systems will reach 6.9M units worldwide by 2024

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The installed base of construction equipment OEM telematics systems will reach 6.9M units worldwide by 2024

The installed base of construction equipment OEM telematics systems will reach 6.9 million units worldwide by 2024

The installed base of construction equipment OEM telematics systems will reach 6.9 million units worldwide by 2024

Berg Insight has in a new market research project found that the global installed base of active construction equipment (CE) OEM telematics systems reached almost 3.4 million units in 2019.

Growing at a compound annual growth rate (CAGR) of 15.6 percent, the active installed base is forecasted to reach 6.9 million units worldwide in 2024.

This includes all CE telematics systems marketed by construction equipment OEMs, either developed in-house or provided by the CE manufacturers in partnership with third-party telematics players.

  • The North American market accounted for around 0.7 million 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 moreover represents more than half of the global installed base of CE 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. Berg Insight ranks Caterpillar and Komatsu as the leading construction equipment OEMs in terms of the number of CE telematics systems deployed worldwide.

Rickard Andersson, Principal Analyst, Berg Insight, said:

“Caterpillar has now reached the milestone of 1 million connected assets across all segments.”

He adds that Caterpillar and Komatsu are also by far the leading construction equipment manufacturers in terms of market share.

chart: installed base of active construction equipment oem telematics units World 2019-2024

“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”, continued Mr. Andersson.

Other notable OEMs offering CE telematics solutions include Deere & Company, Doosan Infracore, Liebherr, CNH Industrial, Hyundai Construction Equipment, Tadano and JLG Industries.

“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”, concluded Mr. Andersson.

The post The installed base of construction equipment OEM telematics systems will reach 6.9M units worldwide by 2024 appeared first on IoT Business News.

   

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