Construction Equipment Tracking Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024 to 2032

Description

The Global Construction Equipment Tracking Market was valued at USD 1.7 billion in 2023. Projections indicate a CAGR of 9.8% from 2024 to 2032. The surge in urbanization and infrastructure development fuels this market expansion. Moreover, government initiatives, especially in emerging economies, are not just modernizing infrastructure but also amplifying the demand for sophisticated tracking systems. These advanced systems boost project efficiency, curtail operational costs, and ensure timely completions, all contributing to heightened market revenue. Technological strides are reshaping the landscape of construction equipment tracking.

Cutting-edge innovations, including IoT sensors and advanced GPS accuracy, facilitate real-time monitoring and precise equipment location tracking. The infusion of AI and machine learning bolsters data analytics, paving the way for predictive maintenance and optimized asset utilization. Moreover, advancements like 5G connectivity and cloud computing ensure seamless data access and scalability for enhancing the efficiency and user-friendliness of tracking systems. The overall industry is divided into equipment, technology, deployment model, end-user, and region.

The GPS tracking segment dominated the market with a share exceeding 42% in 2023. Projections suggest this segment will surpass USD 1.7 billion by 2032. Its widespread adoption and efficacy in real-time location monitoring underscore its prominence. The growing emphasis on geo-fencing, theft prevention, and regulatory compliance further cements GPS tracking's status as an indispensable tool for construction firms. The cloud deployment model segment captured approximately 67% share in 2023. Cloud solutions stand out for their scalability, allowing firms to adapt their tracking systems seamlessly to fluctuating fleet sizes and project needs. With the advantage of real-time data access from any location, companies can make informed decisions and monitor assets remotely.

Market Scope
Start Year	2023
Forecast Year	2024-2032
Start Value	$1.7 Billion
Forecast Value	$3.9 Billion
CAGR	9.8%

Additionally, cloud deployment diminishes the necessity for hefty upfront investments in hardware and IT infrastructure for presenting a cost-effective solution, especially for SME. North America commanded a dominant position in the construction equipment tracking market, holding over 37% share in 2023. Projections indicate the market value will surpass USD 1.5 billion by 2032. This growth is largely attributed to early technology adoption and vigorous infrastructure development. The U.S. stands at the forefront, driven by its expansive construction sector's demand for advanced tracking systems and a pronounced emphasis on operational efficiency. The market strength is further bolstered by the presence of industry giants like Trimble Inc.

and Verizon Connect.

Product Code: 11283

Chapter 1 Methodology & Scope

1.1 Research design
- 1.1.1 Research approach
- 1.1.2 Data collection methods
1.2 Base estimates and calculations
- 1.2.1 Base year calculation
- 1.2.2 Key trends for market estimates
1.3 Forecast model
1.4 Primary research & validation
- 1.4.1 Primary sources
- 1.4.2 Data mining sources
1.5 Market definitions

Chapter 2 Executive Summary

2.1 Industry 360° synopsis, 2021 - 2032

Chapter 3 Industry Insights

3.1 Industry ecosystem analysis
3.2 Supplier landscape
- 3.2.1 Equipment manufacturers
- 3.2.2 Tracking technology providers
- 3.2.3 Telecommunications service providers
- 3.2.4 Data analytics providers
- 3.2.5 Integration and implementation partners
3.3 Profit margin analysis
3.4 Pricing analysis
3.5 Subscription model analysis
3.6 Technology & innovation landscape
3.7 Patent analysis
3.8 Key news & initiatives
3.9 Regulatory landscape
3.10 Impact forces
- 3.10.1 Growth drivers
  - 3.10.1.1 Increasing urbanization and infrastructure development
  - 3.10.1.2 Growing demand for operational efficiency
  - 3.10.1.3 Advancement in tracking technology
  - 3.10.1.4 Increasing regulations on construction site safety and equipment maintenance
- 3.10.2 Industry pitfalls & challenges
  - 3.10.2.1 High initial costs of implementing a tracking system
  - 3.10.2.2 Network connectivity issues
3.11 Growth potential analysis
3.12 Porter's analysis
3.13 PESTEL analysis

Chapter 4 Competitive Landscape, 2023

4.1 Introduction
4.2 Company market share analysis
4.3 Competitive positioning matrix
4.4 Strategic outlook matrix

Chapter 5 Market Estimates & Forecast, By Equipment, 2021 - 2032 ($Bn)

5.1 Key trends
5.2 Earthmoving equipment
5.3 Material handling equipment
5.4 Concrete equipment
5.5 Others

Chapter 6 Market Estimates & Forecast, By Technology, 2021 - 2032 ($Bn)

6.1 Key trends
6.2 GPS tracking
6.3 RFID tracking
6.4 Cellular tracking
6.5 Satellite tracking
6.6 IoT-enabled tracking

Chapter 7 Market Estimates & Forecast, By Deployment Model, 2021 - 2032 ($Bn)

7.1 Key trends
7.2 On-premise
7.3 Cloud

Chapter 8 Market Estimates & Forecast, By End-User, 2021 - 2032 ($Bn)

8.1 Key trends
8.2 Construction companies
8.3 Equipment rental companies
8.4 Fleet management firms

Chapter 9 Market Estimates & Forecast, By Region, 2021 - 2032 ($Bn)

9.1 Key trends
9.2 North America
- 9.2.1 U.S.
- 9.2.2 Canada
9.3 Europe
- 9.3.1 UK
- 9.3.2 Germany
- 9.3.3 France
- 9.3.4 Spain
- 9.3.5 Italy
- 9.3.6 Russia
- 9.3.7 Nordics
- 9.3.8 Rest of Europe
9.4 Asia Pacific
- 9.4.1 China
- 9.4.2 India
- 9.4.3 Japan
- 9.4.4 South Korea
- 9.4.5 ANZ
- 9.4.6 Southeast Asia
- 9.4.7 Rest of Asia Pacific
9.5 Latin America
- 9.5.1 Brazil
- 9.5.2 Mexico
- 9.5.3 Argentina
- 9.5.4 Rest of Latin America
9.6 MEA
- 9.6.1 UAE
- 9.6.2 South Africa
- 9.6.3 Saudi Arabia
- 9.6.4 Rest of MEA

Chapter 10 Company Profiles

10.1 Caterpillar Inc.
10.2 Doosan Infracore Co., Ltd.
10.3 Geotab Inc.
10.4 Hexagon AB
10.5 Hitachi Construction Machinery Co., Ltd.
10.6 Honeywell International Inc.
10.7 ID Systems, Inc.
10.8 John Deere (Deere & Company)
10.9 Komatsu Ltd.
10.10 Kubota Corporation
10.11 LoJack Corporation
10.12 Orbcomm Inc.
10.13 Robert Bosch GmbH
10.14 Siemens AG
10.15 Teletrac Navman
10.16 Topcon Positioning Systems, Inc.
10.17 Trackunit A/S
10.18 Trimble Inc.
10.19 Verizon Connect
10.20 Zonar Systems, Inc.