Material Handling Equipment Telematics Market to Grow by USD 2.17 Billion During 2020-2024

Strategic Insights -

The material handling equipment telematics market is expected to grow significantly during the next four years, with an estimated increase of USD 2.17 billion. This growth will be driven by technological advances and increasing demand for efficient and productive material handling processes. The market is highly fragmented, with several key players such as Cargotec Corp., CLARK Material Handling Co., Continental AG, and Deere & Co. among the major vendors.

The report by Technavio highlights the impact of the COVID-19 pandemic on the market, with some industries experiencing a decline in demand while others continue to show promising growth opportunities. The market is expected to be driven by the increase in construction activities, which has been a key factor in driving the growth of the market. The report also highlights the importance of technological advances, with the market expected to experience significant growth due to the adoption of new technologies such as IoT, AI, and big data analytics.

Key Takeaways:

  • The market is expected to grow by USD 2.17 billion during 2020-2024, with a CAGR of almost 11%.
  • The market is highly fragmented, and the degree of fragmentation will accelerate during the forecast period.
  • Key vendors in the market include Cargotec Corp., CLARK Material Handling Co., Continental AG, Deere & Co., and Doosan Infracore Co. Ltd.
  • Technological advances are expected to be a key driver of market growth, with the adoption of IoT, AI, and big data analytics expected to increase efficiency and productivity.
  • The market is expected to be driven by the increase in construction activities, with the growth of the construction industry expected to be a key factor in driving the growth of the market.
  • The market is expected to experience significant growth across various regions, including North America, Europe, APAC, South America, and MEA.
  • The report highlights the importance of staying competitive in the market, with key vendors expected to focus on innovation, partnerships, and cost optimization to stay ahead.
  • The market is expected to be driven by the increasing adoption of telematics technology in the material handling industry, with the growth of the construction industry expected to be a key factor in driving the growth of the market.

Statistics:

  • Market growth rate: 11% CAGR from 2020 to 2024.
  • Market size: USD 2.17 billion growth during 2020-2024.
  • Market segmentation by product: truck, earthmoving equipment, crane, tractor, and others.
  • Market segmentation by geography: North America, Europe, APAC, South America, and MEA.
  • Key vendors: 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.

Sources:

  • Technavio, "Global Material Handling Equipment Telematics Market 2020-2024"
  • Business Wire, "Technavio Announces Latest Report on the Global Material Handling Equipment Telematics Market 2020-2024"
  • Market Watch, "Technavio, the leading global technology research and advisory company, has announced its latest market research report titled Global Material Handling Equipment Telematics Market 2020-2024