LONDON–(BUSINESS WIRE)–The material handling equipment telematics market is expected to grow by USD 2.17 billion during 2020-2024. The report also provides competitive insights into the market impact and new opportunities created due to the COVID-19 pandemic. According to the latest market research report by Technavio, the impact is going to be significant in the first quarter. It will eventually lessen the subsequent quarters – with a limited impact on the full-year economic growth.
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The construction industry is witnessing significant growth in both developed and developing countries such as the US, China, and India. This is due to an increase in the construction of residential, commercial, and industrial establishments in these countries. Besides, many government agencies are signing contracts with private construction firms to establish new facilities and upgrade existing facilities. Material handling equipment is widely used in construction sites as a necessary requirement. Therefore, the rising number of construction activities worldwide is expected to fuel the growth of the global material handling equipment telematics market during the forecast period.
As per Technavio, increasing government regulations for safety and security will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024. To learn more about the global trends impacting the future of market research, download a free sample: https://www.technavio.com/talk-to-us?report=IRTNTR41253
Material Handling Equipment Telematics Market: Increasing Government Regulations for Safety and Security
Improper handling of materials in industrial facilities might end up causing injuries to workers. Thus, several regulatory bodies worldwide are formulating various laws and regulations to ensure the safety of workers in industrial operations. For instance, the European Framework Directive on Safety and Health at Work (Directive 89/391 EEC) encourages companies to ensure the safety of the workers by creating a safe working environment at industrial facilities. This is driving industrial operators to integrate telematics into the equipment used for handling and storing materials. This helps minimize workplace-related accidents, thus increasing the productivity of workers. Therefore. increasing government regulations on the safety and security of workers are expected to positively influence the growth of the material handling equipment telematics market during the forecast period.
“Technological advances and the increased demand for improved operational efficiency will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Material Handling Equipment Telematics Market: Segmentation Analysis
This market research report segments the material handling equipment telematics market by Product (Truck, earthmoving equipment, crane, tractor, and others) and Geography (North America, Europe, APAC, South America, and MEA).
The North America region led the material handling equipment telematics market in 2019, followed by Europe, APAC, South America, and MEA respectively. With the rising demand for cranes and aerial work platforms in the construction and industrial sectors, the North American region can register the highest incremental growth during the forecast period.
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Some of the key topics covered in the report include:
Market Challenges
Market Trends
Market Drivers
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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