Global Construction Machinery Telematics Market Size 2024, Forecast To 2033

The construction machinery telematics market size has grown rapidly in recent years, increasing from $1.03 billion in 2023 to $1.16 billion in 2024, with a compound annual growth rate (CAGR) of 12.5%. This growth is attributed to rising investments in infrastructure modernization, increased residential and commercial building activities, government regulations aimed at improving safety on construction sites, the rising use of excavators and other equipment in telematics, and heightened demand for operational efficiency. Looking forward, the market is projected to grow to $1.88 billion by 2028 at a CAGR of 12.8%. This anticipated growth is driven by expanding construction activities, the real estate industry's expansion, increased preference for asset tracking solutions, growing investments in digitalizing the construction sector, and rising demand in the mining sector. Major trends during this period include increased demand for predictive maintenance, advancements in product development and innovation, the adoption of artificial intelligence (AI), the integration of the Internet of Things (IoT), and the deployment of connected technologies.