The vehicle tracking device market is poised to grow at more than 20% CAGR through 2025. Rising demand for fleet management in logistics and transportation industries is driving the vehicle tracking device market size. Fleet operators are switching to tracking solutions to monitor the fleet operations. Vehicle tracking systems enable fleet operators to keep a track of various factors, including fuel consumption, engine parameters, driver’s behavior, etc. These systems are hugely benefitting the logistics and transportation companies, as they reduce the total cost of ownership by augmentation of uptime, safety and mobile device visibility.
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Vehicle tracking systems are expected to bring this number down by tracking behavior of passenger vehicle drivers. The systems also monitor sudden lane changes, acceleration, over speeding, cornering instances, harsh braking and driving under the influence of alcohols, which helps heavy commercial vehicles operating companies to reduce the number of road accidents with alerts of wrong driving practices. Heavy commercial vehicles segment in vehicle tracking device market is projected to record growth rate of over 25% by 2025.
The fleet management systems enable mining companies to track the location of vehicles to prevent thefts and while increasing efficiency. Government authorities are also imposing regulations for the safety of mining vehicles. The mining sector is estimated to contribute substantially to the growth in vehicle tracking device industry, to register CAGR of over 20% over the forecast timespan, due to high demand for safer mining operations.
Increasing government investments in advanced technologies for improvisation of public transportation will positively impact Europe vehicle tracking device market.
In 2016, the Executive Agency, Trading Fund of the Cabinet Office of the United Kingdom government and Crown Commercial Service signed a vehicle telematics pact to aid public transportation to improve road safety and efficiency. Europe vehicle tracking device market is estimated to grow by over 17% during the forecast timeline.
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Some Point from Table of Contents:
Chapter 5. Vehicle Tracking Device Market, By Tracker Type
5.1. Key trends, by tracker type
5.2. Wired tracking device
5.2.1. Market estimates and forecast, 2014 – 2025
5.3. Wireless tracking device
5.3.1. Market estimates and forecast, 2014 – 2025
Chapter 6. Vehicle Tracking Device Market, By Vehicle Type
6.1. Key trends, by vehicle type
6.2. Passenger Vehicle (PV)
6.2.1. Market estimates and forecast, 2014 – 2025
6.3. Light Commercial Vehicle (LCV)
6.3.1. Market estimates and forecast, 2014 – 2025
6.4. Heavy Commercial Vehicle (HCV)
6.4.1. Market estimates and forecast, 2014 – 2025
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