Growth of vehicle tracking device market share can be accredited to the emerging demand of advanced fleet management solutions for reduction of fleet operating expenditure. Large scale fleet operators are seeking solutions to remotely observe their fleet operations. Global Market Insights Inc. has recently published a research report which predicts that vehicle tracking device industry share is set to surpass sale of 82,000 thousand units along with revenue contribution of more than $3 billion by the year 2025.
The global vehicle tracking device market size has witnessed an unprecedented growth rate owing to enhanced fleet management techniques which are reducing operation cost of managing large fleet operations. These tracking systems enable monitoring of fuel consumption, engine parameters, and driver’s behavior along with ensuring safety, thus making them an essential component in fleet management techniques.
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In this context, it is quite imperative to mention that, in 2017, over 436 cases of women molestation on public transport were recorded across India, due to which strict measures are being taken by the government to curb such incidents. Along with tracking devices, the government recently ordered the development of AIS-140 – an automotive industry standard that ensures quality and reliability of devices used in case of emergency. Needless to mention, such initiatives by developing countries are favoring vehicle tracking device industry trends.
vehicle tracking device market From mining sector will register CAGR of more than 20% By 2025. The demand for safe mining operations has increased as mining activities expand, which has in turn augmented vehicle tracking device industry trends. Mining firms have been keenly concentrating to improving the safety and efficiency of mines by safeguarding both mechanical and human assets. Regulations are also being mandated by governments for the safety of mining vehicles which will further augment vehicle tracking device industry share.
In terms of vehicle types in the global vehicle tracking device market, the heavy commercial vehicles segment is expected to surpass over 25% of the total revenue share in the coming years. According to a report by WHO, the number of road casualties across the globe stood at 1.35 million in the year 2018. The massive increase in road accidents on highways which leads to either damage of goods or loss of life – especially due to HCVs like trucks – has resulted in rise in the demand for GPS satellite systems, thus expanding vehicle tracking device industry share.
Wireless vehicle tracking devices are being increasingly used across various business verticals in the past few years owing to low power consumption and compact size. Wireless tracking devices facilitate extensive wired interface and wireless communications that easily adapt to the tracking requirements. They consist of built-in antennas and geo fencing techniques that reduce the overall size and eliminate external antennas and wires. Since wireless vehicle tracking devices are compact in size, they integrate easily into vehicles – a factor that is positively influencing vehicle tracking device industry outlook.
The usage of vehicle tracking systems is gaining popularity in the mining industry due to the demand for safe mining operations. Mining companies are striving towards improving the safety conditions of both the mechanical assets as well as the employees. Real time tracking of mining vehicles allows the managers to have adequate information about their asset locations along with tracking the employees, in case of any emergency. Evidently, the use of tracking techniques in the mining sector is propelling the revenue scale of vehicle tracking device industry.
Europe vehicle tracking device market is projected to register a major industry share by 2025 due to the advancements being made in technology in the automotive sector such as C-V2X and autonomous driving technology. There have been several notable investments made by various government authorities in the region to promote the development of autonomous vehicles.
The major players driving the global vehicle tracking device market include Maestro Wireless Solutions Limited, Orbcomm Inc., Verizon Communications, Suntech International Ltd. among others.
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Some Point from Table of Contents:
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
Chapter 7. Vehicle Tracking Device Market, By Communication Technology
7.1. Key trends, by communication technology
7.2.1. Market estimates and forecast, 2014 - 2025
7.3.1. Market estimates and forecast, 2014 – 2025
7.4. Dual mode
7.4.1. Market estimates and forecast, 2014 - 2025
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