New Report: Vehicle tracking Market Scope, Size, Industry trends, demand and Growth 2024
Category: #tech  By Deepak Pardhi  Date: 2019-08-23
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New Report: Vehicle tracking Market Scope, Size, Industry trends, demand and Growth 2024

Global vehicle tracking market is projected to cross USD 11 billion by 2024. Rising automobile security concerns, particularly in corporate sector is primarily driving the industry growth rate over the study period. Increasing need to monitor the automobile movement for passenger and goods security will further boost the product sales. Integration of telecommunication and information technology has developed next generation solutions in diverse sectors. This enables rapid deliveries with precision inducing immense potential to the industry over the forecast time span.

 

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Vehicle tracking market players are Garmin, Calamp, Navotar, Maestro Wireless Solutions Ltd., Orbocomm, and Fleetistics. The players are engaged in increasing their foothold across the globe through partnering with various online distributors such as GPS-Track, eBay, Amazon, India Mart, Flipkart, Snap Deal, and TrackMe.

 

Wired devices segment in the vehicle tracking market is anticipated to acquire 92% of the volume share over the forecast period. Continuous technological improvements such as enhanced satellite view along with cell phone tracking are propelling the customers to increasingly implement these devices in their fleet. Wireless vehicle tracking units are predicted to pose significant growth rate due to their compact size and ease of portability.

 

Active vehicle tracking units will hold highest volume share till 2024 due to provision of benefits such as accuracy in delivery time information, versatile networks, automatic reassignment, and real time monitoring. Passive technology will exhibit over 7.5% CAGR during the forecast period owing to easy and quick installation process.

 

Heavy commercial vehicles sector will witness more than 12% CAGR over the forecast timeline. This growth can be credited to increasing demand for transportation of goods and passengers coupled with rising construction activities across the globe. Light commercial vehicles segment will hold significant share over the study period owing to expanding transportation activities for light weight goods such as international and domestic courier services.

 

Increasing product installation by the transportation service providers for ensuring speed deliveries of goods has resulted in high demand for GPS fleet monitoring, promoting the industry growth rate. Multiple nations are mandating strict regulatory norms for implementation and usage of GPS fleet monitoring units owing to increasing automobile theft. For instance, Brazilian government will mandate deployment of antitheft unit in all the vehicles whether imported or produced in the nation. These devices enable monitoring of the automobile at any moment. Such mandating regulations will provide stable growth prospects to the vehicle tracking market over the projected time span.

 

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Provision of various benefits including driver & vehicle safety, improved administration, cost reduction, time management, better life cycle management, and enhanced customer services are accelerating the industry over the forecast time span. Additionally, increasing demand for premium and luxury vehicles in developed nations will multiply product adoption rate.

 

Adoption of these GPS monitoring devices may cause drivers to feel that their privacy is invaded, or their employer doesn?t trust them. Moreover, the devices are not cost effective to be deployed in each fleet coupled with database and software maintenance. These factors may negatively impact the vehicle tracking market to proliferate till 2024.

 

Fleet management segment will grow substantially between 2017 and 2024. This growth can be attributed to benefits offered such as fuel monitoring, maximum automobile utilization, and speed detection. Cargo logistics will pose significant growth rate owing to improvements in mobile technology. These improved units enable continuous communication with the automobiles. Ease of availability and cost effectiveness will further influence the product penetration across the globe.

 

North America is estimated to hold maximum volume share over the next eight years owing to presence of technology providers together with major automobile manufacturers across the region. Multiple regulatory bodies such as Federal Motor Carrier Safety Administration (FMCSA) is mandating product deployment in all type of automobiles thereby enhancing the regional dominance. Asia Pacific will exhibit significant growth owing to increasing automobile production combined with upcoming strict rules particularly in developing nations.

 

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About Author

Deepak Pardhi    

Deepak Pardhi

Deepak Pardhi carries a brief yet notable experience in the digital marketing domain having worked on several projects across a range of niche verticals. Deepak is endorsed with a B.Tech degree in electrical & electronics engineering.

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