Global Vehicle Tracking Market Key Information By Top Key Player Garmin, Calamp, Navotar, Maestro Wireless Solutions Ltd., Orbocomm, Mio, Fleetistics
The global vehicle tracking market is projected to experience substantial growth in the ensuing years owing to the increasing rate of automobile theft around the world as well as the emergence of regulations insisting on GPS-Enabled transport. Safety of people and goods is becoming a major concern for many nations. In an attempt to eradicate this issue several countries have introduced rules to integrate transport facilities with GPS tracking devices.
Vehicle Tracking Market, Global Vehicle Tracking Market Size, Vehicle Tracking Industry, Vehicle Tracking Market Trends
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Recently, for instance, the Department of Transport in Karnataka, India made it mandatory for all buses and trucks to employ GPS-enabled tracking system. The initiative has been taken with an aim to prevent misuse of permits, improve women and children safety, and identify the ones evading taxes. The rule will be effective from 2019 and would enable the government-appointed data centers to register vehicle details. This information would be accessible to police and help them in staying vigilant. Such stringent implementations will fuel the demand for GPS tracking devices, thereby expanding the vehicle tracking market size in the coming years.
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.
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.
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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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.
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.
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.
Table of Content:
Chapter 1. Vehicle Tracking Market Methodology and Scope
Chapter 2. Vehicle Tracking Market Executive Summary
Chapter 3. Vehicle tracking Industry Insights
Chapter 4. Vehicle Tracking Market, By Product
Chapter 5. Vehicle Tracking Market, By Vehicle
Chapter 6. Vehicle Tracking Market, By Technology
Chapter 7. Vehicle Tracking Market, By Application
Chapter 8. Vehicle Tracking Market, By Region
Chapter 9. Vehicle Tracking Market Company Profiles
Outer scope of this report the rising concerns regarding automobile thefts is another factor that will increase the adoption of tracking solutions, thereby driving the vehicle tracking market growth. For example, in 2017, nearly 52,858 vehicles were reported stolen in Australia with only one in five cars recovered and the remaining 53% still missing. In Australia, a car is estimated to be stolen every 10 minutes and the rate of motor thefts costs the country $880 million annually or $6000 per vehicle. Thus, incorporating vehicle tracking systems can help prevent motor theft and further proliferate the vehicle tracking market.
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United States Vehicle Tracking Systems Market Report 2018
In this report, the United States Vehicle Tracking Systems market is valued at USD XX million in 2017 and is expected to reach USD XX million by the end of 2025, growing at a CAGR of XX% between 2017 and 2025.
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