Vehicle Tracking System Market to Reflect Impressive Growth Rate by 2026
The global vehicle tracking system market is primarily driven by the expansion of goods and passenger transportation services. Vehicle fleet operators are willing to track their vehicles in order to obtain accurate vehicle data, location, performance, and driver behavior. Increased road freight transportation services are fueling the demand for automotive tracking system across the globe. Expansion of the global passenger transportation industry, which is attributed to the rising presence of ride-hailing companies, vehicle rental companies, and increasing adoption of app-based transportation services are fueling the demand for automotive tracking system across the globe. Several trackers are capable of providing data about the actual running condition of the vehicle, such as vehicle speed, door open and close, and several other engine parameters; consequently, fleet operators are able to track the vehicle in order to ensure proper delivery and safe passenger transportation.
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Rapidly expansion of the ride-hailing industry, which attributed to supportive government policies and increasing demand from consumers, is likely to offer lucrative opportunities to the global automotive tracking system market.
The global vehicle tracking system market can be segmented based on technology, type, vehicle type, and geography. In terms of technology, the global vehicle tracking system market can be classified into two segments. Global Positioning System (GPS)-based vehicle trackers are more accurate as compared to cellular network-based tracker, thus the adoption of GPS-based tracking system is much higher than that of cellular network-based tracking system. GPS based tracking system, when connected with the internet, provides highly accurate vehicle position.
In terms of type, the global vehicle tracking system market can be bifurcated into active system and passive system. The passive system continuously collects data about vehicle position and stores it in the storage available within the device. The storage device can be removed from the tracking system whenever required. The active system employs internet connectivity to transmit the information about the vehicle location and performance directly to the devices linked with it, such as smartphone, laptop, and tablets. The active tracking system is an advance technology and is witnessing high rate of adoption among consumers, which is attributed to its reliability and accuracy. The active tracking system is more expensive than the passive tracking system.
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Based on vehicle type, the global vehicle tracking system market can be classified into four segments. Commercial vehicles, which are operated by fleet operators and utilized for goods transportation, are witnessing a surge in adoption of tracking systems, which is primarily attributed to fleet owners’ concerns about vehicle safety and ensuring proper delivery of the package. Expansion of the app-based transportation system, increased vehicle rental and leasing activities, and vehicle owners’ concerns about safety of their vehicles from theft are fueling the demand for vehicle tracking system for passenger cars.
In terms of region, the global vehicle tracking system market can be segmented into five regions. North America accounts for large number of fleet operators. The region accounts for large number of vehicles available for rental and leasing coupled with a vast transportation industry that demands vehicle tracking system. Consequently, North America accounted for a major share of the global vehicle tracking system market, in terms of revenue, in 2017. Asia Pacific is anticipated to offer numerous opportunities to the vehicle tracking system market due to the expansion of ride-hailing services and transportation activities in the region.
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Key players operating in the global vehicle tracking system market are RUPTELA, trackimo, nuevastech, Pricol Limited, US Fleet Tracking, Mobiliz, Global Tracking Group, LLC., RAM Tracking, Concox, Meitrack Group, and Nero Global.
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