Vehicle Tracking Market
Vehicle Tracking Market size is valued at US$ 8.1 Bn in 2017 and expected to grow at a CAGR of 7.5% in the forecasting period. size is valued at US$ 8.1 Bn in 2017 and expected to grow at a CAGR of 7.5% in the forecasting period. Vehicle tracking market size is estimated to foster growth globally over the projected time frame owing to rising safety and security awareness, particularly in the corporate sector. An increasing need for monitoring the automobile movement carrying both passengers as well as goods will promote product adoption of vehicle tracking. The synergy between telecommunications and information technology has introduced next-generation solutions in multiple sectors, enabling speed deliveries and improved efficiency thereby boosting the vehicle tracking market. Increasing deployment of vehicle tracking devices by the transportation service providers ensure fast movement of goods and is primarily driving the GPS tracking a part of the vehicle tracking industry size.
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Numerous benefits offered to the companies by vehicle tracking are discounts on insurance, the safety of trucks & drivers, cost reduction, improved administration, employee management, better customer service, theft prevention, time management, and improved lifecycle management among others. Provision of various advantages is driving the vehicle tracking market size over the forecast time frame.
The vehicle tracking market is segmented based on product, vehicle, technology, application and geography. By product segment, the market is segmented into wired and wireless. By vehicle, the market is segmented as PCV, LCV, HCV, and two-wheeler. By applications, the market is segmented as private cars, logistics, construction, fleet management, and two-wheeler tracking. Fleet management is the major segment where the vehicle tracking is highly demanded and thus, it is expected to hold major market share in the forecast period for vehicle tracking. The segment growth can be credited to benefits offered such as automobile safety, customer satisfaction, maximizing vehicle utilization, route planning, resource optimization, fuel monitoring, speed detection, and real-time monitoring.
Geographically, the vehicle tracking market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia-Pacific is expected to be the largest region for vehicle tracking during the forecast period. Increasing automotive production combined with forthcoming regulations in the region, particularly in emerging economies is improving the regional penetration rate of vehicle tracking. For instance, in April 2017, the Indian government passed a regulation that public transport automobile with more than six seats of capacity will be installed with emergency buttons and tracking devices from 2018. North America is projected to be the fastest growing market for vehicle tracking. Presence of technology providers along with major automobile manufacturers across the region is boosting the regional industry size of vehicle tracking. Regulations such as the U.S. Code of Federal Regulations (CFR) and the Federal Motor Carrier Safety Administration (FMCSA) are contributing significantly in the overall business demand.
Key player across the vehicle tracking industry are Calamp, Fleetistics, Garmin, Maestro Wireless Solutions Ltd., Mio, Navotar and Orbocomm. The industry participants experience intense competition from local as well as international manufacturers. The online channel is witnessing high growth in the industry due to an elimination of profit margin of the middle-level distributors and offering proper service.
Vehicle Tracking Market Scope
Vehicle Tracking Market, By Product
Vehicle Tracking Market, By Vehicle
Vehicle Tracking Market, By Technology
Vehicle Tracking Market, By Application
• Private Cars
• Fleet Management
• Two-Wheeler Tracking
Vehicle Tracking Market, By Geography
• North America
• Middle East & Africa
• Latin America
Key Players operating in the Vehicle Tracking Market :
• Maestro Wireless Solutions Ltd.
• AVL View
• India Mart
• Geek Buying
• Snap Deal
Maximize Market Research, a global market research firm with a dedicated team of specialists and data has carried out extensive research about the current vehicle tracking market outlook. The report encompasses the vehicle tracking market by different segments and region, providing the in-depth analysis of the overall industry ecosystem, useful for taking the informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics, and future opportunities that might exist in the vehicle tracking market. The driving forces, as well as considerable restraints, have been explained in depth. In addition to this, competitive landscape describing the strategic growth of the competitors have been taken into consideration for enhancing market know-how of our clients and at the same time explain vehicle tracking market positioning of competitors.
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