Vehicle Tracking Device Market 2025 Report: ATrack Technology, CalAmp, Concox Information, Garmin, Geotab, Laipac Technology, Laird PLC, Maestro Wireless Solutions Limited, Meitrack Group, ORBCOMM

Vehicle tracking device market is estimated to exceed USD 3 billion by 2025. Owing to the increasing number of innovations in automobile sector and the growing need to enhance road safety along with reduction in operational costs, the global vehicle tracking device industry is expanding at a decent pace. Several initiatives are being undertaken by industry players to enhance the vehicle tracking capabilities to facilitate precision and reliability.

Rising demand for fleet management in logistics and transportation industries is driving the vehicle tracking device market size. Fleet operators are switching to tracking solutions to monitor the fleet operations. Vehicle tracking systems enable fleet operators to keep a track of various factors, including fuel consumption, engine parameters, driver's behavior, etc. These systems are hugely benefitting the logistics and transportation companies, as they reduce the total cost of ownership by augmentation of uptime, safety and mobile device visibility.

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Vehicle tracking systems are expected to bring this number down by tracking behavior of passenger vehicle drivers. The systems also monitor sudden lane changes, acceleration, over speeding, cornering instances, harsh braking and driving under the influence of alcohols, which helps heavy commercial vehicles operating companies to reduce the number of road accidents with alerts of wrong driving practices. Heavy commercial vehicles segment in vehicle tracking device market is projected to record growth rate of over 25% over 2019-2025.

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 market outlook.

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 market trends.

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In terms of geographical expansion, the growing number of innovations in the automobile sector has invariably contributed to the remuneration scale of Europe vehicle tracking device market. With innovations like self-driving cars and the introduction of C-V2X (cellular vehicle - to - everything), there is a growing demand for vehicle tracking devices to facilitate safety of passengers. Several companies are introducing autonomous vehicles in Europe. For instance, the European Commission has urged the need for research and innovations of autonomous vehicles in this region.

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