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What's Driving the Vehicle Tracking Device Market Growth? Top Players are ATrack Technology Inc., Xirgo Technologies, LLC, Teltonika, Starcom Systems, ORBCOMM, Laird PLC, Maestro Wireless Solutions Limited, Meitrack Group

05-05-2020 08:14 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Global Market Research

Vehicle Tracking Device Market

Vehicle Tracking Device Market

The vehicle tracking device market is estimated to exceed USD 3 billion by 2025. The global vehicle tracking device industry has witnessed an unprecedented growth rate owing to enhanced fleet management techniques which are reducing operation cost of managing large fleet operations. These tracking systems enable monitoring of fuel consumption, engine parameters, and driver's behavior along with ensuring safety, thus making them an essential component in fleet management techniques.

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.

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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 industry trends.

In terms of vehicle types in the global vehicle tracking device industry, the heavy commercial vehicles segment is expected to surpass over 25% of the total revenue share in the coming years. According to a report by WHO, the number of road casualties across the globe stood at 1.35 million in the year 2018. The massive increase in road accidents on highways which leads to either damage of goods or loss of life - especially due to HCVs like trucks - has resulted in rise in the demand for GPS satellite systems, thus expanding vehicle tracking device industry share.

The usage of vehicle tracking systems is gaining popularity in the mining industry due to the demand for safe mining operations. Mining companies are striving towards improving the safety conditions of both the mechanical assets as well as the employees. Real time tracking of mining vehicles allows the managers to have adequate information about their asset locations along with tracking the employees, in case of any emergency. Evidently, the use of tracking techniques in the mining sector is propelling the revenue scale of vehicle tracking device market.

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Some Point from Table of Contents:

Chapter 5. Vehicle Tracking Device Market, By Tracker Type
5.1. Key trends, by tracker type
5.2. Wired tracking device
5.2.1. Market estimates and forecast, 2014 - 2025
5.3. Wireless tracking device
5.3.1. Market estimates and forecast, 2014 - 2025

Chapter 6. Vehicle Tracking Device Market, By Vehicle Type
6.1. Key trends, by vehicle type
6.2. Passenger Vehicle (PV)
6.2.1. Market estimates and forecast, 2014 - 2025
6.3. Light Commercial Vehicle (LCV)
6.3.1. Market estimates and forecast, 2014 - 2025
6.4. Heavy Commercial Vehicle (HCV)
6.4.1. Market estimates and forecast, 2014 - 2025

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