Vehicle Tracking Market Analysis and Industry Forecast, 2016 – 2023
Global vehicle tracking market combines software with automatic vehicle location in order to collect the fleet data for a complete picture of vehicle locations. These systems mainly employ Global Navigation Satellite System (GLONASS) or Global Positioning System (GPS) technology to locate and track the vehicle.
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Real time data can assist with confirmation of delivery and allow users to supervise working-time guidelines conformity. Moreover, it precisely accounts hours spent and hours worked behind the wheel and also registers the past data of the vehicle. Savings can also be done by monitoring the driven route and speed.
Government, manufacturing, transportation and logistics, retail, energy and utilities and construction are the key vertical segments. Manufacturing vehicle tracking market share was the largest vertical owing to increasing focus on maintaining separate fleet of vehicles.
Technologies such as sensors, Radio Frequency Identification (RFID) and GPS tracker are employed to monitor vehicles and fleet movement along with the fuel usage. It includes wide range of functions including operation management, driver management and asset management that helps manufacturers to efficiently operate and manage their fleets with minimum risk by providing real-time information. North America vehicle tracking market share is predicted to observe significant growth over the several upcoming years.
Proliferating demand for operational efficiency is likely to surge the vehicle tracking market. Increasing fuel consumption, maintenance cost and accidents is anticipated to drive fleet management market size over the forecast period.
Moreover, integration of Internet of Things (IoT) technology with vehicles is expected to boost the adoption rate of tracking systems in developed regions such as Europe and North America. However, high cost involved in installation of these systems is anticipated to hamper the demand over the forecast period. Lack of consumer awareness is also likely to challenge the industry growth.
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Key players accumulating major vehicle tracking market share include Nissan, Garmin, Trimble, AT&T, Cisco Systems, Fleetmatics, IBM, Verizon Communications, Tomtom and GE Capital. Other prominent industry participants are Davantel, Pointer, Navika, Huizhou Foryou, and Gasgoo.
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