Vehicle Performance Monitor Market Technological breakthroughs By 2024
It helps the end-users to enhance the longevity of assets offering economic benefits with higher return on investments by reducing the ongoing running cost. In logistics industry, vehicle performance monitoring helps in retaining customers by improving efficiency and services by ensuring that customer’s freight arrives safely and on time, while providing real-time access to information about cargo location around the world.
With the help of performance trackers and statistics of factors such as excessive acceleration, fuel consumption & usage, idle times, location and tire pressure can be maintained which helps to prolong the usage of available resources. Vehicle monitoring system is used by fleet managers to track their large number of vehicles which are out for delivery.
VPM has resulted in increased turnaround for transportation and logistics vertical. Data related to vehicle’s performance is retrieved either manually or by downloading the stored information to a computer. Wireless connectivity technologies are also helping in the data collection process.
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Vehicle performance monitoring simplifies the task of regular maintenance including wear and tear of vehicle. Vehicle’s performance parameters are also monitored by tracking driver’s state to reduce accidents and damage caused due to carelessness. VPM is achieved with the help of various software such as carMD and on-board-diagnostics (OBD) and other advance sensors.
Vehicle performance tracking helps in enhanced asset utilization, effective operational insights, detailed reporting, proactive management of repairs, reduced fuel costs and real-time customer support. Vehicle tracking provides a cost-effective and reliable communication link to track vehicle location to amend travel routes, supervise driver behavior, minimize idle times and ensure secure transportation.
All these factors are anticipated to drive the market during the forecast period. Due to its capabilities to expand the business in a short time period with secure operations, vehicle performance monitoring is predicted to be adapted in industries such as construction, oil and gas, BFSI and logistics industries.
Vehicle Performance Monitoring is anticipated to have capabilities such as accident avoidance, pedestrian detection and theft prevention during the near future. Vehicle Monitoring is expected to be used by multiple end-users across the industry verticals to simplify operations and encourage safe driving practices.
Vehicle insurance companies are expected to use vehicle performance monitoring systems to gain insights about their customers. Vehicle Performance monitoring market has substantial scope in the near future due to the simplification of transportation process and reducing risks.
Market of vehicle performance monitoring can be segmented on the basis of data captured and geographical regions. On the basis of data captured, market may be segmented into portable data providers and data hard-wired to the vehicle.
On the basis of geographical regions market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa and South America. U.S is expected to be the major revenue contributor to the vehicle performance monitoring market throughout the forecast period.
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It is mainly due to the increase in number of on-road accidents caused by driver’s carelessness, distractions and requirement of more reliable means of deliveries to maintain the business. Also, the expansion of the automotive industry in this region, the establishment of stringent regulations that mandate the usage of electronic log devices which track vehicle driving time in efficient way is anticipated to drive the growth of the vehicle performance monitoring system market in this region.
Key players in this market are TransTech, TyrePal, HaulTech, Davis, Omnitrax, Bosh ,ORBCOMM (U.S.) , Inquiron and PeopleNet.
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