January 27, 2020
According to a recent study titled ‘Vehicle Tracking Device Market Size By Tracker Type (Wired, Wireless), By Vehicle Type (Passenger Vehicle (PV), Light Commercial Vehicle (LCV), Heavy Commercial Vehicle (HCV)), By Communication Technology (Cellular, GPS/Satellite, Dual Mode), By Application (Transportation & Logistics, Construction, Oil & Gas, Mining, Emergency Services), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Russia, Netherland, China, Japan, India, South Korea, Australia, Thailand, Indonesia, Brazil, Mexico, Argentina, Colombia, Saudi Arabia, UAE, South Africa, Turkey), Growth Potential, Competitive Market Share & Forecast, 2019 – 2025’ available with Market Study Report LLC, the global vehicle tracking device market is anticipated to cross USD 3 billion by the year 2025.
The upsurge in the number of passenger & commercial vehicles around the world is the major factor driving the growth of vehicle tracking device market. Fleet managers are focusing on improving fleet security and route planning by installing vehicle trackers. Moreover, rising number of road fatalities, coupled with regulatory directives encouraging the use of GPS trackers to ensure passenger safety will propel the market expansion.
Based on the tracker type, wired tracking devices segment is presumed to hold 50% share of vehicle tracking device market by the year 2025, owing to increasing use of device to obtain information related to location & speed of the vehicle. These devices are connected manually and rely on car’s electrical system for power. They are mounted discretely to prevent tampering.
Speaking of the vehicle type, passenger cars segment is estimated to gain significant traction during 2019-2025, on account of rising focus of car manufacturers towards expanding their production facilities. Rising disposable incomes, along with increasing preference for car as travel mode will encourage the adoption of tracking devices for fleet management.
In terms of communication technology, vehicle tracking device market from dual-mode segment is expected to witness a growth rate of 25% during the forecast period. Dual mode technology has combined capabilities of GSM and GPS which enables it to track and monitor the remote fleet. The technology allows connectivity when the vehicle out of network range.
Elaborating on the application spectrum, vehicle tracking device market from mining segment is expected to grow by 20% through 2025, pertaining to rising incorporation of GPS devices for remote monitoring of mining vehicles. These devices alert authorities about route deviation, material theft, and provide live notification regarding the location of the vehicle.
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Considering the regional outlook, Asia Pacific is predicted to gain substantial market share in the coming years on account of heavy demand for passenger and commercial vehicles. Government across the region are promoting installation of tracking systems in public transport. This factor coupled with booming automotive sector is favoring the growth of Asia Pacific vehicle tracking device market.
Some of key players in the vehicle tracking device market include Meitrack Group, Geotab, Inc., ATrack Technology, Inc., CalAmp Corporation, Concox Information Technology Co. Ltd., Cartrack (Pty) Ltd., Garmin Ltd., Maestro Wireless Solutions Limited, and Laipac Technology, Inc. among others.
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