As per the report by Global Market Insights, Inc., “Worldwide Vehicle Tracking Device Market was valued USD 600 million in 2018 and will surpass a revenue collection of USD 3 billion by 2025 with an annual growth rate of 20% over 2019 to 2025.” —
The global vehicle tracking device market size 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 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.
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Wired vehicle tracking devices are expected to dominate the market with a share of over 50% by 2025 due to the widespread usage of such trackers to provide information about the vehicles' location and speed. These trackers are manually connected to the car's electrical system and they enable users to establish a reliable power connection. The adoption of wired vehicle trackers is expected to accelerate over the forecast timeline as they are often mounted in a hidden location to prevent tampering.
The passenger cars segment in the vehicle tracking device market is expected to witness a significant growth rate from 2019 to 2025 due to rising investments by automobile manufacturers to expand their manufacturing facilities. Passenger vehicles are the most preferred mode of travel and are projected to witness a surge in demand due to the growing need for mobility and increasing disposable incomes.
In terms of vehicle types in the global vehicle tracking device market, 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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The Asia Pacific vehicle tracking device market is projected to grow at the fastest CAGR during the forecast timespan due to the surge in the number of passenger and commercial vehicles. According to the International Organization of Motor Vehicle Manufacturers (OICA), the Chinese automotive sector witnessed the production of 23,529,423 units of passenger cars in 2018. The huge growth of the automotive sector in the region is spurring the demand for efficient wired & wireless vehicle tracking systems to enable fleet management and optimization.
The major players driving the global vehicle tracking device market include Maestro Wireless Solutions Limited, Orbcomm Inc., Verizon Communications, Suntech International Ltd. among others.
Glimpse of Table of Content (ToC)
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
Chapter 7. Vehicle Tracking Device Industry, By Communication Technology
7.1. Key trends, by communication technology
7.2.1. Market estimates and forecast, 2014 - 2025
7.3.1. Market estimates and forecast, 2014 – 2025
7.4. Dual mode
7.4.1. Market estimates and forecast, 2014 - 2025
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