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Vehicle Tracking Device Market Outlook 2019 – Growth Drivers, Opportunities and Forecast Analysis to 2025

Author : Ronak Bora | Published Date : 2020-08-21 

Vehicle Tracking Device market is projected to surpass 82,000 thousand units with a market value of over USD 3 billion by 2025. The market growth is attributed to the surge in the number of passenger & commercial vehicles globally. According to the European Automobile Manufacturers Association (ACEA), in 2018, around 16.5 million passenger cars were made in the European Union (EU) and cars accounted for 82.9% of the inland passenger transport in the EU. According to the Society of Indian Automobile Manufacturers (SIAM), in India, medium & Heavy Commercial Vehicles (HCVs) increased by 47.88% and Light Commercial Vehicles (LCVs) grew by 32.05% in April-September 2018. This has led to an increase in the demand for vehicle trackers among fleet managers to improve fleet security and route planning for cost optimization.

The rising number of road fatalities has also grabbed the attention of fleet management companies and regulatory authorities to mandate the installation of GPS trackers to ensure vehicle and passenger safety. According to the U.S. Department of Transportation's (DOT) National Highway Traffic Safety Administration, 37,133 people died in motor vehicle crashes in 2017. The increasing number of road accidents compelled the authorities to support the deployment of vehicle tracking devices. In February 2017, Chinese prefecture ordered the compulsion of GPS tracking devices in all public & private vehicles in the Bayingolin Mongol Autonomous Prefecture in the northwest Xinjiang region. This initiative helped in improving public safety in the Northwest region.

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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. This leads to a rise in the adoption of vehicle tracking devices, providing users the information on the location and vehicle speed & time, supporting effective fleet management. The growing usage of telematics and navigation systems to enhance vehicle efficiencies and enable fleet management will also spur the market growth.

The dual-mode vehicle trackers segment will witness a growth rate of over 25% from 2019 to 2025 as they combine the capabilities of the Global System for Mobile Communications (GSM) and the Global Positioning System (GPS) technology to enable remote fleet tracking & monitoring. Fleet managers are finding ways to capitalize on the cost-benefits of cellular services with reliability on satellite communications as they are switching toward dual-mode tracking solutions. The dual-mode vehicle trackers ensure that the connectivity is automatically maintained as the fleets move in and out of the range. By using such trackers, fleet managers can lower the cost of data transmission in areas with cellular range and can switch to satellite communications anytime the cellular network is unavailable.

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The mining application segment is expected to exhibit a growth rate of over 20% during the forecast timeline due to the rising demand for GPS tracking systems to enable remote monitoring of the mining equipment. The GPS technology provides real-time alerts to authorities on vehicle abuse and driver behavior, aiding accident prevention and ensuring increased security of devices. The demand for GPS trackers in the mining industry is increasing as they enable mining authorities & supervisors to check theft of minerals, alert them about the deviation in the set route, and provide real-time notifications on the location of the vehicles.

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. Significant rise in the number of road accidents is also enabling public and private fleet managers to adopt vehicle tracking systems to avoid road accidents. The government is emphasizing on the safety and security of passengers in public transportation by mandating the installation of GPS trackers in the public transport systems.

Companies operating in the vehicle tracking device market are focusing on new product developments and partnerships to expand their geographic presence. For instance, in January 2019, Octo Telematics entered into a partnership with Mexico's auto insurer Qualitas to expand its offerings across Mexico. This partnership helped transportation companies to improve fleet efficiency by minimizing fuel consumption and limiting unauthorized asset utilization. In January 2017, Geotab selected Sequans Communication's LTE Cat 1 technology for next-generation vehicle tracking systems. This collaboration helped the company to offer advanced connectivity solutions and cost-effective future-proof fleet management solutions.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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