Critically growing need for real-time vehicle tracking for enhanced safety and security is expected to primarily drive global vehicle tracking system market. Several vehicle owners worldwide have also been turning to vehicle tracking systems for enhanced driver behaviour analysis, accurate journey history, timely vehicle maintenance reminders, and vehicle and component theft prevention. These systems also tend to facilitate efficient fuel management, and dispatching. Fuelled by these and more such factors, global vehicle tracking system market is likely to see a strong growth outlook in the near future. In a new upcoming study, Fairfield Market Research suggests that the market will see a continuous uptrend with rising frequency of road accidents.
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Passenger Vehicles Continue to Register Noteworthy Adoption
Exploding growth of fleet operators has given a significant push to passenger vehicle sales, especially across the developing economies. Adoption of tracking systems for passenger vehicles will exhibit the fastest growth during the next few years. Advanced car monitoring systems that aid in receiving emergency alerts have been gaining traction over the recent past, which is also likely to favour the uptake of vehicle tracking technology that enables the delivery of enhanced customer experience. Besides fleet operators, logistics companies are projected to emerge as another key profit driver for the market. Increasing use of passenger automobiles as minivans or pool vehicles is further expected to elevate market prospects according to the report.
Government and Regulatory Support Crucial to Market Build-up
Widespread availability of both active, and passive tracking systems on the market enables consumers to have the collected, as well as saved real-time information about the concerned vehicles that can be easily retrieved later whenever required. Increasing installations across government agencies, as well as fleet management corporations will favour the growth of vehicle tracking system market. Moreover, the market will reap the advantage of an increasing number of automakers, and vehicle owners critically concerned about a range of vehicle security features. Increasing stringency of regulatory measures regarding the installation of tracking systems in all categories of transport vehicles to track their real-time location, speed, and other critical parameters is also projected to create a favourable ground for the expansion of vehicle tracking system market.
Increased Concern Regarding Vehicle Security to Drive Growth of North America’s Vehicle Tracking System Market
The market in North America is likely to dominate the global vehicle tracking system space as the region continues to witness growing concerns around car pollution, drivers’ passengers’ and pedestrians’ security, and overall road safety. The role of governments in form of supportive initiatives such as the National Safety Program developed by the United States' General Services Administration (GSA) for its fleet will also remain instrumental to market growth. Rapid developments in the intelligent transportation system further facilitates penetration of smart technology in fleet management, which in turn fuels the growth of vehicle tracking system market here. On the other hand, the initial report findings indicate growing market attractiveness of Asia Pacific. The market here is poised to observe the fastest growth in the near future, attributing to explosive e-commerce expansion, and consistently soaring vehicle sales. A notable rise in the number of vehicle thefts also remains among the key factors generating demand for effective vehicle tracking systems.
Market Leaders in Global Vehicle Tracking System Space
AT&T Inc, Teletrac Navman Us Ltd, Cartrack Holdings Limited, Spireon Inc, Continental Ag, Verizon Communication Inc, Robert Bosch Gmbh, Inseego Corp, Geotab Inc, and Tomtom, Inc. constitute some of the key players that would be profiled in detail in the global vehicle tracking system market report.
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