Vehicle Tracking Device Market
Europe to emerge as a major growth avenue for vehicle tracking device market over 2019-2025
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.
Europe Vehicle Tracking Device Market Size, By Region, 2018 & 2025 (USD Million)
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. Since wireless vehicle tracking devices are compact in size, they integrate easily into vehicles – a factor that is positively influencing vehicle tracking device industry outlook.
Several governments of developing nations are undertaking initiatives which focus on installing vehicle tracking devices to ensure safety of drivers, passengers, goods, and the vehicle as well. For instance, the Road Transport and Highway Ministry of India mandated the installation of tamper-proof GPS satellite systems in all public service vehicles – along the likes of buses and taxis – to ensure safety of women.
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In this context, it is quite imperative to mention that, in 2017, over 436 cases of women molestation on public transport were recorded across India, due to which strict measures are being taken by the government to curb such incidents. Along with tracking devices, the government recently ordered the development of AIS-140 – an automotive industry standard that ensures quality and reliability of devices used in case of emergency. Needless to mention, such initiatives by developing countries are favoring vehicle tracking device industry trends.
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 market 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 industry.
In terms of geographical expansion, the growing number of innovations in the automobile sector has invariably contributed to the remuneration scale of Europe vehicle tracking device market. With innovations like self-driving cars and the introduction of C-V2X (cellular vehicle – to – everything), there is a growing demand for vehicle tracking devices to facilitate safety of passengers. Several companies are introducing autonomous vehicles in Europe. For instance, the European Commission has urged the need for research and innovations of autonomous vehicles in this region.
Speaking along similar lines, the UK government has established the Centre for Connected and Autonomous Vehicles (CAV) to allow the testing of motorways in the country. A fully automatic vehicle thus needs a high precision positioning and sensor integration to ensure accuracy and reliability that the vehicle can be self-driven. Furthermore, a tracking device will ensure that the vehicle stays in line and at a safe distance from other vehicles.
Owing to the increasing number of innovations in automobile sector and the growing need to enhance road safety along with reduction in operational costs, the global vehicle tracking device market is expanding at a decent pace. Several initiatives are being undertaken by industry players to enhance the vehicle tracking capabilities to facilitate precision and reliability. The major players driving the global vehicle tracking device market include Maestro Wireless Solutions Limited, Orbcomm Inc., Verizon Communications, Suntech International Ltd. among others. According to a report by Global Market Insights, Inc., vehicle tracking device industry is estimated to exceed USD 3 billion by 2025.
Author Name : Shreshtha Dhatrak