What is Vehicle Tracking System Market?
Vehicle tracking system identify vehicle location automatically by application of software that gather fleet data for a broad picture of automobile locations. Vehicle tracking system generally uses Global Positioning System (GPS) or Global Navigation Satellite System (GLONASS) technology for tracking the vehicle. Growing automobile industry globally is anticipated to supplement the growth of vehicle tracking system market. Further, increasing adoption in fleet operators for the safety and security of customers, is driving the sales of vehicle tracking systems. Another vital driver of the market, is introduction of regulations by government authorities to install tracking systems in commercially used vehicles.
The market study is being classified by Type (In-Vehicle Surveillance, Out-Vehicle Surveillance, Under-Vehicle Surveillance and Others), by Application (Mobile Tracking, Online Tracking, Satellite-Based Tracking, Vehicle tracking and fleet monitoring and Others) and major geographies with country level break-up.
AT&T Fleet Intellectual Property (United States), Comm-Port Technologies (United States), Continental AG (Germany), Delphi Automotive LLP (United States), Magna International Inc. (Canada), Robert Bosch GmbH (Germany), Verizon (United States), Zonar Systems (United States), Queclink Wireless Solutions Co., Ltd. (China), Concox Information Technology Co., Ltd. (China) and Orbocomm Inc. (United States) are some of the key players profiled in the study. Additionally, the Vendors which are also part of the research are Car Track Holdings Limited (South Africa), Calamp Corp. (United States), Sierra Wireless Inc. (Canada), Ruptela UAB (Lithuania) and Maestro Wireless Solutions Ltd. (Hong Kong).
The vehicle tracking system market is highly fragmented market. Market players are focusing on technological developments for customer safety and security purpose in order to gain higher market share. Further, the growing ride-hailing industry, supports the growth of vehicle tracking system market. Research Analyst at AMA predicts that United States Vendors will contribute to the maximum growth of Global Vehicle Tracking System market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Vehicle Tracking System market by Type, Application and Region.
On the basis of geography, the market of Vehicle Tracking System has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Increase in Road Freight and Passenger Transportation Services
- Growing Demand within Vehicle Fleet Operating Companies
Market Trend
- Rising Adoption of App-Based Transport Services
- Increasing Acceptance of Global Positioning System (GPS)
Restraints
- Inability to Work without Internet Connectivity
Opportunities
- Emergence of Usage-Based Insurance (UBI) Requiring Tracking Capabilities
- Increasing Demand from Ride-Hailing and Public Transportation Systems
Challenges
- Growing Adoption of Alternate Hardware Agnostic Tracking Solutions
In, 24 July 2018, Maruti Suzuki's Nexa, a premium brand automobile company having large market share within the Indian geography launched "Suzuki Connect". This system may be installed by individuals to provide live vehicle tracking, and emergency alerts to enhance customer convenience and experience.
Key Target Audience
Transportation & logistics, Metals & mining, Construction, Aviation, Retail, Vehicle Tracking System Manufacturers, Suppliers and Distributors, Government Regulatory and Research Organizations, Investment Research Firms / Associations and Others