Vehicle Tracking Device Market Analysis By 2025 Growth Drivers & Regional Statistics

Europe is projected to register a major vehicle tracking device market share by 2025 due to the advancements being made in technology in the automotive sector such as C-V2X and autonomous driving technology. There have been several notable investments made by various government authorities in the region to promote the development of autonomous vehicles.

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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.

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. Since wireless vehicle tracking devices are compact in size, they integrate easily into vehicles – a factor that is positively influencing vehicle tracking device market outlook.

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 market 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.

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Some Point from Table of Contents:

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

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