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.
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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.
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.
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.
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.
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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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