Vehicle tracking market that provides continuous monitoring of vehicles by tracking their path. The vehicle tracking market consist of all the components used for locating the vehicles’ position using electronic devices. Vehicle tracking systems generally utilize GPS (global positioning system) or GLONAS (global navigation satellite system) in modern vehicles. The service is highly useful for vehicle fleet owners, as they can detect the position and path of their vehicles with respect to time.
The global vehicle tracking market is estimated to expand significantly during the forecast period, as vehicle tracking systems provide continuous vehicle monitoring and ensure the safety of the vehicle against theft. Fuel consumption and operating cost can be reduced by employing vehicle tracking and fixing excessive idling and route inefficiencies.
The vehicle tracking system also includes the diagnostics of engines and notifies the owner about the routine service of the vehicle, thus ensuring enhanced performance and lifespan of the vehicle. The vehicle tracking market is anticipated to witness significant expansion due to the expansion of car rental services and goods transportation services. High charges for vehicle tracking services is likely to be a key restraint of the vehicle tracking market.
The global vehicle tracking market can be segmented based on product, technology, application, vehicle, and region. Based on product, the hardwired segment is anticipated to hold a major share of the market; however, the portable segment is expanding at consistent pace, owing to its low cost, is expected to be a key factor that is likely to drive the vehicle tracking market.
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Based on technology, the active tracking system segment is anticipated to witness significant expansion during the forecasted period due to real-time monitoring of the vehicle, along with alert services on reaching the predetermined location. However, passive tracking systems can be disconnected and the stored data of the passive tracking system can be interpreted thus reducing the popularity of the passive vehicle tracking system.
In terms of application, logistics and fleet management are leading segments owing to considerable expansion of logistics and fleet management services. The logistics market is expanding significantly in developing countries due to rising industrialization. Therefore, logistics and fleet management segments are likely to maintain their dominance during the forecast period.
Key players operating in the global vehicle tracking market include CARTRACK, Fleetistics, AssetTrackr Pvt Ltd, TechnoPurple, and Meitrack.