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Global Positioning System (GPS) technology is used to determine the precise location of vehicles and other mobile entities. The information collected of moving object can be stored within tracking device, or it can be transmitted to a central control unit. Demand for GPS tracking device is rising due to adoption of advanced technology across sectors; also it is used for security for vehicles. GPS tracking device is adopted to integrate with commercial vehicles and passenger vehicles to track location of the vehicle for security of passengers and shipment of material.
Further, in some of the country government authorities are making regulations to integrate vehicle tracking device in commercial and passenger vehicles. Also, tracking devices in commercial vehicles helps to track shipment of the product and timely transportation of other material. Adoption of GPS tracking device in supply chain and logistics industry is increasing and would support in the growth of market in coming years.
Further, growing adoption for rental services and car leasing across developing countries is enabling vehicle rental companies to integrate tracking device to improve their services. Introduction of a cellular vehicle tracking device is expected to surge, as capabilities of 5G such as high capacity, enhanced speed, and low latency would drive adoption of vehicle tracking device in near future.
Key Market Driver -
Key Market Driver – • Safety and security concern within transportation services • Increasing adoption in Logistics Industry
Key Market Restraint -
Key Market Restraint – • Some environmental factors leading to poor user experience
The demand for vehicle tracking devices surged due to increase in number of road accidents. The rise in accidents has grabbed attention of government authorities and fleet management companies to implement tracking devices. In 2017, According to the U.S. Department of Transportation (DOT) National Highway Traffic Safety Administration, 37,133 people died in motor vehicle crashes; due to this government made compulsion to install tracking devices in all transport vehicles to track speed, location, and others. Further, in 2017 China government made compulsion to install tracking devices in all commercial and passenger vehicles.
Some of the key players in-vehicle tracking device market are Orbocomm Inc., Calamp Corporation, Concox Wireless Solution Co., Ltd., TomTom International BV, Sierra Wireless Inc., ATrack Technology Inc., Trackimo LLC., Meitrack Group, Geotab Inc., Laird PLC among others.
Europe vehicle tracking device market is expected to grow with a significant CAGR during the forecast period. The growth in this region is mainly due to increasing investment by government in advanced technologies to improve public transportation. For example, in May 2016, the Crown Commercial Service, and Trading Fund of the Cabinet Office of the UK government signed a vehicle telematics agreement to built smart transportation. This initiation would help to provide enhanced on-road safety and efficiency and also helps to monitor and track fuel consumption, vehicle tracking, and driver’s behavior. This agreement was completed with collaboration with various associations such as healthcare, police, central and local government transportation, wide range of small and medium-sized businesses and others.
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Further, North America is one of the robustly growing regions during the forecast period. These devices are highly adopted in countries such as U.S. and Canada to monitor anti-poaching patrols and track the locations all the time.
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