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The vehicle tracking device market is poised to rise from $600 million in 2018 to over $3 billion by 2025, according to a 2019 Global Market Insights, Inc. report. The market growth is attributed to the growing demand for advanced fleet management solutions to reduce the fleet operating expenditure.
Heavy commercial vehicles (HCVs) segment in vehicle tracking device market are expected to show significant growth rate of over 25% during the forecast period due to the increase in the number of road accidents on highways.
The large fleet operators are looking for solutions to remotely monitor their fleet operations. These systems help fleet companies to track their fleet remotely by informing key parameters such as fuel consumption, driver behavior, and engine parameters. These systems also help logistics & transportation companies to reduce the total cost of ownership by enhancing mobile device visibility, safety, and uptime.
The adoption of wireless vehicle tracking device market is increasing due to its low power and compactness. The wireless vehicle tracking devices work on batteries that can operate for longer hours. These devices also have inbuilt GSM antennas that reduce their overall size due to the elimination of external antennas and wiring. The compact size of wireless tracking devices enables easy integration into vehicles that can be used in discrete covert vehicle tracking applications.
The heavy commercial vehicles (HCVs) segment in the vehicle tracking device market is expected to show a significant growth rate of over 25% during the forecast period due to the increase in the number of road accidents on highways.
The cellular vehicle tracking device market held a major share of over 45% in 2018 due to the increased cellular penetration across the world. The increase in cellular network penetration enables fleet operators to track their vehicles without any interruption in remote locations.
The mining sector is expected to show significant growth in the vehicle tracking device market over the forecast period with a CAGR of over 20% due to the demand for safe mining operations. The mining companies are focusing on improving the safety and efficiency of mines by protecting both human and mechanical assets. The governments are also imposing some regulations for the safety of mining vehicles.
Europe is expected to hold a major vehicle tracking device market share over the forecast period due to technology advancements in the automotive sector such as autonomous driving and C-V2X technology. The government authorities in the region are investing in autonomous vehicles in the region.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.