Rising demand for fleet management in logistics and transportation industries is driving the vehicle tracking market size. Fleet operators are switching to tracking solutions to monitor the fleet operations. Vehicle tracking systems enable fleet operators to keep a track of various factors, including fuel consumption, engine parameters, driver’s behavior, etc. These systems are hugely benefitting the logistics and transportation companies, as they reduce the total cost of ownership by augmentation of uptime, safety and mobile device visibility.
Government authorities are also taking initiatives by imposing regulations for the use of vehicle tracking systems in commercial and passenger vehicles, to improve safety of drivers and passengers.
How will heavy commercial vehicles segment perform in the overall vehicle tracking market?
According to WHO’s global status report on road safety published in 2018, the number of road traffic deaths worldwide recorded in 2018 was 1.35 million.
Vehicle tracking systems are expected to bring this number down by tracking behavior of passenger vehicle drivers. The systems also monitor sudden lane changes, acceleration, over speeding, cornering instances, harsh braking and driving under the influence of alcohols, which helps heavy commercial vehicles operating companies to reduce the number of road accidents with alerts of wrong driving practices. Heavy commercial vehicles segment in vehicle tracking market is projected to record growth rate of over 25% over 2019-2025.
How will vehicle tracking industry outlook from mining sector be over the forecast period?
The fleet management systems enable mining companies to track the location of vehicles to prevent thefts and while increasing efficiency. Government authorities are also imposing regulations for the safety of mining vehicles. The mining sector is estimated to contribute substantially to the growth in vehicle tracking industry, to register CAGR of over 20% over the forecast timespan, due to high demand for safer mining operations.
What trends will drive Europe vehicle tracking industry share?
Increasing government investments in advanced technologies for improvisation of public transportation will positively impact Europe vehicle tracking market.
In 2016, the Executive Agency, Trading Fund of the Cabinet Office of the United Kingdom government and Crown Commercial Service signed a vehicle telematics pact to aid public transportation to improve road safety and efficiency. Europe vehicle tracking market is estimated to grow by over 17% during the forecast timeline.