Global Vehicle Performance Monitor Market: Synopsis
The global market for vehicle performance monitor is projected to benefit from the stipulation of safety standards for the automobile industry. Vehicle performance monitoring helps in keeping a check on several metrics such as maximum speed, distance, engine oil, throttle position, temperature of engine oil, and harsh-breaking events in vehicles. The life of vehicles could be optimized by keeping a check on the aforementioned parameters, and anchoring a fixation mechanism in case of faults. Moreover, to gain value for money, the customers should deploy vehicle performance monitoring systems that would sustain their vehicles for the longest periods of time. The logistics industry also deploys vehicle performance monitoring systems in order to ensure timely arrival of the freight and its prevention from damage. It is anticipated that the number of industries that use vehicle performance monitoring increase in the coming years, thus, giving an impetus to market growth.
The global market for vehicle performance monitoring can be segmented based on the data captured and on the region. It is important to analyze both of these segments in order to understand the multifaceted nature of the market.
Transparency Market Research (TMR) decodes several dynamics of the global market for vehicle performance monitoring in one of its reports. The market has been scrutinized from multiple angles to give a sound judgement on the growth of the market over the coming years. Apart from market drivers, opportunities, and restraints, the report has expounded key strategies adopted by market players to outrun their competitors.
Global Vehicle Performance Monitor Market: Trends and Opportunities
The running cost of vehicles inclusive of fuel costs and other expenses incurred because of wear and tear can be minimized through vehicle performance monitoring. Hence, the end-users have become increasingly accepting of vehicle monitoring systems which is propelling demand within the market. Performance tracking also becomes easier with the help of VPMs because parameters such as fuel consumption, location, acceleration, and tire pressure can be tracked. Another important factor that is expected to escalate the demand within the market is the usage of VPMs by fleet managers. Since fleet managers have to stay abreast of the locations of multiple vessels, trucks, and airplanes, they necessarily deploy vehicle performance monitoring within their framework.
In recent times, several new technologies have enhanced the functioning of vehicle performance monitors. To exemplify, wireless connectivity technologies have aided in the collection of data regarding a vehicle, thus, minimizing the burden on users. It is found that the number of accidents caused due to carelessness of the drivers has also reduced in regions where VPM technology is deployed. Re-routing, minimizing idle times, and establishing a continuous link with the driver are some of the extrinsic factors that contribute to the growth of the global market for vehicle performance monitor.
Global Vehicle Performance Monitor Market: Regional Outlook
The market in North America is gaining momentum on account of the prominence of vehicle performance monitoring systems in the U.S. Ardent efforts to reduce the number of accidents in the U.S. have given a boost to market demand. Moreover, VPMs are also deployed for theft prevention and detection of pedestrians in the region, thus, enhancing market growth. Other key regional segments for the global vehicle performance monitor market are Latin America, Eastern Europe, Asia Pacific, Western Europe, and the Middle East and Africa.
Global Vehicle Performance Monitor Market: Competitive Landscape
Some of the key market players include TransTech, HaulTech, Davis, TyrePal, Omnitrax, ORBCOMM (U.S.) , and Bosh. All of these companies are expected to direct their efforts towards introducing technologically advanced vehicle performance monitors.
Global Vehicle Performance Monitor Market: On the basis of data captured
- Portable data providers
- Data hard-wired to the vehicle
Global Vehicle Performance Monitor Market: On the basis of geography
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific
- Middle East and Africa
This report gives access to decisive data, such as:
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for the coming years
Key highlights of this report include:
- Overview of key market forces propelling and restraining market growth
- Up-to-date analyses of market trends and technological improvements
- Pin-point analyses of market competition dynamics to offer you a competitive edge
- An analysis of strategies of major competitors
- An array of graphics and SWOT analysis of major industry segments
- Detailed analyses of industry trends
- A well-defined technological growth map with an impact-analysis
- Offers a clear understanding of the competitive landscape and key product segments
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?