GPS tracking is another term for a vehicle tracking system. The requirement for productivity, enhanced operating efficiency, profitability at lower costs, combined with the digitization of vehicles, is expected to be a major factor likely to drive expansion of the global Vehicle Tracking market. Predictive fleet maintenance, fleet route planning, and telematics asset tracking are all included in these systems. These qualities allow for the most efficient use of resources and operational flexibility. In addition to that, factors such as higher cost savings as well as improved customer experience are likely to drive up demand in the global vehicle tracking market.
Due to rising digitization and technical improvement in the recent years, the market has seen considerable changes, allowing for easier tracking of vehicle performance. The use of telematics, automation, and the Internet of Things (IoT) in these systems has allowed fleet operators to increase their operational efficiency. While recording vehicle usage data, the technologies assure vehicle safety and security. Other important drivers expected to drive growth of the global vehicle tracking market are cost savings from improved vehicle performance and unique features such as fuel management, fleet analytics, predictive vehicle maintenance and driver monitoring.
Type, vehicle type, application, industry vertical, and region are important factors in the market that has been considered for the classification of the global vehicle tracking market.
Geotab Inc. declared the release of its updated GO9+ telematics system in January 2021, which now includes Wi-Fi connection. The GO9+ enables companies to gain real-time information into their cars and enjoy Wi-Fi access for up to 4 hours with the ignition turned off.
Some of the major players in the global vehicle tracking market are as mentioned below
Below-mentioned developments, restraints, opportunities, and drivers are anticipated to characterize the global vehicle tracking market
Vehicle tracking systems enable constant vehicle monitoring and protect the vehicle against theft, hence the global vehicle tracking market is expected to grow considerably throughout the projected period. By using vehicle monitoring and correcting excessive idling and route errors, fuel consumption and operational costs can be cut. The vehicle tracking system also incorporates engine diagnostics and tells the owner when the vehicle needs routine maintenance, assuring vehicle’s improved performance and maximized longevity. Due to the increase of automobile rental and goods transportation services, the vehicle monitoring market is expected to grow significantly. The high cost of vehicle monitoring services is anticipated to be a major limitation for the global market.
In the foreseeable future, the light commercial vehicle category is expected to grow at a rapid pace. The rising demand for light commercial vehicles in the logistics and transportation industries is to account for the surge. Furthermore, as the e-commerce business grows in popularity, demand for vehicle monitoring systems in light commercial vehicles is likely to rise. In trade and courier services, delivery services, and plumbing and HVAC services, light commercial vehicles such as minivans and pickup trucks are commonly employed. Organizations that offer these services can communicate the optimal route to the delivery team, submit invoices, and then use vehicle tracking systems to verify proof of delivery.
North America is expected to rise at a steady pace in the years to come. The transportation business has been heavily affected by rising worries about vehicle security, emissions, and safety. Governments in industrialized countries have recognized these issues and have enacted strict regulations and implemented safety programs as a result. For instance, the US government's General Services Administration (GSA) fleet has a 'National Safety Program.' Furthermore, the extensive use of smart technology in fleet management has been aided by the rapid advancement of Intelligent Transportation Systems, which is likely to drive the vehicle tracking market in North America.