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What's Driving the Vehicle Tracking Device Market Size? CalAmp, Cartrack, Garmin, Geotab, ORBCOMM, Sierra Wireless, Teltonika

05-06-2020 04:24 AM CET | Business, Economy, Finances, Banking & Insurance

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What's Driving the Vehicle Tracking Device Market Size? CalAmp,

Growth of vehicle tracking device market share can be accredited to the emerging demand of advanced fleet management solutions for reduction of fleet operating expenditure. Large scale fleet operators are seeking solutions to remotely observe their fleet operations. Global Market Insights Inc. has recently published a research report which predicts that vehicle tracking device market share is set to surpass sale of 82,000 thousand units along with revenue contribution of more than $3 billion by the year 2025.

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Owing to the growth in incidences of road accidents on highways, vehicle tracking device market will garner significant profits through extensive product application on HCVs over the years to come. As per the World Health Organization's (WHO) global status report on road safety, the incidences of road traffic deaths reached 1.35 million in the year 2018. Vehicle tracking system observes driving behavior such as sudden lane changes, over speeding, harsh braking, acceleration, driving under alcohol influence and cornering instances. These observations help HCV-operating firms to decrease the number of road accidents via warnings regarding wrong driving habits. HCV segment has been forecast to garner 25% of overall vehicle tracking device market share growth by 2025.

The demand for safe mining operations has increased as mining activities expand, which has in turn augmented vehicle tracking device market trends. Mining firms have been keenly concentrating to improving the safety and efficiency of mines by safeguarding both mechanical and human assets. Regulations are also being mandated by governments for the safety of mining vehicles which will further augment vehicle tracking device industry share.

For example, in May 2015, Department of Mineral Resources (DMR) of South Africa has imposed a new law compelling surface mines to boost the safety of Trackless Mobile Machinery (TMM) including trucks. Fleet management solutions empower mining companies to track the location of vehicles for promoting an increment in efficiency and for preventing thefts. These solutions offer real-time fleet information on any computer, tablet, or smartphone, to lessen the number of accidents. Reports have projected that mining sector will register with a considerable CAGR of more than 20% over 2019-2025 for vehicle tracking device market.

Europe is projected to register a major vehicle tracking device market share by 2025 due to the advancements being made in technology in the automotive sector such as C-V2X and autonomous driving technology. There have been several notable investments made by various government authorities in the region to promote the development of autonomous vehicles.

For instance, in June 2018, the Centre for Connected and Autonomous Vehicles (CCAV), a subdivision of the UK Department for Transport and Department of Business working for the development of connected and driverless vehicles, has reportedly announced almost $29 million loans for advancement, presentation and trials of autonomous and connected vehicle technologies. Such investments have helped to accelerate the development of autonomous vehicles in Europe. Autonomous vehicles have been apparently leveraging vehicle tracking systems for safe and accurate mobility thus strengthening vehicle tracking device market forecast for 2019-2025.

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Major companies operating in the vehicle tracking systems industry include CalAmp Corporation, ATrack Technology Inc., Cartrack (Pty) Ltd., Garmin Ltd., Concox Information Technology Co., Ltd., Geotab Inc., Maestro Wireless Solutions Limited, and Laird PLC.

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