Pune, India, March 04, 2022 (GLOBE NEWSWIRE) -- The global vehicle tracking device market size is anticipated to expand on account of the increasing use of GPS technology in the logistics sector. This information is published in Fortune Business Insights™, latest upcoming report, titled “Vehicle Tracking Device Market Size, Share & Industry Analysis, By Type (OBD Device, Standalone Tracker, Advance Tracker), By Deployment Vehicle (Commercial Vehicle, Cargo Vehicle, Container Vehicle), By Industry (Metals & Mining, Transportation, Logistics and Construction, Others) and Regional Forecast, 2019-2026.”
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Today, modern cars have the option of including a GPS to keep the track of the vehicle by determining precise location. Along with this, a GPS also comes with a built-in navigation system. A vehicle tracking device consists of a software that automatically tracks the vehicle location and stores the data that is useful to locate the vehicle. A vehicle tracking device is the most beneficial during vehicle thefts as it can track the precise location of the stolen vehicle. Additionally, in some countries the government is taking steps to implement the use of vehicle tracking device in commercial segment vehicles in addition to passenger segment. This is expected to boost the demand during the forecast period.
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The report offers meticulous information on the oil-water separator market that is well-researched using several methodologies and market analysis. Furthermore, it explains in detail the drivers, restraints, trends, and challenges that the market could possibly witness. Additionally, this report offers our readers with information on competitive landscape, emphasizing on latest acquisitions, business expansion plans, launches, and newly adopted technologies which renders all-inclusive information of leading players. Moreover, the information is obtained from trusted sources in addition to opinions from industry expert by our lead research analyst.
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Drivers and Restraints:
Increasing Adoption in Logistics Industry Will Boost Growth Significantly
Technological advancements can be witnessed in the logistics industry with several companies taking advantage of current technological trends to improve efficiency of the supply chain system. GPS technology not only helps the drivers to navigate from different locations, but also has fully transformed the transportation industry. From a smart mobile device, logistics companies can easily locate the vehicles at real time, plan driver assignments effectively, and manage costs to prevent loss. Several logistic companies adopting the use of vehicle tracking devices to efficiently manage the supply chain is expected to drive the growth of the market during the projected horizon. For instance, in March 2020, Track’em Pty, a leading asset and materials tracking platform, announced its latest version of Materials Tracking Platform. The platform will allow the companies to manage materials and logistics across their supply chain system.
Regional Analysis:
Increasing Government Investment to Bode Well for Market in Europe
Among regions, the market in Europe is expected to grow significantly on account of increasing investment by government in advanced technologies during the forecast period. On the other hand, North America will witness strong growth for the vehicle tracking device market during the foreseeable future. This is ascribable to factors such high adoption of the devices by countries such as U.S. and Canada to monitor anti-poaching patrols and track the real-time location.
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Competitive Landscape:
Aeris Announces Vehicle Tracking System for Auto Finance Companies
In February 2020, Aeris Communications, an Indian-based service provider, announced its new auto tracking system, that will provide real-time visibility of vehicles by tracking their live location as well as providing history. The company also announced its joint venture with Volkswagen Group of America, and Ventic LLC for developing and operating connected vehicle platform technology. Product launches and joint ventures by key players will contribute to the growth of the market during the forecast period. Below are a few industrial developments:
Industrial Developments:
June 2019: ORBCOMM Inc., a global internet solutions provider, announces its collaboration with maritime technology industry pioneers Weatherdock and Pole Star, to develop Hali. Hali is a class B vessel tracker solution that enables the user to have complete visibility of the vessel.
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Companies Operating in Global Vehicle Tracking Device Market:
- Orbocomm Inc.
- Calamp Corporation
- Concox Wireless Solution Co., Ltd.
- TomTom International BV
- Sierra Wireless Inc.
- ATrack Technology Inc.
- Trackimo LLC.
- Meitrack Group
- Geotab Inc.
- Laird PLC
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