Global vehicle tracking market was valued at over $4 billion in 2018 and is poised to grow at double-digit CAGR during the forecast period till 2024, according to a report by ResearchAndMarkets.com.
Vehicle tracking technology helps to improve efficiency by providing the shorter route, traffic and other details. Moreover, regulatory norms for the installation of vehicle tracker on new public transport starting from 1st January 2019 and launch of Indian Regional Navigation Satellite System (IRNSS) for accurate real-time positioning are further positively influencing the growth of the market.
The Indian vehicle tracking market can be segmented based on vehicle type, technology, application and region. On the basis of vehicle type, the market can be segmented into passenger car, commercial vehicle and two-wheeler. Passenger car segment dominates the market on account of high sales, however, commercial vehicle segment is expected to grow at an impressive rate during the forecast period on account of the increasing use of commercial vehicle for the movement of goods and vehicle tracking technology provides real-time tracking.
On the basis of technology, the market can be bifurcated into mobile tracking and satellite tracking. Satellite tracking is a widely adopted technology and acquired a major share in 2018, as it is the most economical option when compared with other technologies.
In terms of application, the market can be segmented into private cars, transport & logistics, fleet management and others. Transport & logistics application segment is anticipated to witness the fastest growth during the forecast period as it is leveraging the power of the internet and tracking to monitor the vehicles.
Regionally, the market for vehicle tracking is gaining traction. Major players operating in the Indian vehicle tracking market include LetsTrack, RoadPoint, Pointer Telelocations, AssetTrackr, PhoenixSecure, Loginext Solutions Private Limited, Inditrack Navigation System Private Limited, TrackingGenie, Nuevas Technologies Pvt.Ltd., Itriangle Infotech Pvt. Ltd., etc. Major companies are developing advanced technologies and launching new products in order to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new product developments.
Source: Press Release