Vehicle tracking market skyrocketing by 2024
Vehicle tracking market from wired devices is estimated to cross 92% volume share by 2024. Substantial revenue generation can be attributed to their high deployment in vehicles and provision of the advantages. Regular technological advancements such as enhanced satellite view and mobile tracking are pushing the customers to increasingly adopt these devices. Wireless product segment is anticipated to grow significantly owing to their easy portability and compact size.
Vehicle tracking market from active devices will exhibit highest volume share over the next eight years owing to provision of benefits such as automatic reassignment, accuracy in delivery time information, and versatility in networks. Passive technology is likely to grow till 2024 owing to its quick and easy installation.
Vehicle tracking market size is estimated to surpass USD 11 billion by 2024; according to a new research report by Global Market Insights, Inc. Increasing vehicle security concerns, especially in corporate sector will primarily drive the industry growth over the forecast timeframe. Rising need to monitor the vehicle movement for goods and passenger security will further escalate the revenue generation. Integration of information technology and telecommunications has introduced next generation advanced solutions in various sectors, offering enhanced rapid deliveries with precision, inducing immense potential to the market size from 2017 to 2024.
Heavy commercial vehicles are anticipated to witness growth at over 12% from 2017 to 2024 owing to rising demand for transportation of passengers and goods along with increasing construction activities. Vehicle tracking market from light commercial vehicles will account for a significant share over the forecast timeframe owing to rising transportation of light weight goods. Increasing domestic and international courier services will further propel the industry growth.
Increasing implementation of these devices by transportation service providers for ensuring fast transportation of goods has resulted in high demand for GPS tracking, positively impacting the industry size. Various countries are mandating stringent norms for usage and installation of fleet monitoring devices owing to rising vehicle theft incidences in countries including Russia and Brazil.