A whole new generation of solutions has emerged in different sectors through the synergies between information technologies and telecommunications, enabling companies to increase their efficiency, significantly reduce costs and delivery speed. Providing real-time information on vehicle movement is one such technological spin-off that is essential for the emerging sectors.
In addition, modernizing the transport and logistics sector in developing countries is likely to have a positive impact on the smart transport market. These countries are following the success of smart transport systems in developed countries. For example, the U.K. government adopted an intelligent transportation system for driver safety and logistics improvement.
What is a Vehicle Tracking System?
A vehicle tracking system is the system that enables vehicles to be tracked and controlled on a 24/7 basis through an online computer, smartphone, tablet, etc. with the help of GPS satellites. Vehicle tracking systems allow instantaneous, historical tracking of vehicle speeds, routes they traveled, stops and idling times on maps with new and old reports. The vehicle tracking system is a technology used by a mobile network or GPS technology to acquire real-time vehicle location data. The system is made up of a positioning device, software, and sometimes a view sensor.
Why is there a need for this technology?
The GPS-based vehicle tracking system makes it easy to track multiple vehicle locations in real time. It consists of a vehicle-mounted GPS and software that collects on the screen data and pictures of the vehicle. In addition to the vehicle location, GPS devices can also send real-time data on the condition of the vehicle and specific events in the GPS device.
Developing technologies allow the collection of data on the vehicle or even its driver to be progressively different in nature. Sophisticated tracking systems can provide driver insights and even read digital data on-board computers. GPS-based vehicle tracking system enables even remote blocking of vehicle engines in the event of an emergency or security.
Who are the market boosters of the Vehicle Tracking System technology?
Nearly any company that operates a vehicle or a whole fleet of vehicles can find truly practical uses for GPS vehicle tracking. Companies can better plan and communicate with customers when tracking their vehicles, equipment, and inventory. Cable companies, plumbers or any kind of Delivery Company can benefit from using GPS in the service industry. Municipalities use GPS to track bus fleets, waste trucks, street sweepers and snowplows. Public safety groups, such as fire and police, can also find faster emergency response routes.
The transport & logistics industry came into existence as one of the early adopters of this technology. GPS tracking devices are widely used for tracking purposes in commercial vehicles such as trucks, trailers, buses and light commercial vehicles. According to the International Organization of Motor Vehicle Manufacturers (OICA), global sales of commercial vehicles increased significantly in 2016. This factor drives the deployment of GPS tracking for commercial vehicles, thus driving growth in the transportation & logistics industry.
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Advantages of employing a Vehicle Tracking System
GPS tracking units send and receive software information in real time via the cellular (GSM) network. If a connection is lost, the information will be stored in internal memory and transferred to the network. Modern vehicle tracking software enables information on desktop, laptop, and mobile phones to be visualized and scanned.
One of the major benefits of a vehicle tracking system that are seen in transport-related activities is increased productivity and efficiency. The ability to track commercial vehicles allows predicting accurate delivery times, informing customers in advance of late delivery, time or date changes. Tracking fuel consumption helps companies to calculate the exact cost of their journey, warning drivers of driving style and selected routes. To ensure discipline among vehicle users, other companies use GPS tracking to reduce operating expenses. Typically, one thing is certain about vehicle tracking systems- saving business time and money in one way or another.
There is a massive increase in the use of smart transport systems to ensure proper transportation safety and tracking. The safety issues in transportation services tend to have a detrimental effect on vehicle tracking systems sales. In addition, growth in fleet operations in emerging markets, particularly in market expectations for vehicle tracking systems, is expected to increase revenue growth. Accumulating market changes is a challenging factor for emerging industry participants. This growing number of industry market players leads to a fragmented industrial structure.
To Sum Up
The vehicle tracking system market is witnessing wide-ranging acceptance for both heavy commercial vehicles and light commercial vehicles. GPS vehicle tracking is extensively used in logistics, and many other companies use it mostly to track their own cars, ensuring that employees do not use it for their own purposes, but only for business purposes.
Other sectors that actively use GPS tracking systems include public transportation, car rental, and perishable goods transportation, farming, construction, and other special equipment. The explosive growth of the ride-hailing industry, which affixes supporting government policies and increasing consumer demand, is likely to offer lucrative opportunities for the global vehicle tracking system market. As a result, the global market for vehicle tracking system is projected to grow at a CAGR of 18.9% by the near future.