The vehicle tracking market of Asia Pacific is projected to account for approximately 21% of the volume share by 2024. The emerging economies, particularly in this region is improving the regional penetration rate made this projection.
The vehicle tracking mechanism has observed as the fleet management market.
Rapid urbanization, effective communication network, adoption of high-tech software, the adoption of wireless technology toward vehicle tracking and its overall maintenance is driving the growth of the fleet management market of the Asia Pacific.
A significant rise in air traffic, growing market for international trades of goods and services, and infrastructure development are the factors that would additionally add to the market potential during the forecast period.
Based on the countries, the vehicle tracking market segments are China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
In this region, a synergy between telecommunications and information technology has introduced the next generation solutions in multiple sectors, enabling speed deliveries and improved efficiency in the transportation system.
Increasing deployment of vehicle tracking devices by the transportation service providers to ensure fast movement of goods is primarily driving the GPS tracking industry size.
Multiple countries have guidelines on application, usage, and installation of fleet monitoring devices. Increasing automobile theft in countries is driving the regulations to be mandatory on product usage.
For instance, on the policy intervention front, India once the Central Government’s mandate – that all public commercial vehicles must have a vehicle tracking device installed – comes into effect. The initial deadline for the mandate was April 1, 2018, but it’s been postponed.
Additionally, with increasing sales of commercial automobiles in developing countries the vehicle tracking market will gain higher momentum.
Globally, the vehicle tracking market is estimated to foster over owing to rising safety and security awareness, particularly in the corporate sector.
The growing need for monitoring the automobile movement carrying both passengers as well as goods will promote this market and its components.