The vehicle tracking system is a combination of technologies to know the real-time position of a vehicle or to log a history of where a vehicle has been. Mostly, these systems are using for stolen vehicle recovery strategies.
Also, the usage of vehicle tracking systems includes fleet management, tracking various assets, management of service personnel, mobile sales and surveillance.
Accordingly, the private sector is adopting vehicle tracking management system for fleet management.
Why Bangladesh is a Market for Vehicle Tracking System?
Currently, the number of commercial and the passenger car is growing. So, the vehicle tracking market is eyeing growth in this disputed market.
Now, around 10% of passenger cars of Dhaka are using the vehicle tracking system.
So far, the vehicle tracking mechanism is a part of fleet management, which is growing significantly.
However, the vehicle tracking market is estimated to foster over owing to rising safety and security awareness, particularly in the corporate sector.
Why Vehicle Tracking Market is an opportunity?
Currently, the market size for reconditioned cars is around Tk 5,000 cr. Each year the size of the market is increasing by 15% to 20%.
Also, the passenger car market is eyeing growth for the modified hybrid cars and growing ride-sharing services.
Now, hybrid car accounts for 12% of the total reconditioned cars brought into the country in the last fiscal year.
Therefore, the ride-sharing industry has made up around 23% of the transportation. And, it has barely made a dent in the overall automotive industry.
The synergy between telecommunications and information technology.
In this region, a synergy between telecommunications and information technology has introduced the next-generation solutions.
So, the increasing deployment of vehicle tracking devices is to ensure fast movement of goods is primarily driving the GPS tracking industry size.
In the near future, increasing automobile theft in our country may drive the regulations to be mandatory on such product usage.
Additionally, with increasing sales of commercial automobiles in Bangladesh. Consequently, the vehicle tracking market will gain higher momentum.
Therefore, the government has the opportunity to play a crucial part in boosting the market.