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. These systems are mostly being used for stolen vehicle recovery strategies.
Usage of Vehicle tracking systems also includes fleet management, tracking various assets, management of service personnel, mobile sales and surveillance.
The private sector has started adopting vehicle tracking management system for the fleet management and to improve operational efficiency.
Why Bangladesh is a Market for Vehicle Tracking System?
The growing motorization has increased the number of commercial and the passenger car in the road. So, the vehicle tracking market is eyeing growth in this disputed market.
Around 10% passenger cars of Dhaka are using the vehicle tracking system.
Now, in Bangladesh, the vehicle tracking mechanism can be considered as a part of fleet management, which is growing significantly.
In our country too, the vehicle tracking market is estimated to foster over owing to rising safety and security awareness, particularly in the corporate sector.
Why Bangladesh 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.
And, hybrid car accounts for 12% of the total reconditioned cars brought into the country in the last fiscal year.
The ride-sharing industry has made up around 23% of the transportation and has barely made a dent in the overall automotive industry.
In this region, a synergy between telecommunications and information technology has introduced the next generation solutions, enabling the improved efficiency in the transportation system.
So, the 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.
Different technologies such as the network, GPS, display systems and Information systems are integrated for Intelligent Transport System (ITS) deployment and thereby leading to fulfilling key success factors in the transport system.
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, the vehicle tracking market will gain higher momentum. The government has the opportunity to play a crucial part in boosting the market, with its pipeline projects of equipping public transports system with Vehicle tracking via GPS.