Most of us spend a huge amount of money in managing transportation. Every day you meet with unexpected incidents which highlight the importance of safe transportation. With the introduction of the vehicle tracking system, you can keep an eye over your fleet.
You can also receive alerts and take appropriate action in situations where drivers unintentionally unplug the tracker. This will help you to have complete control over the system.
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. This system is being used for stolen vehicle recovery strategies mostly.
It also includes fleet management, tracking various assets, management of service personnel, mobile sales and surveillance.
The private sector has already adopted the vehicle tracking system for overall fleet management and to improve operational efficiency.
Why the use of vehicle tracking system is on the rise?
The number of passenger cars and commercial vehicles is on the rise. So, the vehicle tracking system is eyeing growth in this disputed market.
The number of motorcycles is also growing. The market size would grow to 10 lakh units within three to four years.
Around 10% of passenger cars are using the vehicle tracking system in Dhaka. And it is growing.
Companies have already adopted vehicle tracking as a part of its 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 vehicle tracking is an opportunity?
Currently, the market size for reconditioned cars is around Tk 5,000 cr. with a yearly 15% to 20% growth.
The modified hybrid cars and ride-sharing services are eyeing growth.
And, hybrid car accounts for 12% of the total reconditioned cars.
Significantly, the ride-sharing industry has made up around 23% of the transportation and has barely made a dent in the overall automotive industry.
Accordingly, a synergy between telecommunications and information technology has introduced the next generation solutions, enabling the improved efficiency in the transportation system.
Additionally, the sales of commercial vehicles in Bangladesh, the vehicle tracking market will gain higher momentum.
Commercial vehicles grew 15% every year over the last decade.
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.