The growing motorization in Bangladesh, fueled by rising average household incomes over the years, has increased the number of the passenger car in the road. However, the vehicle tracking market of Bangladesh is eyeing growth in this disputed market.
Around 10% passenger cars of this Dhaka metro 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.
The growing need for monitoring the automobile movement carrying both passengers as well as goods will promote this market and its components.
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.
The emergence of the ride-sharing companies has already initiated a mobility revolution, impacting the overall automotive sector and the vehicle management segment.
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.
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.
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.