Sellbyville, DE -- (SBWIRE) -- 02/11/2019 -- Vehicle Tracking Market is predicted to exhibit over 7% CAGR with USD 11 billion by 2024. Heavy commercial vehicles are anticipated to witness growth at over 12% from 2017 to 2024 owing to rising demand for transportation of passengers & goods along with increasing construction activities. Vehicle tracking market from light commercial vehicles will account for a significant share over the forecast timeframe owing to rising transportation of light weight goods. Increasing domestic and international courier services will further propel the industry growth.

Get Sample Copy of This Report @ https://www.gminsights.com/request-sample/detail/193

With the growing awareness of the benefits offered by tracking systems in terms of safety & security, vehicle tracking market has indeed witnessed a massive incline in the recent years. Managing and maintaining huge vehicle fleets can often become challenging, especially when it comes to increasing driver productivity, providing customers with an estimated arrival time, ensuring safety and locating stolen vehicles. In this regard, these systems have emerged as a highly advantageous option for minute scrutiny. Their increasing demand by the day across numerous application arenas has indeed led to vehicle tracking industry registering a valuation of USD 6 billion in 2016.

With the rise in the deployment of tracking systems in huge vehicle fleets, the demand for heavy commercial vehicles has gone up a certain notch. In fact, vehicle tracking market size from heavy commercial vehicles is projected to witness a 12% CAGR over 2017-2024, driven by the rising transportation of passengers and goods. HCVs used by the corporate sector and self-hailing taxis are now compulsorily equipped with tracking devices to enhance passenger and vehicle safety besides monitoring rash driver behavior. Besides, as courier services are becoming increasingly commonplace with the skyrocketing popularity of online shopping, the demand for LCVs has also grown tremendously. Indeed, estimates claim vehicle tracking market share from light commercial vehicles to be pegged at $3 billion by 2024.

With driverless and connected cars garnering mass momentum, vehicle tracking market is certain to amass extensive remuneration in the years to come, given that connected technologies are set to transform the way one commutes, interacts, and communicates with automobiles. Authentic sources in fact claim that the number of cars that will be equipped with embedded connectivity will rise by a whopping 300% over the next five years. In essence, the growing importance of security features and other advanced technologies that help reduce road accidents and fatalities are indeed likely to stimulate vehicle tracking industry share. It is estimated that by the end of 2024, the global vehicle tracking market will surpass USD 11 billion with more and more organizations beginning to dabble in this technology, taking advantage of the changing fleet management landscape.

It has been observed that developed nations which are essentially progressive hubs as far as technology is concerned will be foremost in adopting vehicle tracking systems. The expanding transportation industry across North America is a pivotal instance of the same. Aided by a strong regulatory frame of reference and the large presence of technology providers, North America is projected to dominate the overall vehicle tracking market over 2017-2024.

Make an Inquiry for purchasing this Report @ https://www.gminsights.com/inquiry-before-buying/193

The emerging economies of the Asia Pacific region will also be contributing their bit toward vehicle tracking industry growth, as the application of advanced technology is expected to become commonplace across this region in the years ahead. For instance, the Ministry of Road Transport and Highways of India has passed a regulation wherein all the buses have to fitted with a GPS tracking system, an emergency button and surveillance cameras.

Fleetistics, Calamp, Maestro Wireless Solutions Ltd, Navotar, Garmin, and Mio are among the prominent participants in the vehicle tracking industry. The competitors are focusing on increasing the product penetration across the globe. They are increasingly partnering with online distributors such as Amazon, eBay, TrackMe, GPS-Track, etc. to enhance their visibility. This has led to the high growth of these online channels.

About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.