North region is expected to Register High CAGR in India Vehicle Tracking System Market in the Forecast Period 2024-2028
Implementation of real-time monitoring and fuel management in
vehicles would boost the India Vehicle Tracking System market from 2024-2028.
According to TechSci Research report, “India Vehicle Tracking System Market - By Region, Competition Forecast
& Opportunities, 2018-2028,” the
India Vehicle Tracking System Market is expected to register robust growth
during the forecast period, 2028. The
market is expanding due to rising adoption of cutting-edge technology and growing
consumer concern over the security and safety of vehicles. The growth is being
fueled by the expansion of fleet operations in India as well as laws requiring
the installation of vehicle tracking devices in both passenger and commercial
vehicles. The market is also expanding because of car rental companies being
forced to incorporate tracking devices to improve their services in response to
the growing demand for car leasing and rental services, which may be attributed
to the increase in demand for vehicle tracking systems in the Indian market.
Fleet management companies and
government agencies have made installing tracking devices in all vehicles to
monitor their location and speed due to the rise in traffic accidents.
Additionally, market growth is anticipated to be fueled by the growing adoption
of intelligent transportation systems and the arrival of 5G technology in
vehicle connectivity. The growing demand for semi-autonomous and autonomous
vehicles fuels the demand for advanced and standard vehicle tracking systems.
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spread through 70 Pages and an in-depth TOC on the "India Vehicle Tracking System Market”
India vehicle tracking systems market is
anticipated to witness a healthy growth during the forecast period on account
of growing need for monitoring the movement of the automobiles carrying goods
and passengers. Moreover, due to the increasing concerns pertaining to the
security and safety of the vehicles and surging vehicle sales and production,
the market is poised to grow at an impressive rate during the forecast period.
Additionally, increasing vehicular theft and surging investment by the National
Highway Authority of India (NHAI) for improving and expanding the roads, is
anticipated to positively influence the growth of the market over the next five
years.
Under the FAME II scheme, the government
has chosen to subsidize 10 lakh two-wheelers, 5 lakh three-wheelers, roughly
55,000 four-wheelers, and 7,000 buses that run on electricity. It is
anticipated that this decision will open lucrative opportunities for the growth
of the India vehicle tracking system market.
India Vehicle
Tracking System Market is divided into Component, Vehicle Type, Technology,
Type, End-Use, Region and Competitive Landscape. Regionally, the market for
vehicle tracking is gaining traction. In terms of regional analysis, the market
can be segmented into north region, south region, east region, and west region.
West region is growing at a brisk rate on account of high penetration of
internet and significant smartphone user base.
The
development of smart sensors has led to a rise in the use of fleet management
technology in this area. Vehicle
tracking systems are being used by players with geofencing technology. An
employee-safe zone or even a business zone can be designated using the
geofencing feature of vehicle tracking systems. The fleet management solution
will send an alert to the driver if their car leaves the pre-set area,
preventing them from going to non-work locations or getting into accidents.
Major players operating in India vehicle tracking systems market include:
- LetsTrack
- RoadPoint
- Pointer
Telelocations
- AssetTrackr
- PhoenixSecure
- Loginext
Solutions Private Limited
- Inditrack
Navigation System Private Limited
- TrackingGenie
- Nuevas
Technologies Pvt. Ltd.
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“India vehicle tracking system market is expected to grow at a brisk rate
during the forecast period owing to surging vehicle sales in the country.
Moreover, mandate by the Ministry of Road Transport and Highways, for upgrading
all new public transport vehicles with vehicle location tracking and panic
buttons from 1st January 2019 onwards, is further pushing demand for vehicle
tracking systems across the country” said Mr. Karan Chechi, Research Director
with TechSci Research, a research based global management consulting firm.
“India Vehicle
Tracking System Market, By Component (Hardware, Software), By Vehicle Type
(Passenger Vehicle, and Commercial Vehicle), By Technology (GPS/Satellite,
GPRS/Cellular Network, and Dual Modes), By Type (Active, and Passive) By
End-Use (Transportation & Logistics, Construction & Manufacturing,
Aviation, Retail, Government & Defense, and Others), By Region, Competition
Forecast and Opportunities, 2028,” has
evaluated the future growth potential of India Vehicle Tracking System market
and provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in India
Vehicle Tracking System market.
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