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Latin America and Asia GPS Based Vehicle Tracking System Market Analysis & Opportunity Outlook 2024

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Extensive insights into the Growth of Latin America and Asia GPS Based Vehicle Tracking System Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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Latin America and Asia GPS Based Vehicle Tracking System Market Overview

Global positioning system (GPS) based vehicle tracking system is defined as a technology to locate and track the vehicle. The vehicle information can be detected on electronic maps with the help of internet or other specialized software. The vehicle tracker records a variety of data such as speed, location and time. The GPS based vehicle tracking system is also used by companies to aid in fleet management.

Market Size and Forecast

The Latin America and Asia GPS based vehicle tracking system market is expected to grow at a robust growth over the forecast period i.e. 2017-2024. Further, the GPS based vehicle tracking system market is driven by various factors such as growing awareness about vehicle safety and rising installation of safety gadgets in vehicles.

In Asia-pacific, GPS based vehicle tracking system market is anticipated to witness a tremendous growth by the end of 2024. Additionally, the growth in this region is attributed to the rising instances of hijacking and car theft. The major countries witnessing the augmented demand for GPS based vehicle tracking system are China, India and Japan owing to rising gross domestic product (GDP) figures. Moreover, riding on the back of growing automotive industry and incorporating the new vehicles with telematics functionalities such as tracking devices are envisioned to bolster the growth of Asia-Pacific GPS based vehicle tracking system market. Asia-Pacific is expected to be the most lucrative market owing to the presence of largest automotive industry. Furthermore, rising adoption of GPS based vehicle tracking systems by transportation sector to track their vehicles while delivering is also projected to fuel the demand for GPS based vehicle tracking system during the forecast period i.e. 2017-2024.

GPS Based Vehicle Tracking system

The GPS based vehicle tracking system market in Latin America is projected to show a robust growth by the end of 2024. The major factors driving the growth of GPS based vehicle tracking system market are increase in the sales and production of vehicles and mounting installation of telematics functionalities. Further, Mexico and Argentina are the leading countries which are augmenting the demand for GPS based vehicle tracking system market in Latin America. Further, these emerging markets have high potential owing to the presence of large number of commercial vehicles.CLICK TO DOWNLOAD FREE SAMPLE REPORT

Market Segmentation

Our in-depth analysis segmented the Latin America and Asia GPS based vehicle tracking system market in the following segments:

By Solutions

  • Operation management
  • Asset management
  • Driver management

By Services

  • Professional services
  • Integration & deployment services
  • Managed services

By Vehicle Type

  • Heavy vehicle
  • Light vehicles
  • Ships
  • Aircrafts
  • Others

By Region

  • North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis

Growth Drivers and Challenges

Rising concerns about vehicle safety among the consumers and increasing installation of technologically advanced security gadgets are anticipated to be the dynamic factor behind the rapid growth of GPS based vehicle tracking system market. Further, rising government initiatives for mandating GPS based vehicle tracking system in vehicles is also envisioned to bolster the growth of GPS based vehicle tracking system market over the forecast period.

Moreover, future vehicles with pre-installed telematics technologies such as tracking devices and growing demand for more effective monitoring of vehicles are believed to flourish the growth of GPS based vehicle tracking system market. In addition to this, rising integration of internet of things (IoT) technology with vehicles is expected to garner the growth of   GPS based vehicle tracking system market.

However, high cost of GPS based vehicle tracking system is the major restraining factor for the growth of this market. Moreover, lack of awareness is also envisioned to hamper the growth of GPS based vehicle tracking system market over the forecast period.

Key players

The major key players for GPS based vehicle tracking system market are as follows

  • Kore
    • Company Overview
    • Key Product Offerings
    • Business Strategy
    • SWOT Analysis
    • Financials
  • Intellitrac
  • Iconcox
  • Astrata Group
  • Nissan
  • Cisco Systems
  • Trakgps
  • Fleetmatics
  • Trimble

Scope and Context

Overview of the Parent Market

Analyst View

Segmentation

The Latin America and Asia GPS based vehicle tracking system market is segmented as follows:

  • By Solution Market Size & Y-O-Y Growth Analysis
  • By Service Market Size & Y-O-Y Growth Analysis
  • By Vehicle Type Market Size & Y-O-Y Growth Analysis
  • By Region Market Size & Y-O-Y Growth Analysis

Market Dynamics

Supply & Demand Risk

Competitive Landscape

Porter’s Five Force Model

Geographical Economic Activity

Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio

Recent Trends and Developments

Industry Growth Drivers and Challenges

Key Information for Players to establish themselves in current dynamic environment

 


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