In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
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.
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.
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
Our in-depth analysis segmented the Latin America and Asia GPS based vehicle tracking system market in the following segments:
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.
The major key players for GPS based vehicle tracking system market are as follows