According to the research report titled ‘Vehicle Tracking Device Market Size By Tracker Type (Wired, Wireless), By Vehicle Type (Passenger Vehicle (PV), Light Commercial Vehicle (LCV), Heavy Commercial Vehicle (HCV)), By Communication Technology (Cellular, GPS/Satellite, Dual Mode), By Application (Transportation & Logistics, Construction, Oil & Gas, Mining, Emergency Services), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Russia, Netherland, China, Japan, India, South Korea, Australia, Thailand, Indonesia, Brazil, Mexico, Argentina, Colombia, Saudi Arabia, UAE, South Africa, Turkey), Growth Potential, Competitive Market Share & Forecast, 2019 - 2025’, available with MarketStudyReport, vehicle tracking device market is projected to exceed 82,000 thousand units with a market value of over USD 3 billion by the end of forecast timeframe 2019-2025.
 

As per the findings of the report, escalating number of passengers and commercial cars will promulgate vehicle tracking device market growth over projection timespan. Further, surge in heavy commercial vehicles and light commercial vehicles are compelling fleet managers to become highly involved in vehicle trackers for strengthening fleet security and cost-effective route planning.
 

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Moreover, rising incidence of traffic fatalities serves as major growth propeller for the industry. For instance, National Highway Traffic Safety Administration of the United States Department of Transportation (DOT), 37,133 individuals died in motor vehicle accidents in 2017. This has prompted fleet management businesses and regulatory agencies to enforce the installation of GPS trackers for assuring vehicle and passenger safety.
 

In terms of vehicle type, passenger vehicles segment is predicted to grow at a substantial rate due to increasing investments by automobile manufacturers to expand their manufacturing facilities along with rising consumer demand and disposable income. Moreover, escalating use of telematics and navigation systems to improve vehicle efficiency and enable effective fleet management will help propel the market forward.
 

With respect to communication technology, dual-mode vehicle trackers category will increase at a CAGR of over 25%. The demand for this tracker can be ascribed to its capabilities of leveraging both GSM and GPS technology for providing remote fleet tracking and monitoring.
 

Based on application, mining application segment is expected to exhibit a growth rate of over 20% during the forecast timeline as GPS trackers are increasingly being used by mining authorities and supervisors to monitor mineral theft, obtain real-time vehicle location information, and receive alerts when vehicles deviate from prescribed route.
 

From the regional perspective, Asia Pacific vehicle tracking device market is projected to grow at a robust CAGR during the forecast timespan due to surge in the number of passenger and commercial vehicles, rise in number of road accidents, and stringent government mandates.
 

Considering the competitive landscape, ATrack Technology Inc., Cartrack (Pty) Ltd., CalAmp Corporation, Concox Information Technology Co. Ltd., Geotab Inc., Garmin Ltd., Laird PLC, Queclink Wireless Solutions Co., Ltd., and Laipac Technology, Inc. are among the major companies influencing vehicle tracking device market trends.