A new report published by Transparency Market Research anticipates that the global vehicle tracking market will grow exponentially during 2018-2026 owing to the rising demand for real-time monitoring of the vehicles across the globe. The vehicle tracking market is further expected to witness remarkable expansion owing to the expansion of car rental services and goods transportation services.

With vehicle tracking systems, fuel consumption and operating cost can be reduced by employing vehicle tracking and fixing excessive idling and route inefficiencies. The vehicle tracking system also includes the diagnostics of engines and notifies the owner about the routine service of the vehicle, thus ensuring enhanced performance and lifespan of the vehicle.

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The report has segmented the global vehicle tracking market on the basis of product, technology, application, vehicle, and region. In terms of product, the hardwired segment is projected to hold a major share of the market; however, the portable segment is also expanding at consistent pace, owing to its low cost, and is expected to be a key factor in driving the vehicle tracking market. In terms of technology, the active tracking system segment is prognosticated to witness substantial expansion during the forecasted period owing to real-time monitoring of the vehicle, along with alert services on reaching the predetermined location. However, passive tracking systems can be disconnected and the stored data of the passive tracking system can be interpreted thus reducing the popularity of the passive vehicle tracking system.

Based on application, logistics and fleet management are leading segments due to considerable expansion of logistics and fleet management services. The logistics market is expanding significantly in developing countries due to rising industrialization. Therefore, logistics and fleet management segments are likely to maintain their dominance during the forecast period, as per the report. The vehicle tracking market consist of all the components used for locating the vehicles’ position using electronic devices. Vehicle tracking systems generally use GPS (global positioning system) or GLONAS (global navigation satellite system) in modern vehicles. The service is highly useful for vehicle fleet owners, as they can detect the position and path of their vehicles with respect to time.

On the basis of vehicle segmentation, the commercial vehicle segment is anticipated to be a leading segment of the vehicle tracking market due to higher number of installations of vehicle tracking systems in commercial vehicles. Furthermore, majority of commercial vehicles are incorporated with vehicle tracking systems; therefore, the segment is holding a major share of the market. Expansion of car rental services in developing countries is likely to boost the passenger vehicles segment during the forecast period. In terms of region, North America is a prominent market for vehicle tracking, as the region is home to a large and well-developed trucking industry, which is responsible for the large share held by the region in the global vehicle tracking market. Moreover, the market in Asia Pacific

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