ICT & Electronics Latin America and Asia GPS Based Vehicle Tracking | Page 2

The Latin America and Asia GPS based vehicle tracking system market is
segmented into solutions such as operation management, asset management and
driver management. Among these segments, operation management segment is
expected to showcase a significant growth over the forecast period. Additionally,
the rise of the GPS based vehicle tracking system market is driving on the back of
growing number of vehicles. Moreover, increasing integration of various features
into vehicles by manufacturing companies is one of the major factors fueling the
growth of GPS based vehicle tracking system market.
Latin America and Asia GPS based vehicle tracking system market is expected to
register a CAGR of 18.8% over the forecast period. Moreover, Latin America and
Asia GPS based vehicle tracking system market is believed to mask a noteworthy
sale by the end of 2024. Furthermore, the GPS based vehicle tracking system
market is expected to expand on the back of growing adoption of GPS based
vehicle tracking system by transportation sector to track their vehicles while
delivering.
The ships segment by vehicle type is envisioned to grow at a tremendous pace
over the forecast period i.e. 2017-2024 owing to growing number of sea trading.
Apart from this, Asia-Pacific region is expected to witness a remarkable growth
by 2024. The growth of Asia-Pacific region is riding on the back of largest
automotive industry and ship industry across the globe. Moreover, increase in
sales of vehicles along with mounting installation of telematics functionalities in
vehicles such as GPS based vehicle tracking system is also fostering the market of
GPS based vehicle tracking system.
Integration of internet of things (IoT)
Swift advancement in vehicle tracking system to ensure the safety of the vehicle
and robust expansion of automotive industry are believed to be the dynamic
factor behind the rapid growth of GPS based vehicle tracking system market. In
addition to this, increasing integration of internet of things (IoT) in vehicle
tracking systems is also positively impacting the growth of GPS based vehicle
tracking system market by the end of 2024.
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