Advantages of Smart Tracking System and Market Growth

The GPS based vehicle tracking system market in Latin America is estimated to show a strong development by the end of 2024. The main factors driving the growth of GPS based vehicle tracking system market are enhanced in the sales and production of vehicles and mounting installation of telematics functionalities. Further, Mexico and Argentina are the main countries which are augmenting the demand for GPS based vehicle tracking system market in Latin America. Further, these appearing markets have high potential owing to the presence of great number of commercial vehicles.

So it is clear that there is high development ahead. Businesses focused on building and or reselling tracking solutions will be the enablers of this development and are certain to reap the advantages from it.

Being able to tell the location of a vehicle correctly is merely data. But pack some intelligence on it with the correct solutions, and the data becomes real information that can change a business. This can happen in different ways:

Decrease fuel costs: With the information received from commercial tracking solutions, companies can have more intelligent, well organized routing, thus reducing fuel costs. Over time, a few rupees saved on a trip can change into a tidy sum.

Enhance vehicle health: With many trackers giving information about the vehicle’s key parameters, companies can be in better control of the upkeep of their vehicles, and not be surprised by sudden, inconvenient breakdowns. With better maintenance getting systematized, the longevity of vehicles can also be enhanced.

Control driver behavior: With some of the trackers giving details about a driver’s performance, it becomes accessible for fleet managers to institutionalize better driving practices. While this is directly related to keeping life and goods safe, it also leads to better vehicle performance, as well as fewer accidents as rash or negligent driving, is minimized.

Impact on insurance premiums: Less accidents have a direct impact on insurance premiums outgo. Most fleet managers need to keep this in inspect year after year.

Avoid loss of vehicles: With good tracking solutions, fleet owners are always in the know of the whereabouts of their vehicles, so thefts can be decreased. Even misuse of their vehicles or even the good being transported can be reduced to a great extent.

The smart tracking system market is very well positioned for tremendous growth, going by any study you that look at. US based Markets says that the tracking device market is expected to reach USD 2.89 billion by 2023, growing at a CAGR of 12.91% between 2017 and 2023.