Global Vehicle Performance Monitor Market: Synopsis
The global market for vehicle performance monitor is projected to benefit from the stipulation of safety standards for the automobile industry. Vehicle performance monitoring helps in keeping a check on several metrics such as maximum speed, distance, engine oil, throttle position, temperature of engine oil, and harsh-breaking events in vehicles. The life of vehicles could be optimized by keeping a check on the aforementioned parameters, and anchoring a fixation mechanism in case of faults. Moreover, to gain value for money, the customers should deploy vehicle performance monitoring systems that would sustain their vehicles for the longest periods of time. The logistics industry also deploys vehicle performance monitoring systems in order to ensure timely arrival of the freight and its prevention from damage. It is anticipated that the number of industries that use vehicle performance monitoring increase in the coming years, thus, giving an impetus to market growth.
The global market for vehicle performance monitoring can be segmented based on the data captured and on the region. It is important to analyze both of these segments in order to understand the multifaceted nature of the market.
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Transparency Market Research (TMR) decodes several dynamics of the global market for vehicle performance monitoring in one of its reports. The market has been scrutinized from multiple angles to give a sound judgement on the growth of the market over the coming years. Apart from market drivers, opportunities, and restraints, the report has expounded key strategies adopted by market players to outrun their competitors.
Global Vehicle Performance Monitor Market: Trends and Opportunities
The running cost of vehicles inclusive of fuel costs and other expenses incurred because of wear and tear can be minimized through vehicle performance monitoring. Hence, the end-users have become increasingly accepting of vehicle monitoring systems which is propelling demand within the market. Performance tracking also becomes easier with the help of VPMs because parameters such as fuel consumption, location, acceleration, and tire pressure can be tracked. Another important factor that is expected to escalate the demand within the market is the usage of VPMs by fleet managers. Since fleet managers have to stay abreast of the locations of multiple vessels, trucks, and airplanes, they necessarily deploy vehicle performance monitoring within their framework.
In recent times, several new technologies have enhanced the functioning of vehicle performance monitors. To exemplify, wireless connectivity technologies have aided in the collection of data regarding a vehicle, thus, minimizing the burden on users. It is found that the number of accidents caused due to carelessness of the drivers has also reduced in regions where VPM technology is deployed. Re-routing, minimizing idle times, and establishing a continuous link with the driver are some of the extrinsic factors that contribute to the growth of the global market for vehicle performance monitor.
Global Vehicle Performance Monitor Market: Regional Outlook
The market in North America is gaining momentum on account of the prominence of vehicle performance monitoring systems in the U.S. Ardent efforts to reduce the number of accidents in the U.S. have given a boost to market demand. Moreover, VPMs are also deployed for theft prevention and detection of pedestrians in the region, thus, enhancing market growth. Other key regional segments for the global vehicle performance monitor market are Latin America, Eastern Europe, Asia Pacific, Western Europe, and the Middle East and Africa.
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Global Vehicle Performance Monitor Market: Competitive Landscape
Some of the key market players include TransTech, HaulTech, Davis, TyrePal, Omnitrax, ORBCOMM (U.S.) , and Bosh. All of these companies are expected to direct their efforts towards introducing technologically advanced vehicle performance monitors.
Global Vehicle Performance Monitor Market: On the basis of data captured
- Portable data providers
- Data hard-wired to the vehicle
Global Vehicle Performance Monitor Market: On the basis of geography
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific
- Middle East and Africa
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