With the COVID-19 pandemic toppling economies across the world, every industrial sector has suffered a significant hit. The automobile and automotive industry is not an exception. Still, the scenario across the entire Asia-Pacific seems relatively buoyant due to a steep rise in the GDP and extensive automobile sales.
With IoT, AI, automation, and telematics influencing the trends of every industry significantly, the automobile and automotive industry has also started taking advantage of these avant-garde technologies.
Thus occurred the phenomenal rise of the intelligent and efficient vehicle tracking system- the one that protects your precious car against malicious external threats and ensures its security, apart from other benefits, leveraging all these technological advancements. These holistic solutions range from hardware interfaces to mobile and software and include every facet like-
- GPS
- GPRS/GSM
- Digital Maps
- Sensors
- Cameras and
- Other navigation systems that enable tracking and monitoring of real-time information.
The present scenario of the vehicle tracking systems market across the UAE:
The worldwide vehicle tracking systems market is encountering a windfall and has exhibited a steep growth curve, with a CAGR of 19.9% between 2018 to 2025. The 3795 million USD industry from 2017 is set to reach the staggering heights of 14957.5 million USD by 2025.
For the entire Latin America, Middle East, and African vehicle tracking ecosystem growth, the participation of top industrial players can be held responsible. On the other hand, the Gulf Cooperation Council has also seen its participating nations contributing to this extensive growth of vehicle tracking systems.
Amongst these, UAE has commanded the most resilient market share. This can be attributed to-
- A sheer rise in population
- Robust GDP
- Extensive disposable income
- Remarkable future infrastructure developments
- Immense expansion and expenditure of global players.
Let’s find out the factors that contribute to this sharp growth.
Factors contributing to the growth of the vehicle tracking systems market:
Some of the driving factors for this immense growth are-
- The rise in adoption of intelligent transport systems
- Security concern within transportation services
- Boost in fleet operations across emerging markets
In the UAE alone, the emergence of 5G for vehicle connectivity and the rising interest of corporates to outsource transportation services has created an immense value chain for connected vehicles. The best part is that this value chain is constantly diversifying and attracting top global players who want to garner customer segments from multiple industry verticals.
Ten essential benefits of using a vehicle tracking system:
Now that we have had our share of knowledge concerning the market’s immense growth, let’s find out how it provides value.
What is this fascination with smart cars? How can intelligent car tracking systems alter the scene of transportation? What special purpose do vehicle tracking systems serve that it is projected to be a multi-billion dollar industry across the globe?
Let’s dig deep to find out the answers to these questions.
● Impeccable customer service:
2021 and beyond are projected to be the era of the customers. Customer relationship is of the utmost essence behind every innovation that is occurring. With a state-of-the-art vehicle tracking system, a customer can accurately know the position of the vehicle and the exact time of pick up/drop. It leads to improved customer conversions and retention. Thus, the adoption of these systems provides undeniable competitive advantages.
● Enhanced productivity leading to lesser calls to drivers:
With cutting-edge technologies taking over, you no longer have to grow impatient over the driver not picking up your calls or express concerns over the pickup and destination changes, deliveries, and service calls. There will also be fewer latencies due to the mismanagement of time and inefficient communication. Productivity is the main benefit of implementing the latest tracking systems in your vehicles.
● Amazing security features:
The ‘geo-fencing’ feature is a smart solution by which you can mark the perimeter in which your vehicles operate. In this way, you get immediate notification via email or SMS, or any other preferred mode if your car leaves the designated spot. It has reduced a lot of distress to personal vehicle owners and fleet businesses.
But even if the unfortunate happens, a smart GPS tracker for vehicles enables you or the relevant authorities to recover the stolen vehicle and minimize the possibility of damage or vandalism.
● Minimizing Occupational Health and Safety concerns:
Occupational health and safety hazards are there in every industry. But smart vehicle trackersminimize these hazards by enabling fleet business owners to know their drivers’ whereabouts during bad weather conditions and across complicated terrains.
Advanced car tracking systems come equipped with MEMS (micro-electro-mechanical systems) chips apart from GPS trackers. These act as panic buttons that the driver can press in times of emergencies and send out an SOS message. These are not only beneficial to the drivers or fleet staff but also the passengers.
● Making better business decisions and maximizing assets:
Top tracking systems leverage the power of pattern recognition, ML, and data analytics to understand trends and get insights. Comprehensive information regarding surge traffic, most visited locations, high demand seasons, etc., are exhibited in a user-friendly manner.
Along with the upside listed above, a car tracking system provides comprehensive information about the car’s condition. By analyzing the engine performance, mileage, condition of car parts, the smart devices can compute the approximate maintenance time and cost. These lead you to make smarter business decisions, minimize maintenance fraud, efficient use of assets, and seamless fleet operations management.
● Reduced vehicle insurance costs:
An insurance premium discount from the insurance companies is a sure-fire way to earn great savings! The improved vehicle security features contributed by a car tracking system delivers cost-effectiveness through reduced insurance prices.
● Reduced infrastructural expenses:
With the help of an intelligent vehicle tracking system, you can successfully digitize your business. The digital transformation enables you to efficiently manage your fleet operations and other aspects with a minimal workforce and negligible infrastructure. Since staffing and infrastructural expenses are massive in most businesses, it gives you a very clean edge over your competitors.
● Reduced administrative paperwork and other productivity upsides:
A GPS tracker for vehicles sends frequent location logs. Hence, you can get real-time information with report functions for long stops, mileage, distance, and hours traveled each day, etc., with just key off and key on operations. These effectively reduce administrative paperwork and the need to maintain long logbooks.
● Minimizing fuel expenses:
Some of the latest innovation surrounding a VTS has seen the rise of a feature called ‘fuel management.’ It enables you to know how efficiently your car is using fuel. Other visible upsides remain in monitoring unauthorized trips and access to shorter routes, thereby cutting down on fuel consumption and expenses.
● Sustainable advantages:
Apart from reduced fuel consumption and lesser administrative paperwork, a VTS can help you minimize emissions by helping you take shorter routes. These sustainable benefits ensure reduced carbon footprint and minimized environmental impacts. Thus, the planet stays safe, green, and healthy for yourself and your progeny.
Closing thoughts:
Apart from optimizing business functions, a vehicle tracking system provides immense functionalities to independent drivers and their clientele. With the vigorous growth of this industrial segment, we can be sure of more intelligent vehicles and smart cars that revolutionize the global transport system forever.
