Vehicle’s performance monitoring (VPM) keeps the account of performance parameters such as maximum speed, distance covered, harsh-braking events, throttle position, timing advance and engine oil over temperature which are related to the functioning of the vehicle. It helps the end-users to enhance the longevity of assets offering economic benefits with higher return on investments by reducing the ongoing running cost. With the help of performance trackers and statistics of factors such as excessive acceleration, fuel consumption & usage, idle times, location and tire pressure can be maintained which helps to prolong the usage of available resources. VPM is achieved with the help of various software such as carMD and on-board-diagnostics (OBD) and other advance sensors.
Vehicle performance tracking helps in enhanced asset utilization, effective operational insights, detailed reporting, proactive management of repairs, reduced fuel costs and real-time customer support. Vehicle tracking provides a cost-effective and reliable communication link to track vehicle location to amend travel routes, supervise driver behavior, minimize idle times and ensure secure transportation. All these factors are anticipated to drive the market during the forecast period.
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Vehicle Performance Monitoring is anticipated to have capabilities such as accident avoidance, pedestrian detection and theft prevention during the near future. Vehicle Monitoring is expected to be used by multiple end-users across the industry verticals to simplify operations and encourage safe driving practices.
Market of vehicle performance monitoring can be segmented on the basis of data captured and geographical regions.
On the basis of data captured, market may be segmented into portable data providers and data hard-wired to the vehicle.
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On the basis of geographical regions market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa and South America. U.S is expected to be the major revenue contributor to the vehicle performance monitoring market throughout the forecast period. It is mainly due to the increase in number of on-road accidents caused by driver’s carelessness, distractions and requirement of more reliable means of deliveries to maintain the business.
Key players in this market are TransTech, TyrePal, HaulTech, Davis, Omnitrax, Bosh ,ORBCOMM (U.S.) , Inquiron and PeopleNet.