Vehicle Speed Monitoring System Market to Witness an Outstanding Growth During 2016 – 2026
Human errors mainly causes most of the accidents and the main cause behind these accidents are vehicle over speeding, distraction while driving, driving after consuming alcohol tailgating, non-adherence to traffic signals, poor lane discipline, etc. However, in most of the countries excessive vehicle speed or speeding on the road has been the major factor for road accidents leading to deadly injuries or even death and its implied costs to the society. For example, close to half of deadly collisions are caused by too much or inappropriate speed in Ireland. The vehicle speed monitoring system is one of the important concerns in order to maintain a safe road. Vehicle speed monitoring system generally follows a framework which includes – detecting vehicle on the road, measuring vehicle speed, checking speed with the speed limit, sending speed data to a central server wirelessly, generating a speed report and sending report to the speed offender. The significance of global Vehicle Speed Monitoring System is that it decreases the risk of accidents and also aids in the prevention of vehicle thefts. Vehicle speed monitoring system helps to find the speed indication of the vehicle in more or less accurate manner and is also easy to implement.
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Global Vehicle Speed Monitoring System Market Dynamics
The value chain of vehicle speed monitoring system consists of equipment provider, assemblers, software providers, retailers and distributors. The market of global Vehicle Speed Monitoring System is anticipated to be driven by many factors such as increasing vehicular traffic in highways and GPS navigation. Also these systems helps to catch hold the drivers who are driving above a particular speed limit. All the governing bodies of different geographical regions are enforcing the vehicle speed monitoring system in their respective areas. However, global vehicle speed monitoring system have some restraints such as the system is very cost-infusive and overdependence on technology.
Global Vehicle Speed Monitoring System Market Segmentation
The global Vehicle Speed Monitoring System market is segmented on the basis of type of technology such as microwave RADAR-based systems, laser-based systems, ultrasonic-based systems, camera–based monitoring system, intrusive sensors & road tubes, radio frequency identification transponders and satellite-based road traffic monitoring, Anisotropic magneto-resistive magnetic sensors and others. On the basis of application, global vehicle speed monitoring system is divided into fleet monitoring, vehicle scheduling, route monitoring, driver monitoring and accident analysis. On the basis of end users, global vehicle speed monitoring is divided into government bodies and other professional industry.
Global Vehicle Speed Monitoring System Market: Regional Outlook
Geographically, the Global Vehicle Speed Monitoring System industry can be divided by major regions which include North America, Latin America, Western and Eastern Europe, Asia-Pacific region, Japan, Middle East and Africa. North America has been the first adopter of the vehicle speed monitoring system in 2014, followed by North America and Asia-Pacific. However, with pace of time, the usage of Collision Mitigation System has increased in North America, Asia-Pacific and Rest of the World. North America is highly expected to exceed that of Europe by 2016 in the Collision Mitigation System Market and will hold a larger market share by 2026.
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Global Vehicle Speed Monitoring System Market Players
The major players identified across the value chain of global Vehicle Speed Monitoring System market includes Pricol limited, Datazone Systems LLC, Fleetmatics Development Limited, Truvelo Manufacturers, Traffic Technology Ltd., MOTO Safety, AIRCO Auto Instruments, Technopurple, SMG Security Systems Inc., Ideal Solutions Company and many others. The companies are emphasizing on research and development and new product development in order to maintain the competitive advantage in global vehicle speed monitoring system market during the forecast period. In order to meet the increasing demand of vehicle speed monitoring system, companies all over the world are looking for speed monitoring system certification in order to expand the product portfolio and increase the sales strategies. The companies are also focusing on different strategies in order to maintain the market share in the global vehicle speed monitoring system market.