Yesterday CJ Driscolls & Associates released a study of the Latin American GPS Vehicle Tracking Systems Market. The study concluded that today over four million Latin American vehicles are equipped with a subscription-based vehicle tracking solution. By 2014, the Latin American GPS Vehicle Tracking Systems market will expand to nearly nine million units in service, which is more than double the current amount of GPS vehicle tracking devices. Yearly hardware and service revenues are expected to grow to nearly US $3 billion.
The CJ Driscolls Study provides valuable information about the market for GPS fleet management, consumer stolen vehicle recovery and telematics solutions in each Latin American country (as well as Central America and Mexico). The study also provides an overview and data on the addressable market size, market penetration and trends, and projected market growth.
The study also addresses new regulations in Brazil, CONTRAN 245, which is expected to make Brazil one of the world’s largest markets for GPS vehicle tracking solutions by 2011. CONTRAN 245 requires every new vehicle sold in Brazil to be equipped with a GPS tracking system. The report also analyzes the status of similar government initiatives in Mexico and profiles over 50 Mexican suppliers of GPS fleet tracking and consumer telematics solutions.