Europe Asset Tracking Market Forecast 2019-2028
The Europe asset tracking market is anticipated to grow with a CAGR of 11.86%, over the forecast period of 2019 to 2028. The region’s market growth is propelled by factors such as, initiatives regarding product development and innovations, and significant advancements within the automotive industry.
The Europe asset tracking market growth is studied by assessing the United Kingdom, Russia, Italy, Germany, Poland, Belgium, France, and the rest of Europe. Italy’s favorable geographical location in the center of the Mediterranean Sea makes the country a strategic space for investments, especially within the logistics sector. The nation also intercepts trade flows from, and to Asia, the Mediterranean coast countries, and the Balkans. Moreover, the position is gaining surging importance, given the European Union’s new expansion and generating a Euro Mediterranean free-trade zone. As a result, this would create the largest transshipment area, worldwide.
On the other hand, Italy has one among the lowest e-commerce penetration rates across Europe, with a rapidly developing landscape. Although Italy ranks lower in terms of average online spending, it is among the highest in terms of income percentage, from the European perspective. Nevertheless, since the COVID-19 pandemic, in addition to the subsequent quarantine, Italy’s online shopping rates have substantially increased by triple digits. The majority of the surge was predominantly fueled by the grocery division, formerly a nascent sector. Thus, these factors are expected to promote the region’s asset tracking market growth, during the forecast years.
Key industries operating in the market include, Zebra Technologies Corporation, Oracle Corporation, Hilti, Ubisense Group PLC, VerizonCommunications Inc, etc.
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