Fleet management, vehicle tracking and telematics technology management company Cartrack officially reached over 600 000 active subscribers globally in February.
The figure reflects strong, consistent growth over the past year, and a 20% year-on-year increase in subscriber numbers.
“An increase in active subscribers translates into further growth in annuity revenues and is a key determinant in our ability to grow our base globally,” chief sales officer Juan Marais said on Tuesday.
He added that the company invested heavily in research and development and distribution channels, which has translated into robust growth.
“We are part of an underpenetrated and high-growth industry and see ourselves as still in a growth phase across all continents. The expectation is that this growth trend will continue.”
The robust subscriber growth was driven by strong performances in Asia, Europe and South Africa.
The South African market is differentiated by the stolen vehicle recovery service that is provided, a sector in which Cartrack has performed consistently well.
Cartrack has maintained a recovery rate of around 94%.
“This is partly as a result of having an in-house recovery team, which allows greater control of deployment and service levels. In addition, Cartrack offers a pay-out of up to R150 000, in the unlikely event that they cannot recover a vehicle,” he said.
Marais added that the introduction of electronic driver logging legislation for long-haul vehicles in the US, where the company has an office, was creating substantial growth opportunities for fleet management technology.
“Ultimately, expanding our operations internationally, as well as ensuring the continued provision of innovative and reliable services and technology remains our commitment,” he said.