The global vehicle tracking system market is predicted to develop at a compound annual growth rate (CAGR) of 13.9% from 2022 to 2030, reaching USD 19.38 billion in 2021. The expanding usage of modern technologies, as well as growing concern for vehicle security and safety, are driving market expansion. The expansion in fleet operations in developing countries, combined with government rules requiring the installation of vehicle monitoring systems in passenger and commercial vehicles, is driving growth. Furthermore, the increasing acceptance of car leasing and rental services has prompted rental companies to integrate monitoring devices to improve their services, fueling market growth.
Due to a rise in the frequency of traffic accidents, fleet management businesses and government agencies have made the installation of monitoring devices in all cars to track their location and speed necessary. Furthermore, the increasing use of intelligent transportation systems and the introduction of 5G into vehicle connectivity are expected to drive market expansion. The growing demand for semi-autonomous and autonomous vehicles fuels the demand for advanced and standard vehicle tracking systems.
The advent of the COVID-19 pandemic in early 2020 posed enormous problems to companies all across the world. To stem the virus’s relentless spread, governments around the world must impose lockdown and social isolation measures. Manufacturing, assembly, and production across Europe, America, and Asia had been halted as a result of the lockdowns. The shutdown also had a negative influence on passenger and commercial car demand. The manufacture of vehicle tracking system software and hardware was also impacted by the product’s low demand.
As business and trade began to spread outside regional limits, the volume of cargo imported and exported rose. The increased volume of global trade has also increased the demand for a commercial vehicle fleet specialised to logistics. The key market participants are devoting resources to developing products that give enterprises with seamless fleet management. Geotab, for example, has created fleet maintenance software that employs predictive analytics to identify possible and critical mechanical concerns and prioritise repairs. The programme analyses and compares data from engines and other components using sensors to predict potential problems.
Get a Free Sample Copy of a Research Report: https://analyticsmarketresearch.com/sample-request/vehicle-tracking-system-market/23838/
Market Segmentation:
- Technology:
- Global Positioning System (GPS)
- Cellular technology (GPRS, 3G, 4G, 5G)
- Radio Frequency Identification (RFID)
- Satellite
- Bluetooth
- Others
- Application:
- Fleet management
- Asset tracking
- Personal tracking
- Car rental
- Others
- End-use Industry:
- Transportation and logistics
- Construction
- Healthcare
- Government and defense
- Education
- Others
- Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
Purchase This Report -: https://analyticsmarketresearch.com/purchase/vehicle-tracking-system-market/23838/?license=single
Key Player:
Some of the major companies studied under the market scope are as follows: Verizon, Geotab Inc, Cartrack, Tom Tom International B.V., CalAmp, Teltonika, Orbcomm Inc, Xirgo Technologies Inc, SPIREON INC and Others. The existence of several companies on a global and regional scale creates intense rivalry for major players working in the ecosystem. These players also use a variety of strategies, including merger and acquisition, the introduction of new products, geographic expansion, R&D for increasing their product line, and others.
Regional Analysis:
In terms of region, North America registered the highest market share in 2022 and is expected to maintain the growth pace over the forecast period. The use of fleet management technologies is a result of the rise of intelligent systems. Also, there are growing concern about carbon emissions as well as awareness of cargo technology and vehicle fleet. Government mandated safety standards that are mandatory are also fuelling market expansion in the region.
Furthermore, Asia Pacific is projected to grow at a higher CAGR over the forecast period. The market is expanding as a result of a number of factors, including technological advancements in networking, an increase in the sales of commercial and passenger vehicles, strict governmental regulations, the rising popularity of e-commerce in the region, and surging trade activities. Also, the market is expanding as a result of the region’s growing embrace of technologies like cloud, IoT, linked autos, and autonomous vehicles.
Global Vehicle Tracking System Market: Market Size Estimation
Both the top-down and bottom-up approaches were used to estimate and validate the size of the market and to estimate the size of various other dependent sub-markets of various marketspaces. The key players in the markets are identified through secondary research, and their market contributions in different applications across regions and globally were determined through primary and secondary research. This entire process included the study of the annual and financial reports of the top market players and extensive interviews for key insights with industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources. All the possible parameters that affect the market covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analysed to arrive at the final quantitative and qualitative data. This data has been consolidated, and detailed inputs and analysis from Analytics Market Research added before being presented in this report.
Reasons to Purchase this Report:
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• 6-month post-sales analyst support
Get The Details: https://analyticsmarketresearch.com/reports/vehicle-tracking-system-market/23838/
