Vehicle Tracking System Market Analysis


The Global Vehicle Tracking System Market is estimated to be worth USD 48.41 Billion by 2030, registering a 14.23% CAGR during the forecast period (2022- 2030). A vehicle tracking systems system means a defense system for the vehicle against malicious, external threats to guard the vehicle in all possible ways. The system comprehends response, prevention, and risk detection using numerous technologies such as radio frequency identification, ultrasonic, GLONASS, and GPS. The main benefit of this kind of tracking system is that it advances vehicle safety and security, performance monitoring, and communication medium.

 

The upsurge in fleet operations in emerging countries, combined with government regulations to install vehicle tracking devices in passenger and commercial vehicles, is propelling the growth. Furthermore, the culturing adoption of car leasing and rental services has enforced rental companies to integrate tracking devices to improve their services driving the growth of the market. The upsurge in the number of road accidents has led fleet management companies and government authorities to pledge to install tracking devices in all vehicles to track their location and speed mandatory. Additionally, the growing uptake of the intelligent transport system and the arrival of 5G into vehicle connectivity are awaited to propel market growth. The boosting demand for semi-autonomous and autonomous vehicles also contributes to the demand for advanced and standard vehicle tracking systems.

 

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Regional Analysis
The Global Vehicle Tracking System Market is divided into five regions; North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.

North America accounted for the highest market share of 32.4% in 2021 and is projected to maintain the growth pace over the forecast period. The upsurge in demand for new commercial vehicles and the increasing number of vehicle thefts in the region will also enable growth in the region.

Asia Pacific is estimated to grow at a CAGR of 17.4% over the forecast period. Factors such as technological incitement in networking, a boost in the sales of commercial and passenger vehicle sales, strict government mandates and the growing popularity of the e-commerce sector in the region, and surging trade activities are driving the market growth.

The rest of the world involves the regions, such as South America and the Middle East & Africa. The Middle East & Africa is witnessing eloquent growth in the market owing to the surged expenditure and expansion of international players. South America is among the arising regions, owing to the fast incorporation of technological changes in vehicle security.

 

Market Segmentation

The Global Vehicle Tracking System Market is segmented into the following types;

 

By Type

  • Passenger Vehicles
  • Light Commercial Vehicles
  • Heavy Commercial Vehicles

 

By End Use

  • Transportation & Logistic
  • Construction & Manufacturing
  • Aviation
  • Retail
  • Government & Defense
  • Other

 

By Technology

  • GPS/Satellite
  • GPRS/Cellular Network
  • Dual Mode

 

By Component

  • Hardware
    • OBD Device/ Tracker and Advance Tracker
    • Standalone Tracker
  • Software
    • Performance Management
    • Vehicle Diagnostics
    • Fleet Analytics & Reporting
    • Driver Behavior Monitoring
    • Others

 

 

 

Key Players
The Global Vehicle Tracking System Market’s prominent key players are AT&T Inc. (US), Cartrack Holdings Limited (South Africa), Continental AG (Germany), Robert Bosch GmbH (Germany), Verizon Communications Inc. (US), Spireon, Inc. (US), Geotab Inc. (Canada), Inseego Corp. (US), US Fleet Tracking (US), and TRACK Group (US).

 

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