The global vehicle tracking system market is anticipated to grow at a significant CAGR of 11.4% during the forecast period (2022-2028). A car tracking system uses the global positioning system (GPS) or a cellular network to track and monitor a vehicle’s behavior. Remote monitoring, vehicle maintenance, vehicle diagnostics, fuel management, route optimization, driver management, and safety management are some of the facilities provided by the vehicle tracking systems. GPS, GSM/GPRS, digital maps, and specific software are all used in vehicle tracking systems.
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Integration of real-time monitoring and fuel management in cars, as well as rising safety and security concerns within transportation services, are significant factors driving the global vehicle tracking systems market. Furthermore, increased fleet operations, particularly in emerging regions, are likely to support market revenue growth over the projection period. The adoption of intelligent transportation systems, the introduction of 5G into vehicle connection, and the expanding use of mobility-as-a-service (MaaS) are all expected to boost the market growth.
A vast number of fleet operators operate in North America. The region has a big number of rental and leasing vehicles, as well as a large transportation industry that necessitates the use of a vehicle tracking system. As a result, in terms of revenue, North America accounted for a significant portion of the global vehicle tracking system market. However, the rise of ride-hailing services and transportation operations in the Asia Pacific region will drive the fastest market growth in this region.
The market players are also contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, in order to stay competitive in the market. For instance, in March 2021, Uplink, a sophisticated and small GPS vehicle tracking system, has been launched by Car Dekho. Uplink is powered by a small plug-and-play device that can be attached to any vehicle and provides customers with real-time tracking, rash driving alarms, trip history, driving analysis, geofence alerts, use analytics, and more. With Uplink, car owners may ensure the vehicle’s safety, security, and monitoring at all times.
Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Type
- By Vehicle Type
- By Technology
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape-AT&T Inc., Cartrack Holdings Ltd., Continental AG, Robert Bosch GmbH, and Verizon Communication Inc., among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Vehicle Tracking System Market Report by Segment
By Type
- Active
- Passive
By Vehicle Type
- Passenger Vehicles
- Commercial Vehicles
By Technology
- GPS/Satellite
- GPRS/Cellular Networks
- Dual Mode
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