IMARC Group’s latest report, titled “Vehicle Tracking System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on the global vehicle tracking system market outlook. The report also includes competitor and regional analysis, and contemporary advancements in the market.
The global vehicle tracking system market size reached US$ 23.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 50.5 Billion by 2028, exhibiting a growth rate (CAGR) of 13.2% during 2023-2028.
Vehicle Tracking System Market Overview:
Vehicle tracking system represents advanced software that depends on global positioning systems (GPS) and cellular networks for receiving location information and surveying automobile performance. It comprises vehicle maintenance, diagnostics, route optimization, surveillance and safety, and fuel management solutions. These systems aid in handling numerous non-compliant employee behavior, reduce downtime, provide real-time data to fleet operators to resolve vehicle problems, and give instant alerts during emergencies. As a result, they are widely used in passenger and commercial automobiles.
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Who are the key Players Operating in the Industry? :
- AT&T Inc
- Cartrack
- Continental AG
- Geotab Inc
- Inseego Corp
- Orbcomm
- Robert Bosch GmbH
- Spireon Inc
- Teletrac Navman (Vontier Corporation)
- TomTom N.V
- Verizon Communications Inc
Vehicle Tracking System Market Trends
The expanding automotive sector is among the key factors driving the vehicle tracking system market. Moreover, the escalating demand for effective real-time monitoring solutions for accurate data collection, on account of the rising safety and security concerns amongst consumers, is also stimulating the market growth. Besides this, the growing number of ride-hailing companies and the increasing presence of mobility-as-a-services (MaaS) and app-based transportation services has intensified the adoption of vehicle tracking systems in passenger cars and commercial automobiles, which is acting as another significant growth-inducing factor.
Furthermore, several ongoing technological innovations, such as the integration of GPS, the Internet of Things (IoT), and telematics to achieve higher operational efficiency, are further propelling the global market. Apart from this, the widespread adoption of these systems, as they assist fleet managers in planning and identifying effective routes, addressing vehicle maintenance issues remotely, and monitoring automobile health through wireless communication, is positively influencing the market growth. Additionally, strategic collaborations amongst key players and extensive research and development (R&D) activities to introduce cellular automobile search strategies for autonomous and semi-autonomous vehicles are anticipated to fuel the vehicle tracking system market over the forecasted period.
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Key Market Segmentation:
Breakup by Component:
- Hardware
- OBD Device/Tracker
- Standalone Tracker
- Software
- Vehicle Diagnostics
- Performance Measurement
- Fleet Analytics and Reporting
- Others
Breakup by Type:
- Active
- Passive
Breakup by Vehicle Type:
- Commercial Vehicles
- Passenger Vehicles
Breakup by Application:
- Mobile Tracking
- Cellular Tracking
- Satellite Tracking
Breakup by Industry Vertical:
- Transportation and Logistics
- Construction and Manufacturing
- Aviation
- Retail
- Government
- Others
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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