Vehicle Tracking System Market Growth Boost by Growing Concerns Over Vehicle Safety and Security
New York, US, Nov. 28, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Vehicle tracking System Market Research Report: Information by Type, Region, Technology, Vehicle Type, Propulsion, and Application - Forecast till 2030”, the global vehicle tracking systems market is anticipated to bolster noticeably during the assessment era from 2022 to 2030 at a healthy growth rate of approximately 14.23%. The reports further predict the market to attain a valuation of around USD 48.41 billion by the end of 2030.
Vehicle tracking System Market Overview:
A vehicle tracking systems system refers to a defense system for the vehicle against malicious, external threats to safeguard the vehicle in all possible ways. The system comprises response, prevention, and risk detection using several technologies such as radio frequency identification, ultrasonic, GLONASS, and GPS. The prime benefit of this kind of tracking system is that it enhances vehicle safety and security, performance monitoring, and communication medium. The global vehicle tracking system market has registered extraordinary growth in the last few years. The prime aspect causing a rise in the market's development is the rising worries related to vehicle safety and security.
Vehicle Tracking System Market Competitive Analysis
The catalog for the leading participants across the global vehicle tracking systems market includes players such as:
AT&T Inc. (US)
Spireon, Inc. (US)
Cartrack Holdings Limited (South Africa)
Geotab Inc. (Canada)
Continental AG (Germany)
Inseego Corp. (US)
Robert Bosch GmbH (Germany)
US Fleet Tracking (US)
Verizon Communications Inc. (US)
TRACK GROUP (US)
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Furthermore, the factors such as rising production & sales of passenger and commercial vehicles, rise in demand for electric vehicles, and escalation in fleet operations, especially in developing countries across the globe, are also predicted to influence the market growth over the review era. Moreover, the developing economies of emerging countries, cloud computing-based stolen vehicle tracking systems, the rise of 5G for vehicle connectivity, and growing demand for autonomous and semi-autonomous vehicles across the globe are also anticipated to boost the growth of the market over the coming years. On the other hand, the issues such as the failure of GPS and cellular-based trackers, failed cellular or wireless network coverage, and high costs associated with the development of the system are anticipated to limit the market's growth.
Vehicle Tracking System Market USP Covered
The global vehicle tracking system market has registered impressive growth in the last few years. The prime aspect causing a rise in the market's development is the rising worries related to vehicle safety and security. Furthermore, the factors such as rising production & sales of passenger and commercial vehicles, rise in demand for electric vehicles, and escalation in fleet operations, especially in developing countries across the globe, are also predicted to influence the market growth over the review era.
Vehicle Tracking System Market Report Scope:
Vehicle Tracking System Market Size by 2030
USD 48.41 billion
CAGR during 2022-2030
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Key Market Opportunities
Growing concerns over vehicle safety and security
Key Market Drivers
Increase in demand for electric vehicles
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Vehicle Tracking System Market Restraints
On the other hand, the issues such as the failure of GPS and cellular-based trackers, failed cellular or wireless network coverage, and high costs associated with the development of the system are anticipated to limit the market's growth.
The global vehicle tracking system market has witnessed several major challenges in recent years, given the rise of the global health hazard in the form of COVID-19. The sudden drop in demand for automobiles across the globe owing to the travel restrictions and social distancing norms imposed across the majority of the regions worldwide led to causing major revenue loss for the market. On the other hand, with global activities returning to normal, the global vehicle tracking system market is anticipated to grow rapidly over the coming years.
Vehicle Tracking System Market Segment Analysis
Among all the vehicle types, the passenger vehicle segment will likely ensure the top spot across the global vehicle tracking system market over the review era. The utilization of a tracking system by app-based transportation car renting and leasing businesses such as Lyft, Inc., Careem, Uber, and Ola for efficient operational control is the main aspect supporting the segment's growth. The tracking system allows the firms to collect data such as the number of rides per day, average speed & distance traveled, and idle time to enhance profitability and operational efficiency. On the contrary, the light commercial vehicles segment is anticipated to display the highest growth rate over the review era. The segment's growth is ascribed to the factors such as increased logistic shipments and commercial vehicles for delivery services.
Among all the end-users, the transportation & logistics segment is anticipated to hold the maximum contribution across the global vehicle tracking system market over the evaluation period. The segment's growth is credited to the aspects such as the growing fleet size and fleet operators and advantages offered by the system. On the other hand, the retail segment is anticipated to show the maximum growth rate over the coming years, given the ever-rising influence & dependence on e-commerce.
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Among all the technology types, the GPS/ satellite segment is anticipated to hold the maximum growth contribution over the coming years. the growth of the segment is attributed to the factors such as the adoption of cloud technology & IoT in industries and a surge in commercial vehicle sales.
Among all the types, the active segment is anticipated to hold the top position across the global vehicle tracking system market over the coming years.
Vehicle Tracking System Market Regional Analysis
The global vehicle tracking systems market is analyzed across five major regions: Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.
The MRFR analysis reports suggest that the Asia-Pacific region is anticipated to secure the top position across the global vehicle tracking systems market over the review timeframe. The growth of the regional market is credited to the aspects such as the growing adoption of premium & luxury vehicles, the increase in demand for automobiles, the existence of major manufacturers and operating units, and the availability of sophisticated technologies.
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The North American regional market for vehicle tracking systems is anticipated to show substantial growth over the coming years, given the factors such as the rising number of vehicle thefts and increased demand for new commercial vehicles.
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