The Vehicle Tracking Systems by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Vehicle Tracking Systems , The vehicle tracking systems market size has grown rapidly in recent years. It will grow from $19.76 billion in 2023 to $23.17 billion in 2024 at a compound annual growth rate (CAGR) of 17.3%. The growth in the historic period can be attributed to increasing demand for fleet management, growing need for fuel efficiency, increasing adoption of gps technology, rising concerns over vehicle theft, growing demand for real-time monitoring, .
The vehicle tracking systems market size is expected to see rapid growth in the next few years. It will grow to $43.23 billion in 2028 at a compound annual growth rate (CAGR) of 16.9%. The growth in the forecast period can be attributed to increasing adoption of electric vehicles, growing demand for advanced telematics solutions, increasing demand for safety and security in transportation services, growing adoption of iot and cloud-based solutions, increasing demand for real-time surveillance. Major trends in the forecast period include development of mobile-based vehicle tracking applications, use of geofencing for enhanced location-based control, integration of augmented reality (ar) in vehicle tracking systems, focus on eco-friendly and sustainable tracking solutions, implementation of blockchain for secure and transparent tracking systems.
The growing demand for car rental and leasing services is expected to drive the growth of the vehicle tracking systems market going forward. Consumers are preferring automobile rentals over public transportation as the desire for individual mobility and social distancing norms has increased due to the global pandemic. Car owners are increasingly spending on the vehicle tracking system for the updated status of the vehicle. For instance, in February 2023, according to Enterprise Apps Today, a US-based platform that provides a source of information on software applications, there were 29.2 million rented cars globally in 2021, and it is anticipated that this will reach 602.2 million by 2026. Thus, the increase in car rental and leasing services will propel the vehicle tracking system market growth.
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The vehicle tracking systems market covered in this report is segmented –
1) By Type: Active, Passive
2) By Vehicle: Commercial Vehicles, Passenger Vehicles
3) By Application: Mobile Tracking, Cellular Tracking, Satellite Tracking
4) By Industry Vertical: Transportation And Logistics, Construction And Manufacturing, Aviation, Retail, Government, Other Industry Verticals
The introduction of 5G technology in vehicle tracking systems is shaping the vehicle tracking systems market. 5G technology offers great opportunities for in-vehicle connectivity and monitoring processes by providing faster data transfer and enhancing vehicle communication. Companies in the market are investing in developing GPS tracking solutions coupled with 5G technology. For example, in April 2021, Forward-Thinking Systems, a US-based software company, in collaboration with Cradlepoint, a US-based telecommunications equipment company, launched its first-ever 5G vehicle telematics solution, the R1900 router, for fleets of all sizes and industries. The R1900 supports multiple 5G connections and is designed to survive harsh environments, ensuring that fleet cars and devices remain connected wherever they go.
The vehicle tracking systems market report table of contents includes:
1. Executive Summary
2. Vehicle Tracking Systems Market Characteristics
3. Vehicle Tracking Systems Market Trends And Strategies
4. Vehicle Tracking Systems Market – Macro Economic Scenario
5. Global Vehicle Tracking Systems Market Size and Growth
….
31. Global Vehicle Tracking Systems Market Competitive Benchmarking
32. Global Vehicle Tracking Systems Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Vehicle Tracking Systems Market
34. Vehicle Tracking Systems Market Future Outlook and Potential Analysis
35. Appendix
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