IMARC Group’s latest report, titled “Vehicle Tracking System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on the vehicle tracking system market report . 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.
A vehicle tracking system is generally used to track and monitor the activity of a vehicle using a cellular network or global positioning system (GPS). A tracking module is equipped in the automobile that indicates the vehicle's real-time location via GPS coordinates. It aids in vehicle maintenance, tracking and monitoring remotely, diagnostics, route optimization, and fuel and safety management. It works in a loop of global systems for mobile communication (GSM), special software, GPS, and digital maps that assist in supervising various non-compliant behavior, reducing downtime, delivering real-time data to fleet operators to resolve vehicle problems, and providing instant alerts during an emergency.
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Vehicle Tracking System Market Growth:
One of the key factors driving the global market is the rising safety and security concerns of the masses. Moreover, the widespread incorporation of intelligent transport systems, mobility-as-a-service (MaaS), and 5G in-vehicle connectivity are fuelling the demand for vehicle tracking systems. The market is further driven by the rapid expansion of goods and passenger transportation services to track using vehicle data, location, performance, and driver behavior. Additionally, the rising incidences of accidents, along with the growing popularity of connected devices in automobiles, is providing a thrust to the demand. Other factors, such as the introduction of rental and car leasing services, and the rising governmental implications towards passengers and drivers safety, are positively influencing the market.
Competitive Landscape with Keyplayers:
- 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
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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
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