Global Vehicle Tracking System Market – Industry Trends and Forecast to 2029
The safety and security of vehicles are being given more emphasis, so vehicle tracking systems are being deployed within them. This equipment is installed to monitor performance and is also being used as a communication medium. On the other hand, these systems have been designed to function in a loop of GSM/GPRS, digital maps, special software, and GPS.
In 2021, the worldwide vehicle tracking system was valued at 8.74 billion. The IoT devices have greater chances of tripling themselves by the end of 2029. So, during the forecast period of 2022 – 2026, there are probabilities of registering a CAGR of 18.5%. Passenger vehicles occupy the largest segment of fleet operators across the emerging global economies.
Know About Global Vehicle Tracking System Market
The vehicle tracking system is designed to work as a defense system for all vehicles. Installing the best GPS tracker for vehicles will secure them in every possible way. In other words, it works as a defense system against probable external and malicious threats, thereby securing it.
This system delivers detection, prevention, and various responses to threats through multiple technologies. They include ultrasonic, GLONASS, GPS and radio frequency identification, etc.
Significant Players Operating the Global Vehicle Tracking System Market
The best GPS tracker for vehicles has undergone enormous evolution and shows promising signs of inflation in the future years. The driving factor of the industrial growth was initiated for achieving productivity, improved operational efficiency, and profitability.
The systems are installed with telematics asset tracking, fleet maintenance, fleet route planning, etc. Passenger vehicles occupied a dominant share of 41.0% in 2020; however, this segment is more likely to face extensive growth in the market by 2029.
Let us now take a look at the big boys operating the vehicle tracking system industry across the globe:
- Cartrack in South Africa
- Meitrack Group. in China
- Concox in China
- Spireon, Inc. in the US
- Global Tracking Group, LLC. In the US
- US Fleet Tracking in the US
- Trackimo in the US
- Mobilize in the US
- Inseego Corp. in the US
- AT&T Intellectual Property in the US
- Teletrac Navman US Ltd in the US
- Verizon. in the US
- RAM Tracking in Canada
- Geotab Inc, in Canada
- Nero Global in Canada
- Robert Bosch AG in Germany
- Continental AG in Germany
- TomTom International BV. in the Netherlands
- RUPTELA in Lithuania
- Neuvastech in India
- Pricol Limited in Coimbatore
Impact of COVID-19 on the Vehicle Tracking System Market
The deadly epidemic negatively impacted the vehicle tracking system market like every other global industry. Since lockdowns were implemented, authoritative bodies brought commuting restrictions forth. As a result of the uncertain pandemic, the market encountered various difficulties and challenges.
Post-pandemic, the demand for the best GPS tracker for vehicles and managing software has considerably inflated. These are being used extensively for managing and catering to the continuous supply of market essentials.
Segmentation of Global Vehicle Tracking System Market
There are many segments in the global market of vehicle tracking systems. The segmentation is executed based on vehicle propulsion, offering, technology, application, vehicle type, industry vertical, etc. There has been significant growth amongst all industrial segments, which delivers a market overview and insight to the users.
This allows people to identify the core market applications and make strategic decisions. Let’s take a look at the segmentation.
Vehicle Propulsion
- Electric Vehicles
- Ice Vehicles
Offering
- Services
- Products
Technology
- GLONASS or Global Navigation Satellite System
- Connectivity Technology
- GPS or Global Positioning System
- Other Technologies
Application
- Mobile Tracking
- Private Cars
- Satellite Tracking
- Fleet Management
- Two-Wheeler Tracking
- Cellular Tracking
- Passive Systems
- Active Systems
Vehicle Type
- Commercial Vehicles
- Passenger Vehicles
Industry Vertical
- Government
- Retail
- Construction
- Transportation and Logistics
- Utility
- Metals and Mining
- Aviation
- Energy
- Other Industry Verticals
Dynamics of Global Vehicle Tracking System: Market Trends, Restraints, Drivers, and Opportunities
Here is a comprehensive listing of all the market trends, restraints, drivers, and opportunities related to the global vehicle tracking system:
- For providing remunerative opportunities for market expansion, 5G vehicle connectivity is expected to emerge.
- The key restraint of the market is the enormous expense of vehicle tracking software.
- The massive market opportunity for vehicle tracking systems is the emergence of artificial intelligence and intensified cloud-based solutions.
- Some of the key trends fueling the market’s growth are: growth in IT, amplified AML regulatory requirements, an increase in money laundering cases, etc.
- The critical factor for the growth of the globalized market is concerns for security and safety within transportation.
- The vehicle tracking systems market is expected to boost revenue growth by increasing fleet operations in emerging markets.
- The primary driving factor of the global market for vehicle tracking systems is the extensive adoption of intelligent transport systems.
- The key factor in the industry’s growth is internet penetration.
- The challenging factor for the major players in the vehicle tracking system market is the enormous choice that’s creating market shifts.
- Approach to the Global Vehicle Tracking System Market Research
The research provides a comprehensive assessment of the best GPS tracker for vehicles and vehicle tracking systems. The report is instilled with potential facts, thoughtful insights, and historical and industry-validated market data. Besides, it also includes projections based on perfectly suitable methodologies and assumptions.
The entire research report is applicable for analysis and presented to deliver fruitful information and data regarding vehicle tracking systems. The data are entirely based on significant market segments such as offering, technology, application, system type, vehicle propulsion, industry vertical, and vehicle type.