Vehicle Tracking System Market 2023| ATrack Technology Inc, CalAmp Corporation, Cartrack, Concox Information Technology Co Ltd, Garmin Ltd, Geotab Inc, Laipac Technology Inc, Laird PLC

Vehicle Tracking System Market 2020: The Vehicle Tracking System market was worth USD 0.94 billion in 2014 and is expected to reach approximately USD 2.78 billion by 2023 at a CAGR of 12.81%.

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To track the location of a modern vehicle, frequently a Global Positioning System (GPS) used for the purpose. These systems make use of radio, satellites or cellular modems linked with tracking devices. Thus devices with GPS enables can be used to track precise location of mobile objects. The location is determined in terms of geometric co-ordinates. The market is driven by initiatives taken by governments to implement these devices in cars, rising demand for cars, demand for devices in transport sector and continuous evolution of devices through innovations. During the forecast period the market is foreseen to grow with a lucrative rate. The inability of these systems to work without internet connection is a restraint to the market.

Type Outlook & Trend Analysis

Based on type, the market is segmented as OBD Devices, Standalone Tracker and Advance Tracker. OBD or On-Board Devices are attached under the dashboard of a vehicle. These devices are predicted to grow reasonably during the forecast. An Advanced Tracking device has ability to track vehicles even when the GPS antennas aren't reachable, this is done by using cellular technology. Advanced Tracking Devices are expected to grow with an attractive rate during the forecast.

Vehicle Outlook & Trend Analysis

The Vehicle based segmentation of Vehicle Tracking System is divided into Passenger Carrying Vehicles (PCV), Light Commercial Vehicles (LCV), Heavy Commercial Vehicles (HCV) and Two-Wheelers. The HCV Vehicle tracking system market will report XX CAGR from 2013-2023. Owing to increasing construction activities giving rise to demand for transportation of goods, the HCV market will grow over the forecast period. Increasing importance given by consumers for engine diagnostics and understanding performance of fleet is propelling the growth. Increase in number of vehicles that are used for transporting light weight goods is boosting the market for LCV.

Industry Outlook & Trend Analysis

The Industry based fragmentation of vehicle tracking market is as follows, Private Cars, Logistics, Construction, Fleet Management and Two-Wheeler Tracking. The Logistics market is estimated to value USD XX $ by 2023. The advanced units enabling two way tracking, lower prices and ease of availability are factors expected to propel growth of logistics market. The fleet management market will also grow substantially over the forecast period due to rising interest in effective management of vehicles. The private car segment will grow steadily over the course of time.

Regional Outlook & Trend Analysis

Regionally the market is divided into as North America, Asia-Pacific, Europe and Rest of World. The North America Market will continue to rule during the forecast owing to presence of major market players and various leading automobile companies in the region. Various regulations imposed by the Government will help boost the market growth in North America. The Asia-Pacific Region will grow substantially due to rise in automotive production and various regulations being imposed by developing economies in the region. The Indian government passed a regulation stating compulsory installation of GPS tracking systems and SOS Buttons in vehicles with above six seat capacity.

Competitive Insights

The leading players in market are AT&T Intellectual Property, Robert Bosch GmbH, CarTrack, Laird PLC, Calamp Corp, Teltonika UAB, Comm-Port Technologies, Delphi Automotive LLP, Concox Wireless Solution Co. Ltd., Continental AG, TomTom International BV, ATrack Technology Inc, Orbocomm Inc, Ltd, Sierra Wireless Inc., Geotab Inc. Meitrack Group,Verizon, Zonar Systems, and Trackimo LLC. The major players in the market are profiled in detail in view of qualities, for example, company portfolio, business strategies, financial overview, recent developments, and share of the overall industry.

The Vehicle Tracking System Market is segmented as follows-

By Type:

OBD Devices
Standalone Tracker
Advance Tracker

By Vehicle:

Passenger Carrying Vehicles (PCV)
Light Commercial Vehicles (LCV)
Heavy Commercial Vehicles (HCV
Two-Wheelers

By Industry:

Private Cars
Logistics
Construction
Fleet Management
Two-Wheeler Tracking

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By Region

North America

U.S.
Canada
Mexico

Europe

Germany
UK
France
Russia
Italy
Rest of Europe

Asia-Pacific

China
Japan
South Korea
India
Southeast Asia
Rest of Asia-Pacific

South America

Brazil
Argentina
Columbia
South Africa
Rest of South America

Middle East and Africa

Saudi Arabia
UAE
Egypt
Nigeria
South Africa
Rest of MEA

Some of the key questions answered by the report are:

What was the market size in 2014 and forecast from 2015 to 2023?
What will be the industry market growth from 2015 to 2023?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?

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