Vehicle Tracking System Market to reach USD 59,454 Million - Risk-adjusted numbers with COVID-19 analysis change scenario

The Global Vehicle Tracking System Market Size accounted for USD 19,453 Million in 2021 and is expected to reach the value of USD 59,454 Million by 2030 growing at a CAGR of 13.7% during the forecast period from 2022 to 2030.

A vehicle tracking system is an automotive surveillance device that prevents the vehicle in all possible ways from hostile and external dangers. This solution combines security measures, detection, and response using ultrasonic, GLONASS, GPS, and radio frequency identification technologies. It comprises diagnostics, surveillance and safety, route optimization, vehicle maintenance, and fuel management solutions. These systems aid in the monitoring of various non-compliant employee behaviors, the reduction of time, the supply of real-time data to fleet managers for the settlement of vehicle issues, and the provision of timely notifications in the event of an emergency. Because of these properties, vehicle tracking systems are frequently utilized in passenger cars and commercial vehicles. It is presently commercially available in both passive and active tracking modes.

Vehicle security is a major issue for car owners, resulting in a constant pursuit for new and improved automotive security solutions. The vehicle tracking system enables real-time monitoring and tight supervision of vehicles, as well as the examination of specific background information. Keeping a regular database of the vehicle's performance reduces security problems. The GPS system is used to find the car and communicate its coordinates to the monitoring center via satellite. Individuals utilize vehicle tracking devices to identify and prevent theft. For instance, in the case of a car heist, the position information of a tracking unit can be used to find the car, and all these coordinates can be provided to the security forces for further investigations. Authorities may continue to follow the transmission of the monitoring system in order to find a stolen vehicle.

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Global Vehicle Tracking System Market Growth Aspects

With the exponential improvement of the vehicle industry, there has been a surge in the demand for improved dependability monitoring systems for dependable data collection. This is related to growing consumer safety and security concerns, which is one of the primary factors driving the vehicle tracking system market expansion. Furthermore, the rapid expansion of ride-hailing companies, as well as the growing significance of mobility-as-a-services (MaaS) and app-based passenger transportation, has increased the use of vehicle monitoring systems in commercial and passenger vehicles, positively influencing economic growth. In addition, many ongoing technological breakthroughs, including the adoption of advanced navigation systems, the Internet of things (IoT), and infotainment to achieve enhanced operational efficiency, are acting as major growth-inducing factors. They enable fleet managers to design and identify effective routes, remotely address vehicle maintenance issues and wirelessly monitor fleet health. Other factors, such as strategic alliances between important players and intense R&D operations to develop cellular transportation management systems for autonomous and semi-autonomous vehicles, are adding to the market's positive outlook.

Vehicle Tracking System Market Regional Overview

North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa are the regional classification of the global vehicle tracking system market. North America is projected to monopolize the market share in the approaching years. Concerns about vehicle security, emissions, and dependability have had a significant impact on the transportation industry. As a result, governments in advanced economies have implemented severe regulations and safety programs. Furthermore, the accessibility of automobiles for leasing and renting, as well as the rise of the transportation business, is driving an increase in demand for vehicle tracking systems in North America. Besides that, the Asia-Pacific region is projected to be the most competitive market during the projection period. This is due to the growing need for public transportation choices among the general public as a result of the vast population. As a result, the demand for car monitoring systems to monitor vehicle position, engine management, and remote diagnostics in order to ensure passenger safety is expected to increase.

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Vehicle Tracking System Market Segmentation

The global vehicle tracking system market has been segmented by Acumen Research and Consulting based on vehicle type, type, technology type, and end-use. Based on the vehicle type, the market is divided into passenger vehicle, and commercial vehicle. Based on type, the market split into active, and passive. Based on technology type, the market is categorized into GPS/satellite, GPRS/cellular network, and dual mode. Based on end-use, the market is segmented into transportation & logistic, aviation, construction & manufacturing, government & defense, retail, other.

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Vehicle Tracking System Market Players

Some key players covered global in the vehicle tracking system industry are ATrack Technology Inc., Sierra Wireless, Inc., Verizon Communications, Inc. (Fleetmatics Group PLC), Geotab Inc., Maestro Wireless Solutions Limited, Cartrack (Pty) Ltd, Queclink Wireless Solutions Co., Ltd., TomTom International B.V., Suntech International Ltd., Concox Information Technology Co., Ltd., Starcom Systems Ltd., and Xirgo Technologies, LLC.

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