Safety Concerns of Vehicle Owners Linked to Global Vehicle Tracking System Market's Notable Growth

As per Inkwood Research, the Global Vehicle Tracking System Market is anticipated to grow with a CAGR of 15.66% in terms of revenue over the forecast period of 2022-2030.
"Browse 79 market Data Tables and 58 Figures spread over 180 Pages, along with an in-depth TOC on the Global Vehicle Tracking System Market Forecast 2022-2030."

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Vehicle tracking systems operate via technologies like dual mode, general packet radio service (GPRS), and global positioning systems (GPS). Moreover, these solutions also help identify the precise location of the asset and verify that an enterprise's transportation system fulfills commercial demands in a cost-effective and efficient manner. In addition, vehicle tracking systems play an essential role in boosting fleet productivity by curtailing maintenance expenditures and maximizing profits.

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Safety Concerns of Vehicle Owners Proliferates Global Market Growth
Vehicle owners are concerned about their automobiles and, therefore, look for better and improved solutions. In such a scenario, vehicle tracking systems enable them to acquire the real-time monitoring of vehicles. As a result, owners can utilize the system for identifying as well as preventing thefts and similar losses. For instance, in the case of the loss of a vehicle, GPS vehicle tracking devices will assist users in recovering the vehicle swiftly without incurring major damage. Therefore, safety concerns of vehicle holders increase the demand and applications of vehicle tracking systems, thus propelling the global market's growth.

Passenger Vehicles to be the Leading & Dominating Vehicle Type by 2030
The passenger vehicles segment entails vehicles designed to carry up to 9 passengers, including the driver. Majorly, privately owned vehicles, as well as cars used in cab services, are classified under this category. Globally, these vehicles observe substantial demand owing to multiple factors, such as transportation and the rising need for self-drive or rental cars, among others. Hence, for security reasons, in addition to the risk of theft, vehicle owners widely use vehicle tracking systems. Furthermore, cab fleet operators are also utilizing this technology in order to manage business activities more efficiently.

Asia-Pacific is the Largest & Fastest-Growing Region
Asia-Pacific is anticipated to lead and dominate the global market during the forecast period. The market growth of the region is facilitated by the rapidly-growing automotive industry as well as the proliferating logistics, transportation, and fleet activated in the Asia-Pacific. However, the market growth may be hindered by the high cost of software as well as subscription fees to avail of tracking services.
On the other hand, the competitive rivalry across the global vehicle tracking system market is intense. Furthermore, the market entails a mixture of large players and medium- and small-scale firms. Some of the leading enterprises operating in the market are TomTom NV, ORBCOMM Inc, Sierra Wireless Inc, etc.

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Related Reports:
GLOBAL SMART FLEET MANAGEMENT MARKET - In terms of revenue, the global smart fleet management market is estimated to progress at a CAGR of 6.47% during the forecast period of 2021 to 2028.

GLOBAL AUTOMOTIVE TELEMATICS MARKET - The global automotive telematics market is set to rise with a CAGR of 21.36% between 2021 to 2028.

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