Global Vehicle Tracking System Market is Projected to Reach at

The precise location of automobiles and other mobile entities can be ascertained using GPS technology. The data gathered on moving objects may be transferred to a central control unit or retained within the tracking device. The widespread adoption of cutting-edge technology has increased the demand for GPS tracking devices, which are also used to secure automobiles. In order to track the location of a vehicle for cargo transportation and passenger safety, GPS tracking devices are being integrated with both commercial and passenger vehicles.
Additionally, in some countries, the government is enacting laws requiring car tracking devices to be installed in both commercial and passenger vehicles. Additionally, tracking equipment in commercial vehicles aids in the timely conveyance of other materials and the tracking of product shipments. The supply chain and logistics industries are increasingly using GPS tracking devices, which will help the market expand in the years to come.
Additionally, as car leasing and rental services become more widely used in developing nations, vehicle rental companies are able to integrate tracking devices to enhance their services. As 5G's high capacity, improved speed, and low latency capabilities push acceptance of vehicle tracking devices in the near future, the introduction of cellular vehicle tracking devices is anticipated to soar.
Due to an increase in traffic accidents, the need for car tracking systems has increased. Government agencies and fleet management firms are implementing tracking devices as a result of the increase in accidents. According to the U.S. Department of Transportation's (DOT) National Highway Traffic Safety Administration, 37,133 persons lost their lives in car accidents in 2017. As a result, the government made it mandatory for all transport vehicles to have monitoring devices installed to monitor speed, location, and other factors. Additionally, the Chinese government mandated the installation of tracking devices in all passenger and commercial cars in 2017.

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Market Segmentation:
By Component
• Hardware
o OBD Device/ Tracker and Advance Tracker
o Standalone Tracker

Software
o Performance Management
o Vehicle Diagnostics
o Fleet Analytics & Reporting
o Driver Behavior Monitoring
o Others

By Type
• Active
• Passive

By Technology
• GPS/Satellite
• GPRS/Cellular Network
• Dual Mode

By Vehicle Type
• Passenger Vehicles
• Light Commercial Vehicles
• Heavy Commercial Vehicles

By End-use Industry
• Transportation & Logistic
• Construction & Manufacturing
• Aviation
• Retail
• Government & Defense
• Others

By Geography
• North America
o U.S.
o Canada
o Mexico
• Europe
o U.K.
o Germany
o France
o Italy
o Spain
o Russia
• Asia-Pacific
o Japan
o China
o India
o Australia
o South Korea
o ASEAN
• Latin America
o Brazil
o Argentina
o Colombia
• MEA
o South Africa
o Saudi Arabia
o UAE
• Egypt

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Key Player:
Some of the major companies studied under the market scope are as follows: Verizon, Geotab Inc, Cartrack, Tom Tom International B.V., CalAmp, Teltonika, Orbcomm Inc, Xirgo Technologies Inc, SPIREON INC and Others. The existence of several companies on a global and regional scale creates intense rivalry for major players working in the ecosystem. These players also use a variety of strategies, including merger and acquisition, the introduction of new products, geographic expansion, R&D for increasing their product line, and others.

Regional Analysis:
In terms of region, North America registered the highest market share in 2022 and is expected to maintain the growth pace over the forecast period. The use of fleet management technologies is a result of the rise of intelligent systems. Also, there are growing concern about carbon emissions as well as awareness of cargo technology and vehicle fleet. Government mandated safety standards that are mandatory are also fuelling market expansion in the region.

Furthermore, Asia Pacific is projected to grow at a higher CAGR over the forecast period. The market is expanding as a result of a number of factors, including technological advancements in networking, an increase in the sales of commercial and passenger vehicles, strict governmental regulations, the rising popularity of e-commerce in the region, and surging trade activities. Also, the market is expanding as a result of the region's growing embrace of technologies like cloud, IoT, linked autos, and autonomous vehicles.

Global Vehicle Tracking System Market: Market Size Estimation
Both the top-down and bottom-up approaches were used to estimate and validate the size of the market and to estimate the size of various other dependent sub-markets of various marketspaces. The key players in the markets are identified through secondary research, and their market contributions in different applications across regions and globally were determined through primary and secondary research. This entire process included the study of the annual and financial reports of the top market players and extensive interviews for key insights with industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources. All the possible parameters that affect the market covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analysed to arrive at the final quantitative and qualitative data. This data has been consolidated, and detailed inputs and analysis from Analytics Market Research added before being presented in this report.

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