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Vehicle Tracking Systems Market Analysis, Size, Share, Growth, Trends And Global Forecast 2023-2032
Vehicle Tracking Systems Market Report
The Business Research Company's Vehicle Tracking Systems Global Market Report 2023 identifies the increase in car rental and leasing services as the major driver for the vehicle tracking systems market's growth in the forecast period. Consumers are preferring automobile rentals over public transportation as the desire for individual mobility and social distancing norms has increased due to the global pandemic. Car owners are increasingly spending on the vehicle tracking system for the updated status of the vehicle.
The global vehicle tracking systems market size will grow from $17.27 billion in 2022 to $20.78 billion in 2023 at a compound annual growth rate (CAGR) of 20.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the vehicle tracking systems is expected to grow to $38.75 billion in 2027 at a CAGR of 16.9%.
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Major competitors in the vehicle tracking systems market are Verizon Connect, Spireon, Geotab, TomTom, Teletrac Navman.
A key trend in the vehicle tracking systems market includes the introduction of 5G technology in vehicle tracking systems. G technology offers great opportunities for in-vehicle connectivity and monitoring processes by providing faster data transfer and enhancing vehicle communication. Companies in the market are investing in developing GPS tracking solutions coupled with 5G technology.
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The vehicle tracking systems market is segmented -
•By Type: Active, Passive
•By Vehicle: Commercial Vehicles, Passenger Vehicles
•By Application: Mobile Tracking, Cellular Tracking, Satellite Tracking
•By Industry Vertical: Transportation And Logistics, Construction And Manufacturing, Aviation, Retail, Government, Other Industry Verticals
•By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the vehicle tracking systems market.
The Business Research Company's "Global Vehicle Tracking Systems Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Vehicle Tracking Systems Market Include:
1. Executive Summary
2. Vehicle Tracking Systems Market Characteristics
3. Vehicle Tracking Systems Market Trends And Strategies
4. Vehicle Tracking Systems Market - Macro Economic Scenario
5. Vehicle Tracking Systems Market Size And Growth
……
26. Africa Vehicle Tracking Systems Market
27. Vehicle Tracking Systems Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Vehicle Tracking Systems Market
29. Vehicle Tracking Systems Market Future Outlook and Potential Analysis
30. Appendix
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