Vehicle Tracking System Market Poised for Major Growth, Projected to Hit $96.08 Billion by 2034

According to an updated Fact.MR research analysis, the global market for vehicle monitoring systems is expected to be worth US$27.81 billion by 2024. By the end of 2034, sales of vehicle tracking systems are projected to reach US$ 96.08 billion, growing at a notable 13.2% CAGR.

The capability of real-time car tracking for consumers is among the most fundamental elements of vehicle tracking systems. Additional capabilities include fuel management, dispatching assistance, journey history, driver behavior analysis, and vehicle maintenance reminders. The system provides reports with in-depth analysis, alarms, and notifications to deter theft. Additional functions may potentially be possible, contingent on the fleet management solution used.

Download a Sample Copy Of Report: https://www.factmr.com/connectus/sample?flag=S&rep_id=7563

In order to guarantee vehicle safety and minimize idle time, there is an increasing need for vehicle monitoring systems due to developments in connectivity and internet usage. For example, receiving emergency notifications has been beneficial to several fleet owners using E-call services. As a result, fleet managers and logistics providers employ car tracking technologies to boost revenue.

One efficient way to find out if a company automobile is in a secure location is to use its real-time location. The motorist can use the SOS feature on many car GPS tracking systems in case they become lost and require help. The fleet manager receives a prompt notification from this button and promptly assigns assistance. The management can choose which automobile to send to the emergency by knowing the precise position of the car. The global market for vehicle tracking systems is seeing growth due to these factors.

Key Market Growth Drivers

• The demand for both standard and advanced vehicle tracking systems is rising in tandem with the requirement for semi-autonomous and autonomous vehicles.
• Thanks to developments in tracking technology, vehicle monitoring systems are also used in the aviation industry in addition to the road transportation sector. Transport by air not only helps people travel around, but it also makes international trade easier.
• The growing popularity of car leasing and rental services is one of the major developments, which has led rental companies to use these gadgets to improve their offerings.
• Vehicle tracking systems are becoming more dependable due to ongoing advancements in GPS and communication network accuracy.
• Players in the market are gaining from these developments, which allow for real-time tracking, enhanced route optimization, and efficient fleet management.
• For companies with big fleets, vehicle monitoring systems are essential for efficient management, cost savings, increased productivity, and on-time product and service delivery.
• Vehicle tracking systems are essential to fleet management because they give vital information on driver behavior, maintenance requirements, and vehicle use.

Read More: https://www.factmr.com/report/vehicle-tracking-system-market

Sensitive data, like addresses, owner information, and purchase details, are saved on a vehicle's system. Identification fraud, car theft, and other planned crimes are just a few of the illegal acts that could use this information. End users are largely discouraged from implementing car monitoring systems due to worries about data privacy concerns, particularly in nations with strict laws.

The need for vehicle tracking systems is being hampered globally by incidents of unlawful access to vehicle connectivity solutions and hacking into in-car systems. The main security vulnerability of the autos is the ease with which hackers might gain access to their computer systems and the data they gather and retain. As a result, throughout the projection period, cybersecurity risks and data privacy violations pertaining to car monitoring systems are hindering market expansion.

Key Companies Profiled

TomTom International B.V.
Cartrack
ORBCOMM Inc.
Cartrack
Robert Bosch GmbH
RUPTELA
AT&T Intellectual Property
Continental AG
Geotab Inc.
Verizon
Xirgo Technologies Inc.

US-based businesses are integrating geofencing technology into these networks. Users can designate particular places as safe zones for workers or business operations using geofencing. If a car leaves the assigned area, the fleet management system is notified, which keeps drivers from going to non-working areas or getting into accidents. Similar to this, in an emergency, hitting the SOS button causes instant alerts. The nation's product demand is being driven by these improvements.

Segmentation of Vehicle Tracking System Market Research

• By Type :
o Active
o Passive
• By Vehicle Type :
o Passenger
o Light Commercial
o Heavy Commercial
• By Component :
o Hardware
 OBD Devices/Trackers and Advance Trackers
 Standalone Trackers
o Software
 Performance Management
 Vehicle Diagnostics
 Fleet Analytics & Reporting
 Driver Behavior Monitoring
• By Technology :
o GPS/Satellites
o GPRS/Cellular Networks
o Dual Modes
• By End Use :
o Transportation & Logistics
o Construction & Manufacturing
o Aviation
o Retail
o Government & Defense
• By Region :
o North America
o Western Europe
o Eastern Europe
o Latin America
o East Asia
o South Asia & Pacific
o Middle East & Africa

The integration of advanced technologies such as GPS, IoT, and AI into vehicle tracking systems is revolutionizing the market, offering enhanced features like route optimization, predictive maintenance, and improved fuel efficiency. These innovations not only boost operational efficiency for businesses but also enhance the overall user experience, contributing to the market's robust growth.

Read More Similar Reports:

https://theguardiantribune.com/%e3%83%93%e3%83%ab%e5%86%85%e3%83%af%e3%82%a4%e3%83%a4%e3%83%ac%e3%82%b9%e5%b8%82%e5%a0%b4%e3%81%af%e6%8c%87%e6%95%b0%e9%96%a2%e6%95%b0%e7%9a%84%e3%81%aa%e6%88%90%e9%95%b7%e3%82%92%e9%81%82%e3%81%92/
https://theguardiantribune.com/%e3%83%87%e3%83%bc%e3%82%bf%e3%83%a9%e3%83%99%e3%83%aa%e3%83%b3%e3%82%b0%e3%82%bd%e3%83%aa%e3%83%a5%e3%83%bc%e3%82%b7%e3%83%a7%e3%83%b3%e3%81%8a%e3%82%88%e3%81%b3%e3%82%b5%e3%83%bc%e3%83%93%e3%82%b9/

Contact:
US Sales Office
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583, +353-1-4434-232
Email: sales@factmr.com

About Fact.MR
We are a trusted research partner of 80% of fortune 1000 companies across the globe. We are consistently growing in the field of market research with more than 1000 reports published every year. The dedicated team of 400-plus analysts and consultants is committed to achieving the utmost level of our client's satisfaction.

This release was published on openPR.