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Vehicle Tracking System Market Size, Share, Growth | Report 2033
Vehicle Tracking System Market Size
As per the report, the vehicle tracking systems market size has grown rapidly in recent years. It will grow from $19.76 billion in 2023 to $23.17 billion in 2024 at a compound annual growth rate (CAGR) of 17.3%. The vehicle tracking systems market size is expected to see rapid growth in the next few years. It will grow to $43.23 billion in 2028 at a compound annual growth rate (CAGR) of 16.9%.
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Surging Demand For Car Rental And Leasing Services Boosts Vehicle Tracking Systems Market
The growing demand for car rental and leasing services is expected to drive the growth of the vehicle tracking systems market going forward. 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. For instance, in February 2023, according to Enterprise Apps Today, a US-based platform that provides a source of information on software applications, there were 29.2 million rented cars globally in 2021, and it is anticipated that this will reach 602.2 million by 2026. Thus, the increase in car rental and leasing services will propel the vehicle tracking system market growth.
5G Integration Reshapes Vehicle Tracking Systems Market With Enhanced Connectivity
The introduction of 5G technology in vehicle tracking systems is shaping the vehicle tracking systems market. 5G 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. For example, in April 2021, Forward-Thinking Systems, a US-based software company, in collaboration with Cradlepoint, a US-based telecommunications equipment company, launched its first-ever 5G vehicle telematics solution, the R1900 router, for fleets of all sizes and industries. The R1900 supports multiple 5G connections and is designed to survive harsh environments, ensuring that fleet cars and devices remain connected wherever they go.
The vehicle tracking systems market covered in this report is segmented -
1) By Type: Active, Passive
2) By Vehicle: Commercial Vehicles, Passenger Vehicles
3) By Application: Mobile Tracking, Cellular Tracking, Satellite Tracking
4) By Industry Vertical: Transportation And Logistics, Construction And Manufacturing, Aviation, Retail, Government, Other Industry Verticals
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Major companies operating in the vehicle tracking systems market report are Verizon Communications Inc., Spireon Inc., Geotab Inc., TomTom International B. V., Teletrac Navman, Cartrack Pty. Ltd., Calamp Corp., Teltonika Networks, ORBCOMM Inc., Xirgo Technologies, Laipac Technology Inc., Trackimo Inc., AirIQ Inc., Verizon Connect, MiX Telematics, Trimble Inc., Actsoft Inc., Ctrack, Masternaut Limited, Sierra Wireless Inc., AT&T Inc., FleetUp, Omnitracs LLC, Zonar Systems Inc., Fleetistics Inc., Azuga Inc., Onfleet Inc., Samsara Networks Inc., KeepTruckin Inc., Global Tracking Communications Inc., Fleetio Inc., NexTraq LLC, FleetLocate by Spireon Inc., FleetMind Solutions Inc.
Contents of the report:
1. Executive Summary
2. Vehicle Tracking Systems Market Report Structure
3. Vehicle Tracking Systems Market Trends And Strategies
4. Vehicle Tracking Systems Market - Macro Economic Scenario
5. Vehicle Tracking Systems Market Size And Growth
…..
27. Vehicle Tracking Systems Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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