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Vehicle Tracking Systems, Market Growth, Global Insights, Opportunities 2024
Global Vehicle Tracking Systems, Industry Report, Growth
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According to The Business Research Company's, 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 growth in the historic period can be attributed to increasing demand for fleet management, growing need for fuel efficiency, increasing adoption of gps technology, rising concerns over vehicle theft, growing demand for real-time monitoring, .
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%. The growth in the forecast period can be attributed to increasing adoption of electric vehicles, growing demand for advanced telematics solutions, increasing demand for safety and security in transportation services, growing adoption of iot and cloud-based solutions,
increasing demand for real-time surveillance. Major trends in the forecast period include development of mobile-based vehicle tracking applications, use of geofencing for enhanced location-based control, integration of augmented reality (ar) in vehicle tracking systems, focus on eco-friendly and sustainable tracking solutions, implementation of blockchain for secure and transparent tracking systems.
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Market Drivers and Trends:
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.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
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.
Vehicle Tracking Systems Market 2024 Key Insights:
• 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%.
• Surging Demand For Car Rental And Leasing Services Boosts Vehicle Tracking Systems Market
• 5G Integration Reshapes Vehicle Tracking Systems Market With Enhanced Connectivity
• North America was the largest region in the vehicle tracking system market in 2023
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