Press release
Rapid Adoption and Growth: Vehicle Tracking Systems Market to Reach $51.32 billion by 2029
Vehicle Tracking Systems Market
What Is The Projected Market Size Of The Global Vehicle Tracking Systems Market And Its Growth Rate?
• The market size of vehicle tracking systems has seen substantial growth. It was valued at $22.68 billion in 2024 and is predicted to reach $26.33 billion in 2025, showing a compound annual growth rate (CAGR) of 16.1%.
• The growth can be linked to increasing demand for better fleet management, improved fuel efficiency, and reducing vehicle theft through adoption of GPS technology.
• By 2029, the market size is projected to swell to $51.32 billion at a CAGR of 18.2% due to increasing adoption of electric vehicles, advanced telematics solutions, growing emphasis on safety and security in transportation services, implementation of IoT and cloud-based solutions, and rising demand for real-time surveillance.
What Is Driving The Growth In The Vehicle Tracking Systems Market?
The surge in car rental and leasing services driven by consumer preference towards individual mobility and adherence to social distancing norms owing to the global pandemic has stimulated growth in the vehicle tracking systems market. Car owners' increasing investment in vehicle tracking systems for real-time updates further propels this growth. As per data from Enterprise Apps Today, it was estimated that there were 29.2 million rented cars globally in 2021, with a projection of it reaching 602.2 million by 2026. This significant rise in car rentals and leasing services will continue to drive growth in the vehicle tracking systems market.
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Who Are the Key Players Driving Vehicle Tracking Systems Market Growth?
• 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.
• and many others.
What Are The Key Trends In The Vehicle Tracking Systems Market?
• 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
What Are The Segments Of The Global Vehicle Tracking Systems Market?
• 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
Which Region Leads The Vehicle Tracking Systems Market?
North America held the largest share in the vehicle tracking system market in 2024, with other key regions including Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East, and Africa.
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What Is Covered In The Vehicle Tracking Systems Market Global Market Report?
- Market Size Analysis: Analyze the Vehicle Tracking Systems Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Vehicle Tracking Systems Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Vehicle Tracking Systems Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Vehicle Tracking Systems Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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