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Key Trends Influencing the Growth of the Vehicle Tracking Systems Market in 2025: Innovative Anti-Theft GPS Technology Enhances Security And Tracking Capabilities
Vehicle Tracking Systems Market
What Is the Expected CAGR for the Vehicle Tracking Systems Market Through 2025?
In recent years, the market size of vehicle tracking systems has seen a swift expansion. Predictions show a growth from $22.68 billion in 2024 to $26.33 billion in 2025, with a compound annual growth rate (CAGR) of 16.1%. This growth experienced in the historic period was due to the surging demand for effective fleet management, an increasing need for fuel efficiency, heightened adoption of GPS technology, escalating concerns regarding vehicle theft, and a rising demand for real-time monitoring.
What's the Projected Size of the Global Vehicle Tracking Systems Market by 2029?
The market size for vehicle tracking systems is predicted to experience substantial growth in the upcoming years, swelling to a size of $51.32 billion by 2029, with a compound annual growth rate (CAGR) of 18.2%. The growth during this prediction period can be credited to various factors including the rise in adoption of electric vehicles, mounting demand for advanced telematics solutions, an increased need for safety and security in transportation services, a surge in the adoption of IoT and cloud-based solutions, and the growing requirement for real-time surveillance. Notable trends to watch out for during the forecast span incorporate the creation of mobile-based vehicle tracking applications, use of geofencing for better location-based control, incorporation of augmented reality (AR) in vehicle tracking systems, emphasis on eco-friendly and sustainable tracking solutions, and the use of blockchain for secure and transparent tracking systems.
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Top Growth Drivers in the Vehicle Tracking Systems Industry: What's Accelerating the Market?
The expansion of the vehicle tracking systems market is projected to be fuelled by the increasing demand for car leasing and rental services. In light of the global pandemic, the appeal for personal mobility and the need to adhere to social distancing protocols has led consumers to favor renting cars over relying on public transportation. Furthermore, more and more car owners are investing in vehicle tracking systems to receive current updates on their vehicle's status. For instance, Enterprise Apps Today, a United States based software application information provider, stated in February 2023 that the number of globally rented cars in 2021 was about 29.2 million, but this figure is expected to surge to 602.2 million by 2026. Consequently, the growth of car leasing and rental services would significantly fuel the development of the vehicle tracking system market.
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What Trends Will Shape the Vehicle Tracking Systems Market Through 2029 and Beyond?
Key players in the vehicle tracking systems market are prioritizing the creation of innovative solutions such as anti-theft GPS tracking technology. This technology provides greater security by offering real-time tracking for motorcycles and other outside assets, thereby enhancing sturdiness and user convenience. The anti-theft GPS tracking technology employs the Global Positioning System (GPS) to monitor the live location of assets, which facilitates faster recovery of stolen goods and sends alerts for unauthorized movement. As an example, in June 2024, Monimoto, a company in Lithuania known for its smart vehicle security products, launched Monimoto 9. This product provides top-tier anti-theft protection, immediate theft alerts, and a rechargeable 12-month battery, making it perfect for motorcycles, ATVs, and other outdoor assets. Its design is resistant to water and dust and its construction is compact and sturdy, ensuring dependable performance even under harsh conditions, thereby relieving owners of worry.
What Are the Main Segments in the Vehicle Tracking Systems Market?
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
Subsegments:
1) By Active: GPS Tracking Devices, Cellular Tracking Devices, Real-Time Tracking Solutions
2) By Passive: Data Loggers, Fleet Management Solutions, Historical Tracking Systems
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Which Top Companies are Driving Growth in the Vehicle Tracking Systems Market?
Major companies operating in the vehicle tracking systems market include 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.
Which Regions Will Dominate the Vehicle Tracking Systems Market Through 2029?
North America was the largest region in the vehicle tracking system market in 2024.The regions covered in the vehicle tracking systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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