Vehicle Tracking Systems Market Expected to Reach USD 46.33 Billion by 2028 From USD 17.64 Billion in 2020 | CAGR 13.3% | Grand View Research, Inc.

“Grand View Research, Inc. – Market Research And Consulting.”
According to a new report published by Grand View Research, the need for achieving improved operational efficiency, productivity, and profitability at reduced costs coupled with the digitalization of vehicles is anticipated to act as a key driving factor for the vehicle tracking systems market growth.

The global vehicle tracking systems marketsize is expected to reach USD 46.33 billion by 2028, according to a new report by Grand View Research, Inc. It is anticipated to register a CAGR of 13.3% from 2021 to 2028. Technological advancements and digitization in the automotive industry coupled with the expanding global transportation and logistics industry are anticipated to drive the demand for vehicle tracking systems. Moreover, increasing sales of light and heavy commercial vehicles are also expected to drive the market growth over the forecast period.

Meanwhile, the high cost associated with the vehicle tracking system coupled with its complex design is expected to hamper the market’s growth over the forecast period. Besides, the COVID-19 pandemic has negatively impacted the demand for vehicle tracking systems in 2020. The pandemic has resulted in lockdowns and social distancing globally, subsequently leading to losses for industries such as manufacturing, automobile, transportation and logistics, retail, and hospitality. This slumped business scenario is anticipated to negatively impact automotive production and demand for vehicle tracking systems. However, as governments begin to gradually relax the lockdown norms and allow businesses to operate with mandates of social distancing; the market is likely to witness significant growth over the forecast period.

Improved connectivity services and technological proliferation have resulted in the augmented adoption of connected vehicle tracking systems. The sensor nodes embedded in a vehicle are used to transmit real-time data and collect information on vehicle location, speed, distance traveled, fuel consumption, and air pressure. Cloud computing provides computation, software, storage, and data access resources without the need for vehicle owner’s information. Thus, the emergence of cloud computing is anticipated to create significant growth opportunities in the market.

North America accounted for a sizeable revenue share in 2020 and is estimated to register steady growth over the forecast period. However, Asia Pacific is projected to expand at the highest CAGR of 15% from 2021 to 2028. The increasing vehicle sales in emerging countries such as China and India and the rapid expansion of the e-commerce sector are the key factors driving the regional market growth. 

 

Browse full report with Table of Content @ https://www.grandviewresearch.com/industry-analysis/vehicle-tracking-systems-market

 

Vehicle Tracking Systems Market Report Highlights

 In terms of vehicle type, the passenger car segment is estimated to register the highest CAGR of 15% from 2021 to 2028. This is attributed to the increasing number of fleet operators across the developed and emerging economies

In terms of end use, the transportation and logistics segment emerged as the largest segment in 2020 and is anticipated to retain its dominance over the forecast period

In terms of technology type, the GPS/satellite segment accounted for a dominant share of over 40% in 2020. The segment is projected to record the highest CAGR from 2021 to 2028

In terms of type, the active segment is estimated to expand at the highest CAGR of over 10.0% over the forecast period owing to its ability to track real-time data

In terms of components, the software segment accounted for a dominant share of over 66% in 2020.

North America captured over 30% of the market share in 2020. The region is expected to expand at a significant CAGR from 2021 to 2028 due to the growing concern of vehicle safety and security in the region.

 

For Requesting a Sample Copy Please Visit @ https://www.grandviewresearch.com/industry-analysis/vehicle-tracking-systems-market/request/rs15

 

Vehicle Tracking Systems Market Segmentation

Grand View Research has segmented the global vehicle tracking systems market based on vehicle type, end use, technology type, type, component, and region:

Vehicle Tracking System Vehicle Type Outlook (Revenue, USD Million, 2016 – 2028)    

• Passenger Vehicles     

• Light Commercial Vehicles     

• Heavy Commercial Vehicles

Vehicle Tracking System End-use Outlook (Revenue, USD Million, 2016 – 2028)    

• Transportation & Logistics     

• Construction & Manufacturing     

• Aviation     

• Retail     

• Government & Defense     

• Others

Vehicle Tracking System Technology Type Outlook (Revenue, USD Million, 2016 – 2028)    

• GPS/Satellite     

• GPRS/Cellular Networks     

• Dual Mode

Vehicle Tracking System Type Outlook (Revenue, USD Million, 2016 – 2028)    

• Active     

• Passive

Vehicle Tracking System Component Outlook (Revenue, USD Million, 2016 – 2028)    

• Hardware     

• OBD Device/Tracker & Advance Tracker     

• Standalone Tracker     

• Software     

• Performance Measurement     

• Vehicle Diagnostics     

• Fleet Analytics and Reporting     

• Driver Behavior Monitoring     

• Others

Vehicle Tracking System Regional Outlook (Revenue, USD Million, 2016 – 2028)     

North America        

  • The U.S.         

  • Canada     

• Europe         

  • Germany         

  • The U.K.         

  • France         

  • Rest of Europe     

• Asia Pacific         

  • China         

  • India         

  • Japan         

  • Rest of Asia Pacific     

• Latin America         

  • Brazil         

  • Mexico         

• Rest of Latin America     

• Middle East & Africa (MEA)

List of Key Players of Vehicle Tracking Systems Market     

Verizon.     

Geotab Inc.     

Cartrack     

TomTom International B.V.     

CalAmp     

Teltonika     

ORBCOMM Inc.     

Xirgo Technologies, LLC     

Laipac Technology Inc.     

Trackimo Inc.

 

Fill the Pre-Order Enquiry Form for the Report @ https://www.grandviewresearch.com/inquiry/450689/ibb

 

Browse Related Reports:

Internet of Things in Warehouse Management MarketSize, Share & Trends Analysis Report By Solution (Warehouse Automation, Workforce Management, Inventory Management, EDI, Tracking), By Device, By Service, And Segment Forecasts, 2018 – 2025.

 

About Grand View Research

Grand View Research is a U.S. & India-based market research and consultancy firm. It is headquartered in San Francisco. We provide business insights, syndicated research reports, and customized research reports to large as well as small and medium-scale enterprises. Our database features thousands of statistics and in-depth analyses on more than 45 industries. Grand View Research’s extensive database is used by Fortune 500 companies to understand the regional as well as the global business environment.

Media Contact
Company Name: Grand View Research, Inc.
Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.
Email: Send Email
Phone: 1888202951
Address:Grand View Research, Inc. 201 Spear Street 1100 San Francisco, CA 94105, United States
City: San Francisco
State: California
Country: United States
Website: https://www.grandviewresearch.com/industry-analysis/vehicle-tracking-systems-market