Vehicle Tracking System Market Demand & Expansion Forecast by 2032
Vehicle Tracking System Market Overview:
According to Market Research Future (MRFR), the global Vehicle Tracking System Market is projected to garner exponential traction by 2025, registering an impressive CAGR during the forecast period (2019-2025). Rising production and sales of passenger cars, as well as commercial vehicles globally, substantiate the growth of the market. Increasing usages of mobile phones and GPS technology boost the market demand. Advances in analytical capabilities in communication technologies drive market growth.
The global Vehicle Tracking System Market is growing continually. The market growth attributes to the growing demand for improved vehicle safety & security, communication medium, and performance monitoring solutions. Besides, increasing concerns over vehicle safety and security drive the growth of the market. Moreover, the growth in fleet operations, especially in emerging nations, and an increase in demand for electric vehicles, escalates market growth.
Additionally, the expansion of 3G/4G and 5G technologies for vehicle connectivity fuels the growth of the market. Simultaneously, the increasing demand for autonomous and semi-autonomous vehicles and growth in cloud computing-based vehicle tracking systems boost the size of the market. Rapid economic growth provides ample opportunities for the expansion of this market. Also, increased R&D expenditures and expansion of international players influence market growth.
On the other hand, technological limitations causing the failure of GPS and cellular-based trackers due to limited/failed cellular or wireless network coverage are the significant factors projected to impede the market growth. Also, the high investment required for research and development activities pose challenges to new market players. Nevertheless, rapid advances and uptake of advanced vehicle security technologies would support market growth throughout the assessment period.
Major Players:
Players leading the global Vehicle Tracking System Market include Cartrack Holdings Limited (South Africa), AT&T Inc. (US), Continental AG (Germany), Verizon Communications Inc. (US), Robert Bosch GmbH (Germany), Spireon, Inc. (US), Inseego Corp. (US), Geotab Inc. (Canada), TRACK GROUP (US), and US Fleet Tracking (US), among others.
Industry/ Innovation/ Related News
June 10, 2020 ---- Blue Sky Network (the US), a leading global satellite technology company, launched the highest resolution vehicle tracking system HawkEye 5500 (HE5500). The newly released dual-mode, real-time tracking, and vehicle management solution have applications in remote mining operations, offering a comprehensive set of features.
Certified by Iridium, the new system offers full integration of on-board systems, two-way messaging, a remote emergency switch, collision detection, audible alerts, RFID and Bluetooth driver identification & customizable application integration, supporting light- and heavy C duty vehicles.
Global Vehicle Tracking System Market – Segments
The report is segmented into six dynamics;
By Type : Active and Passive System.
By Technology : Global Navigation Satellite System (GLONASS), Global Positioning System (GPS), Connectivity Technology, and others.
By Propulsion : ICE and Electric Vehicle.
By Vehicle Type : Passenger Car and Commercial Vehicle.
By Application : Residential and Commercial.
By Regions : Asia Pacific, Americas, Europe, and the Rest-of-the-World.
Global Vehicle Tracking System Market – Regional Analysis
The Asia Pacific region dominates the global Vehicle Tracking System Market. The largest market share attributes to the rising sales of premium and luxury vehicles and automobiles demand, primarily in China, Japan, and India. The strong presence of key manufacturers and operating units combined with the availability of sophisticated technologies of global players boost the regional market growth.
Besides, the increasing adoption of GPS services and cloud-based services drive the growth of the regional market. Moreover, the proliferation of smartphones provides enormous opportunities across businesses. The growing use of navigation services in the region offers an impetus to the growth of the regional market. Rapidly growing APAC countries Japan, China, and India are anticipated to grow at a rapid rate through the forecast period.
North America stands second in the global Vehicle Tracking System Market. The market growth is driven by the increase in demand for new commercial vehicles and vehicle thefts. The region is home to many advanced communication technology providers having robust GPS services impacts the growth in the regional market. Additionally, the early adoption of cloud-based deployment services propels the development of the market.
Furthermore, the demand for home-based solutions and technological advantages are some of the key drivers for the regional market. The North American Vehicle Tracking System Market is expected to create a substantial revenue pocket over the forecast period.
Global Vehicle Tracking System Market – Competitive Analysis
Highly competitive, the vehicle tracking system appears to be fragmented owing to the presence of several well-established players accounting for a substantial market share. To gain a larger competitive share, players incorporate strategies such as acquisition, collaboration, partnership, expansion, and product & technology launch. They invest substantially in new product development and geographical expansion initiatives. The market is anticipated to witness relentless innovations and new products, eventually intensifying competition among synchronous motor manufacturers.
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