Vehicle Tracking System Market to Soar Driven by Heightened Security Concerns and Advanced Technology Integration

Vehicle Tracking System Market surges due to increased demand for fleet management, improved vehicle security, and efficient transportation logistics.

AUSTIN, TEXAS, UNITED STATES, April 25, 2024 /EINPresswire.com/ -- Market Scope and Overview:

The global Vehicle Tracking System Market is expected to witness significant growth in the coming years, driven by the rising adoption of advanced technology and a growing concern for the security and safety of vehicles. The SNS Insider report indicates that the Vehicle Tracking System Market Size was valued at USD 23.15 Billion in 2023, and is expected to reach USD 67.01 Billion by 2031 and grow at a CAGR of 14.21% over the forecast period 2024-2031.

A confluence of factors is driving the growth of the vehicle tracking system market. First, booming economies in developing countries are experiencing a surge in fleet operations, and government regulations requiring tracking devices are creating a larger market. Second, car leasing and rental companies are increasingly integrating tracking systems to improve services and monitor vehicles. Third, a focus on road safety is leading to mandatory tracking device installations for improved speed and location monitoring. Finally, advancements like intelligent transport systems, 5G integration, and the rise of autonomous vehicles are all creating a demand for more advanced tracking technology.

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Some of the Major Key Players Studied in this Report are:

➤ AT&T
➤ Continental AG
➤ Robert Bosch GmbH
➤ Verizon Communications
➤ Tom Tom
➤ Cartrack Holdings Limited
➤ Teltonika
➤ Spireon
➤ Geotab
➤ US Fleet Tracking
➤ Inseego Corp
➤ Track Group
➤ Others

Recent Developments:

In April 2023: iTecknologi Group joined forces with Vehari Police to introduce Advanced Vehicle Tracking Services. This collaboration provides real-time tracking capabilities, enhancing police fleet safety and monitoring.

In January 2023: The inauguration of a new vehicle tracking system in Kolkata by the West Bengal Chief Minister marks a significant step towards improving transportation efficiency in the state. This initiative covers over 160,000 vehicles in its initial phase.

Segmentation Analysis

➤ By Type: The active type segment dominates the market and is projected to witness the highest growth rate. While both active and passive systems track vehicles, active systems offer real-time data and remote-control capabilities which drive their popularity.

➤ By Vehicle Type: The passenger car segment currently holds the largest market share and is expected to grow at the fastest rate. Businesses utilize tracking systems to collect data for optimizing operational efficiency and profitability in passenger car fleets. The light commercial vehicle segment is anticipated to exhibit the second-highest growth rate due to the increasing adoption of tracking systems for improved logistics management.

➤ By Application: The GPS/satellite segment accounts for the largest market share due to its compatibility with existing network technologies. However, the dual-mode application, which combines GPS and GPRS tracking methods, is expected to grow at the highest CAGR. This growth is attributed to the increasing demand for real-time data and comprehensive tracking solutions.

➤ By Industry Verticals: The transportation and logistics industry dominates the market due to the extensive use of fleet management solutions. This sector is expected to maintain its dominant position with a CAGR exceeding 18%.

➤ By Components: The global market has been divided into hardware and software based on the component segment.

Impact of Global Events: Russia-Ukraine War and Economic Slowdown

The ongoing Russia-Ukraine war has disrupted global supply chains and impacted the availability of electronic components. This, in turn, could lead to shortages of vehicle tracking systems and potentially hinder market growth in the short term. However, long-term prospects remain positive, as the underlying factors driving demand remain strong.

An economic slowdown could also dampen market growth. Reduced fleet expansion and lower business spending during economic downturns could impact the adoption of vehicle tracking systems. However, the long-term benefits of these systems, such as improved operational efficiency and cost savings, are likely to continue driving market expansion in the long run.

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Key Regional Developments and Future Outlook

North America holds the largest market share due to the early adoption of fleet management technologies and a strong focus on vehicle safety. Government regulations mandating safety features and growing awareness of carbon emission reduction further contribute to market growth in this region. The Asia Pacific region is anticipated to register the fastest growth rate due to several factors:

➤ Surge in Vehicle Sales: The region is witnessing a significant rise in commercial and passenger vehicle sales, creating a larger market base for vehicle tracking systems.

➤ Stringent Government Mandates: Governments in the Asia Pacific region is increasingly implementing stringent regulations mandating the installation of tracking devices in specific vehicle categories.

➤ E-commerce Boom: The booming e-commerce sector in the region necessitates efficient logistics management, which is positively impacting the demand for vehicle tracking systems.

Key Takeaways

➤ Heightened concerns about vehicle security and the integration of advanced technologies like AI and 5G are fueling the growth of the vehicle tracking system market.

➤ Stringent government regulations mandating tracking devices and the growing adoption of tracking systems across various industries, including transportation, logistics, and construction, are creating significant growth opportunities.

➤ North America holds the current market lead, while the Asia Pacific region is poised for the fastest growth due to factors like e-commerce expansion and technological advancements. The market is constantly evolving with new applications and innovations emerging, making it an exciting space to watch.

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Table of Contents- Major Key Points

1. Introduction

2. Research Methodology

3. Market Dynamics
3.1. Drivers
3.2. Restraints
3.3. Opportunities
3.4. Challenges

4. Impact Analysis
4.1. COVID-19 Impact Analysis
4.2. Impact of Ukraine- Russia war
4.3. Impact of Ongoing Recession on Major Economies

5. Value Chain Analysis

6. Porter’s 5 Forces Model

7. PEST Analysis

8. Global Vehicle Tracking System Market Segmentation, By Type
8.1. Active
8.2. Passive

9. Global Vehicle Tracking System Market Segmentation, By Vehicle Type
9.1. Passenger vehicles
9.2. LCV
9.3. HCV

10. Global Vehicle Tracking System Market Segmentation, by Application
10.1. GPS/Satellite
10.2. GPRS/Cellular Network
10.3. Dual Mode

11. Global Vehicle Tracking System Market Segmentation, by Industry Vertical
11.1. Transportation & Logistic
11.2. Construction & Manufacturing
11.3. Aviation
11.4. Retail
11.5. Government & Defense
11.6. Other

12. Global Vehicle Tracking System Market Segmentation, by Component
12.1. Hardware
12.2. Software

13. Regional Analysis
13.1. Introduction
13.2. North America
13.3. Europe
13.4. Asia-Pacific
13.5. The Middle East & Africa
13.6. Latin America

14. Company Profile

15. Competitive Landscape
15.1. Competitive Benchmarking
15.2. Market Share Analysis
15.3. Recent Developments

16. USE Cases and Best Practices

17. Conclusion

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