New York, August 03, 2021 (GLOBE NEWSWIRE) – Vehicle Tracking Systems Market Overview: According to a comprehensive research report from Market Research Future (MRFR), “Vehicle Tracking Systems Market Research report, technology, application, vehicle type, end market and region – Forecast to 2028 Â» The market size is expected to reach USD 48.41 billion by 2028, registering a CAGR of 14.23% during the forecast period (2021 – 2027). The market was valued at USD 18.26 billion in 2020.
The COVID-19 outbreak has negatively impacted the vehicle tracking systems market. Overall automotive production volumes have declined globally on a year-over-year basis, primarily due to lower production volumes in Europe and North America, among other regions. The downturn in some of the high-end end-use industries such as manufacturing, construction, retail, transportation and logistics has resulted in a decrease in demand for vehicle tracking systems.
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Prominent players presented in the Global Vehicle Tracking System Market Report include –
- AT&T Inc. (United States)
- Cartrack Holdings Limited (South Africa)
- Continental AG (Germany)
- Robert Bosch GmbH (Germany)
- Verizon Communications Inc. (United States)
- Spireon Inc. (United States)
- GÃ©otab inc. (Canada)
- Inseego Corp. (United States)
- United States Fleet Tracking (US)
- TRACK GROUP (US)
The global Vehicle Tracking Systems market is fragmented and also competitive for the presence of various international and domestic key players. These players have integrated innovative strategies to stay at the forefront and also meet growing customer demand, including collaborations, contracts, partnerships, joint ventures, geographic expansions and new product launches, etc. .
Revolt Motors announced an online vehicle tracking system for the delivery of their bikes. The VOLT (Online Vehicle Tracking System) will allow customers to track the status of their bikes every step of the way from reservation to production to delivery of bikes, via their mobile phone number or reservation IDs by pressing the “Follow your revolt” button on the website. The company is working at a feverish pace to expand its production capacity to meet the growing need for its bikes. He further stated that he has invested deeply in his technology and his AI platform.
Browse the in-depth Vehicle Tracking System (135 pages) market research report
Introduction of disruptive technologies to drive market growth
The introduction of various disruptive technologies such as mobility solutions, robotics, automation and Internet of Things in the vehicle tracking industry is increasing the growth of the market. They not only allow fleet operators to better control costs, but also ensure the collection of real-time data on vehicles.
Growing adoption by transport and logistics companies to provide strong opportunities
The rapid adoption of tracking systems by transportation and logistics companies will provide strong opportunities for companies offering vehicle tracking system to gain strong customer base and generate more revenue.
High installation cost to act as a market restriction
The high cost of installing these systems coupled with lack of consumer awareness may hamper the global Vehicle Tracking Systems market share during the forecast period.
Lack of GPS accuracy to act as a market challenge
The inaccuracy of GPS for harsh weather conditions coupled with issues of network security and privacy will pose challenges for the market during the forecast period.
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The global Vehicle Tracking Systems industry is segmented on the basis of application, vehicle type, propulsion, technology, and type.
By type, the active segment will dominate the market during the forecast period for the growing preference for real-time data monitoring as well as reporting, which indirectly presents the future of mobility solutions.
By technology, the Global Positioning System (GPS) segment will dominate the market during the forecast period and at a high CAGR, such as the ability of GPS to work with various technologies such as WiMAX, LTE and GSM, and the ability of the GPS to be made public. with multiple satellites. Although it is more expensive than GPRS, the ability of GPS to plot more efficient routes and deliver better productivity is adding to segmental growth.
By type of propulsion, the Global Vehicle Tracking System is segmented into Electric Car and ICE.
By vehicle type, passenger vehicles will be the market spearhead during the forecast period for the increase of fleet operators in emerging markets. These fleet operators strive to provide a customer experience at different price points in suburban communities. In addition, the increase in internet penetration is also contributing to the growth of the segment.
By application, Global Vehicle Tracking System is segmented into Commercial and Residential.
APAC will have Lions share in vehicle tracking systems market
The Asia-Pacific region will have a lion’s share of the market during the forecast period. Growing demand for automobiles in India, Japan and China, availability of sophisticated technologies, rapid increase in GPD, high auto sales, rapid expansion of the e-commerce sector, increasing advancements in networking technologies, strict regulatory mandates, increase in passenger numbers and commercial vehicle sales and increasing adoption of advanced technologies such as cloud, internet of things and autonomous vehicles add to the growth of the global vehicle tracking systems market in the region. In addition, substantial automobile production, strict regulations in developing countries and government support programs, product launches, various conferences and events also add to the growth of the market.
Market segmentation covered by research:
Information 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) and by region (North America, South America, Europe, Asia-Pacific and the Middle East and Africa)
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