Vehicle Tracking System Market 2020 - Growth

Posted by sagark on January 20th, 2020

Summary

Global Vehicle Tracking System Market Research Report: 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, Europe, Asia-Pacific and Rest of the World) - Forecast till 2025

Vehicle Tracking System Market Overview

The global vehicle tracking system market is anticipated to garner a CAGR of 14.3% during the forecast period (2019-2025), Market Research Future (MRFR) unveils in a detailed report. A vehicle tracking system can be defined as a real-time data tracking system that generally works by using GSM and GPS technologies. The system offers the exact movement of a vehicle from any specified location, at any given time. These systems are also popular among consumer vehicles for monitoring, theft prevention, and retrieval device.

The soaring adoption of intelligent transport systems is considered one of the primary driving factors of the vehicle tracking system market. The growth in fleet operations, especially in the emerging markets, is predicted to propel the revenue growth of the vehicle tracking systems market. The rising concerns over vehicle security and safety, soaring demand for electric vehicles, and rising production and sales of commercial as well as passenger vehicles are some of the major factors promoting the market growth across the globe. Also, the soaring demand for semi-autonomous and autonomous vehicles and the advent of cloud computing-based stolen vehicle tracking systems and 5G for vehicle connectivity are offering ample opportunities for the market to expand.

Competitive Dashboard

The players operating in the global vehicle tracking system market include Cartrack Holdings Limited (South Africa), AT&T Inc. (US), Robert Bosch GmbH (Germany), Continental AG (Germany), Spireon, Inc. (the US), Verizon Communications Inc. (US), Inseego Corp. (US), Geotab Inc. (Canada), TRACK GROUP (US), and US Fleet Tracking (US).

Vehicle Tracking System Market: Segmental Analysis

The global vehicle tracking system market is segmented on the basis of type, technology, propulsion, vehicle type, and application.

By type, the vehicle tracking system market is segmented into active and passive system. Of these, the active segment is likely to be the most lucrative one, due to the surging preference for real-time data reporting and monitoring, which indirectly reflects the future of mobility solutions.

By technology, the vehicle tracking system market is segmented into global positioning system (GPS), global navigation satellite system (GLONASS), connectivity technology, and others.

By propulsion type, the market is segmented into ICE and electric vehicle.

By vehicle type, the market is segmented into passenger car and commercial vehicle. Of these, passenger vehicles are likely to gain prominence due to the growth in fleet operators, specifically in emerging markets. The proliferation of the internet is also considered a key factor contributing to the market growth in the passenger car segment.

By application, the market comprises residential and commercial. Of these, commercial vehicles are likely to have the largest share. Advance trackers are popular among commercial vehicles as they provide advanced vehicle diagnostics data, which can be monetized to augment the fleet operational performance, maintenance scheduling, and usage-based insurance calculation.

Regional Frontiers

Geographically, the vehicle tracking system market spans across Europe, North America, Asia Pacific, and the Rest of the World (RoW).

Considering the global scenario, the Asia Pacific is considered to be a prominent region in the global market due to the soaring adoption of luxury and premium vehicles among consumers. The vehicle tracking system market in the APAC is likely to flourish due to the surging demand for automobiles, especially in Japan, China, and India. Moreover, the presence of prominent manufacturers and operating units of global players, coupled with the high availability of sophisticated technologies, will propel the regional market’s growth in the coming years.

North America will experience significant growth for the vehicles security market, mainly due to the soaring demand for new commercial vehicles, coupled with the growing number of vehicle thefts. The increasing demand for environmentally-friendly vehicles is further estimated to trigger the demand from the vehicle tracking system market. Moreover, the existence of industry bigshots like Spireon, Inc, Verizon Communications Inc, THE US Fleet Tracking, and Inseego Corp in Canada and the U.S. are promoting the market growth. Companies are highly embracing the latest technologies to improve the products associated with vehicle security. This will further augment the development of efficient vehicle security systems and solutions.

Access Full Report @ https://www.marketresearchfuture.com/reports/vehicle-tracking-system-market-7947

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