Portland, OR, Aug. 25, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the Africa vehicle tracking system market generated $8.99 million in 2019, and is estimated to reach $26.53 million by 2027, registering a CAGR of 14.9% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
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Growing adoption of intelligent transport systems and rise in security and safety concerns within transportation services drive the growth of the Africa vehicle tracking system market. However, threats associated with hacking of data and low usage of internet in developing economies restrain the market growth. Furthermore, surge in adoption of 5G technology into vehicle connectivity is expected to provide new opportunities for the market players in near future.
Covid-19 Scenario of Vehicle Tracking System in Africa:
- Due to Covid-19 outbreak, governments have imposed lockdown throughout the country. This has led to shutdown of vehicle tracking system manufacturing facilities. The fleet operations have been stopped to the larger extent. Only transportation of essential goods has been going on.
- Moreover, despite the restart of vehicle tracking system manufacturing companies, there has been scarcity of skilled labor and disruption in supply chain.
The report offers a detailed segmentation of the Africa vehicle tracking system market based on type, vehicle type, application, industry vertical, and country.
Based on type, the active segment contributed to the largest share in 2019, accounting for nearly three-fourths of the total share, and is estimated to maintain its dominant position during the forecast period. However, the passive segment is estimated to portray the highest CAGR of 15.9% during the forecast period.
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Based on vehicle type, the passenger vehicles segment accounted for the largest share in 2019, holding more than four-fifths of the total share, and is expected to maintain the largest share throughout the forecast period. However, the commercial vehicles segment is expected to register the highest CAGR of 18.3% from 2020 to 2027.
Based on country, Ivory Coast contributed the highest share, accounting for nearly one-fifth of the total market share in 2019, and will maintain its dominance throughout the forecast period. However, Rwanda is expected to grow at the highest CAGR of 26.5% from 2020 to 2027.
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Leading market players analyzed in the research include Cartrack Holdings Limited, AT&T Inc., Geotab Inc., Continental AG, ORBCOMM, Inseego Corp., Ruptela., Robert Bosch GmbH, Verizon Communications Inc., and TomTom International N.V.
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