New York, Aug. 03, 2021 (GLOBE NEWSWIRE) -- Vehicle Tracking System Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Vehicle Tracking System Market Research Report, Technology, Application, Vehicle type, End Market and Region - Forecast till 2028” the market size is projected to be worth 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.
COVID-19 Analysis
The COVID-19 outbreak has impacted the vehicle tracking system market negatively. The overall automotive production volumes have declined globally on a yearly basis chiefly on the account of decreased production volumes in Europe and North America among other regions. The slowdown faced in some of the top end use industries like manufacturing, construction, retail, and transportation and logistics has translated into a dwindling demand for vehicle tracking systems.
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Key Players
Eminent players profiled in the global vehicle tracking system market report include –
- AT&T Inc. (US)
- Cartrack Holdings Limited (South Africa)
- Continental AG (Germany)
- Robert Bosch GmbH (Germany)
- Verizon Communications Inc. (US)
- Spireon Inc. (US)
- Geotab Inc. (Canada)
- Inseego Corp. (US)
- US Fleet Tracking (US)
- TRACK GROUP (US)
The global vehicle tracking system market is fragmented and also competitive for the presence of different international & domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers , including collaborations, contracts, partnerships, joint ventures, geographic expansions, & new product launches, and more.
Industry Updates
Revolt Motors has announced online vehicle tracking system for their bike delivery. The VOLT (vehicle online tracking system) will allow customers in tracking the status of their bikes during every stage from booking to production till the bikes are delivered, through their mobile number or booking IDs by tapping on the button “Track your Revolt” on the website. The company is working at a feverish speed for expanding their production capacities for fulfilling the burgeoning need it is getting for its bikes. It further stated that it has deeply invested in its technology and AI platform.
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Drivers
Introduction of Disruptive Technologies to Boost Market Growth
The introduction of various disruptive technologies like mobility solutions, robotics, automation, and internet of things in the vehicle tracking industry are adding market growth. They are not only enabling fleet operators in gaining better control on costs yet also ensuring real-time vehicular data collection.
Opportunities
Growing Adoption by Transportation and Logistics Companies to offer Robust Opportunities
The rapid adoption of tracking systems by transportation and logistics companies will offer robust opportunities for the companies that offer vehicle tracking system in gaining a strong customer base and generating more revenues.
Restraints
High Installation Cost to act as Market Restraint
The high cost of installation of such systems coupled with lack of consumer awareness may impede the global vehicle tracking system market share over the forecast period.
Challenges
Lack of GPS Accuracy to act as Market Challenge
The lack of GPS accuracy for challenging weather conditions coupled with network security and privacy issues will act as market challenges over the forecast period.
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Market Segmentation
The global vehicle tracking system industry is segmented based on application, vehicle type, propulsion, technology, and type.
By type, the active segment will lead the market over the forecast period for the rising preference for real-time data monitoring as well as reporting, that indirectly showcases the future of mobility solutions.
By technology, the global positioning system (GPS) segment will dominate the market over the forecast period and at a high CAGR like the GPS capability for working with various technologies such as WiMAX, LTE, and GSM, and the ability of GPS in being publicized with several satellites. Though it is more expensive compared to GPRS, the ability of GPS in charting more efficient routes and offering better productivity, is adding to the segmental growth.
By propulsion type, the global vehicle tracking system is segmented into electric car and ICE.
By vehicle type, the passenger vehicles will spearhead the market over the forecast period for the increase in fleet operators in emerging markets. Such fleet operators are striving in offering consumer experience at various different price points in sub-urban communities. Besides, the increase in internet penetration is also adding to the growth of the segment.
By application, the global vehicle tracking system is segmented into commercial and residential.
Regional Analysis
APAC to Have Lions Share in Vehicle Tracking System Market
The Asia Pacific region will have lions share in the market over the forecast period. Increasing demand for automobiles in India, Japan, and China, the availability of sophisticated technologies, rapid increase in GPD, high automotive sales, the rapid expansion of the e-commerce sector, growing advances in networking technologies, stringent regulatory mandates, growing passenger and commercial vehicle sales, and the growing adoption of advanced technologies like cloud, the internet of things, and autonomous vehicles are adding to the global vehicle tracking system market growth in the region. Besides, substantial automobile production, stringent regulations in developing countries, and supportive government programs, product launches, various conferences and events are also adding market growth.
Segmentation of Market covered in the 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 Middle East & Africa)
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