New York, June 06, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Vehicle Tracking Systems Global Market Report 2022" - https://www.reportlinker.com/p06284133/?utm_source=GNW
The global vehicle tracking system market is expected to grow from $14.24 billion in 2021 to $17.24 billion in 2022 at a compound annual growth rate (CAGR) of 21.1%. The vehicle tracking system market is expected to grow to $33.14 billion in 2026 at a CAGR of 17.7%.
The vehicle tracking system market consists of sales of vehicle tracking systems by entities (organizations, sole traders, and, partnerships) that provide vehicles with real-time location tracking and regular monitoring.A vehicle tracking system is a system that enables the tracking and control of automobiles via an online computer, smartphone, tablet, or other devices, owing to GPS satellites.
Vehicle tracking systems include a register and checkpoint with previous and current information, as well as real-time and historical tracking of vehicle speeds, routes taken, stopping points, and idling durations on maps.
The main types of vehicle tracking systems are active and passive.Active vehicle tracking systems similarly collect information as passive tracking systems do, but, active tracking systems send the information in real-time to a computer or data center for processing via cellular or satellite networks.
The different types of vehicles include commercial vehicles, and passenger vehicles and are used in various applications such as mobile tracking, cellular tracking, satellite tracking. It is implemented in several sectors including transportation and logistics, construction and manufacturing, aviation, retail, government, and others.
North America was the largest region in the vehicle tracking system market in 2021. The regions covered in vehicle tracking system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The growing demand for car rental and leasing services is expected to drive the growth of the vehicle tracking systems market going forward.Consumers are preferring automobile rentals over public transportation as the desire for individual mobility and social distancing norms increased due to the global pandemic.
Car owners are increasingly spending on the vehicle tracking system for the updated status of the vehicle. For instance, according to AutoRentals.com, a US-based car rental website, the U.S. car rental market reached $23.22 billion in 2020. Thus, the increase in car rental and leasing services will propel the growth of the vehicle tracking system.
The introduction of 5G technology in the vehicle tracking system is shaping the vehicle tracking systems market. 5G technology offers great opportunities for in-vehicle connectivity and monitoring processes by providing faster data transfer and enhancing vehicle communication. Companies in the market are investing in developing GPS tracking solutions coupled with 5G technology. For example, in April 2021, Forward-Thinking Systems, a US-based software company in collaboration with Cradlepoint, a US-based telecommunications equipment company has launched its first-ever 5G vehicle telematics solution, the R1900 router, for fleets of all sizes and industries. The R1900 supports multiple 5G connections and is designed to survive harsh environments, ensuring that fleet cars and devices remain connected wherever they go.
In May 2020, Accel-KKR, a US-based technology equity firm acquired GPS insights LLC for an undisclosed amount.Through this acquisition, Accel-KKR intended to create a market-leading platform that combines the best in fleet management and field services management.
GPS Insights is a US-based company that provides GPS fleet tracking software for fleet-based firms.
The countries covered in the vehicle tracking systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
Read the full report: https://www.reportlinker.com/p06284133/?utm_source=GNW
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