ID: MRFR/AM/6475-HCR | February 2021 | Region: Global | 135 pages
Vehicle Tracking System Market 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.
A vehicle tracking system is a defense system for the vehicle against external, malicious threats to secure the vehicle in all possible ways. This system includes detection, prevention, and response to threats through various technologies, such as GPS, GLONASS, radio frequency identification, and ultrasonic. The major advantage of this type of tracking system is that it improves vehicle safety and security, communication medium, and performance monitoring.
The major key driving factors for the growth of this market are the growing concerns over vehicle safety and security, growth in fleet operations especially in emerging nations, increase in demand for electric vehicles, and rising production and sales of passenger and commercial vehicles globally. The failure of GPS and cellular-based trackers due to limited or failed cellular or wireless network coverage and costs associated with the development of the system in terms of research acts as a barrier for new market players. However, the increasing demand for autonomous and semi-autonomous vehicles, emergence of 5G for vehicle connectivity, cloud computing-based stolen vehicle tracking systems, and developing economies of emerging countries are providing ample opportunities for the expansion and growth of this market.
The Prominent Players in the global vehicle tracking system market market are 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), and TRACK GROUP (US).
Segmentation: Global Vehicle Tracking System Market
The global vehicle tracking system market is segmented based on type, technology, propulsion, vehicle type, application, and region. On the basis of type, the global market has been divided into passive and active system. On the basis of technology, the global market has been segmented into global navigation satellite system (GLONASS), global positioning system (GPS), connectivity technology, and others. On the basis of propulsion type, the global market has been divided into ICE and electric vehicle. On the basis of vehicle type, the global market has been divided into passenger car and commercial vehicle. On the basis of application, the global market has been divided into residential and commercial.
Geographically, the global vehicle tracking system market has been segmented into four major regions, namely, North America, Europe, Asia-Pacific, and the rest of the world. The growth of the market in Asia-Pacific can be attributed to the increase in adoption of premium and luxury vehicles. The market for vehicle tracking is expected to grow at the highest rate in Asia-Pacific during the forecast period due to an increase in demand for automobiles, primarily in China, Japan, and India. The existence of major manufacturers and operating units of global players in this region combined with the availability of sophisticated technologies will enable the market to grow during the forecast period.
North America is projected to witness significant growth for the vehicle security market. The increase in demand for new commercial vehicles and the rising number of vehicle thefts in the region, will also enable the growth of the vehicle tracking system market in the region.
The rest of the world includes the regions, such as South America and the Middle East & Africa. The Middle East & Africa is witnessing significant growth in the market owing to the increased expenditure and expansion of international players. South America is among the emerging regions, owing to the rapid incorporation of technological changes in the vehicle security. Several countries in South America, including Brazil, are significantly contributing to the growth of the market owing to the growing government initiatives, which are pushing the rapid development of the market in the region.
The report for global vehicle tracking system market of Market Research Future covers extensive primary research. This is accompanied with detailed analysis of qualitative and quantitative aspects by various industry experts and key opinion leaders to gain deeper insights into the market and industry performance. The report gives a clear picture of the current market scenario, which includes the historical and forecasted market size, in terms of value and volume, technological advancement, macroeconomic, and governing factors of the market. The report provides comprehensive information about the strategies of the top companies in the industry, along with a broad study of the different market segments and regions.
|Market Size||2027: USD 48.41 billion|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Technology, By Application, By Vehicle type, By EndMarket|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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), and TRACK GROUP (US).|
|Key Market Opportunities||
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
Increasing demand for fleet management services is projected to boost demand in the vehicle tracking system market.
The segments of the vehicle tracking system market, by type, are global navigation satellite system (GLONASS), connectivity technology, global positioning system (GPS), and others.
The application based segments of the vehicle tracking system market are commercial and residential.
The segments of the vehicle tracking system market, by propulsion type, are ICE and electric vehicle.
The key participants are AT&T Inc. (US), Continental AG (Germany), Cartrack Holdings Limited (South Africa), Robert Bosch GmbH (Germany), Spireon, Inc. (US), Verizon Communications Inc. (US), Geotab Inc. (Canada), US Fleet Tracking (US), Inseego Corp. (US), and TRACK GROUP (US).