New York, Nov. 15, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on "Vehicle Tracking Systems Market Size, Share, Revenue, Demand, Growth Strategy, Industry Trends and Forecast to 2028 – COVID-19 Impact and Global Analysis By Type (Active and Passive), Vehicle Type (Commercial Vehicles and Passenger Vehicles), Application (Mobile Tracking, Cellular Tracking, and Satellite Tracking), Industry Vertical (Transportation & Logistics, Construction & Manufacturing, Aviation, Retail, Government, and Others), and Geography” the global vehicle tracking system market size is projected to grow from USD 13.67 billion in 2021 to USD 23.70 billion by 2028; it is estimated to grow at a CAGR of 8.7% from 2022 to 2028.
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Global Vehicle Tracking Systems Market Report Scope, Segmentations, Regional & Country Scope:
| Market Size Value in | USD 13.67 Billion in 2021 |
| Market Size Value by | USD 23.70 Billion by 2028 |
| Growth rate | CAGR of 8.7% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
| No. of Pages | 150 |
| Historical data available | Yes |
| Segments covered | Type, Vehicle Type, Application, Industry Vertical, and Geography |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Companies Covered | AT&T Inc., Cartrack Holdings Limited,Continental AG,Geotab Inc.,Inseego Corp.,Robert Bosch GmbH,Spireon, Inc.,Teletrac Navman US Ltd,TomTom Telematics BV.,Verizon Communications Inc. |
| Key Research Capabilities | Global Market Assessment, Business Development Strategies, Competitive Landscape, Opportunity Analysis, Regional and Country Level Market Analysis, Market Entry Strategies, Market Dynamics, Risk and Return Assessments, Pricing Analysis, Market Size and Forecasting, Company Profiling, Value Chain Analysis, Expansion Strategies, SWOT Analysis, New Product Development |
| Global Vehicle Tracking Systems Market Forecast to 2028 - Latest COVID-19 Analysis | https://www.theinsightpartners.com/covid-analysis-sample/TIPRE00003847/ |
Global Vehicle Tracking Systems Market: Competitive Landscape and Key Developments
Verizon Communications, Inc.; Sierra Wireless, Inc.; TomTom International B.V.; Cartrack (Pty) Ltd; AT&T Inc.; ORBCOMM INC; Calamp Corp; Teltonika; ATrack Technology Inc.; and Geotab Inc., are among the leading players profiled in the global vehicle tracking systems market report. Several other essential market players were analyzed for a holistic view of the market and its ecosystem. The report provides detailed market insights, which help the key players strategize their growth. A few developments under vehicle tracking systems market are mentioned below:
December 2021: ORBCOMM Inc. announced launch of asset management solution for transportation, container, and heavy equipment. This new asset management solution was enabled by GT 1030 global LTE telematics device for tracking and monitoring assets.
April 2021: Sierra Wireless announced launch of Acculink Cargo, a managed IoT solution that companies can deploy to track the location of high-value and sensitive assets.
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Increasing Development of Semi-Autonomous and Autonomous Vehicles to Provide Lucrative Opportunities for the Global Vehicle Tracking Systems Market Growth during (2022-2028):
The automotive industry is undergoing with advancements in technologies. An autonomous vehicle is a combination of various sensors and networking systems which helps the computer in driving the vehicle. Growing awareness towards safety and security concerns has boosted the demand for driver assist technologies which in turn has led to increase in the development of semi-autonomous and autonomous vehicles Minimal vehicle accidents, improved fuel efficiency, engine productivity and less pollution are some of the advantages of semi-autonomous and autonomous vehicles which will revolutionize the world with fewer vehicles on the roads. Several technology providers such as Google LLC, Tesla Motors and others have also entered the market and are investing in the research and development of autonomous vehicles and semi-autonomous. Every semi-autonomous and autonomous vehicle were needs to be equipped with multiple automation applications such as vehicle tracking system and others to provide an efficient and intelligent routing and GPS. Thus, increasing development of semi-autonomous and autonomous vehicles may increases the adoption of vehicle tracking system and provide a window of opportunity for the vehicle tracking systems market growth.
The vehicle tracking systems market growth in North America is mainly driven by growing availability of high-speed connectivity and mobility, increase in the growth of IoT and huge growth of the automotive industry. Moreover, industrial 4.0 is on rise in North America, several industries are benefiting from the uplift in technology and automation. The growing adoption of Internet of things across automobiles in US, Canada and Mexico have found to be game changing in operations as well as growing revenue through new forms of insights and data driven decisions. Furthermore, North America has the presence of major automotive manufacturers such as like Audi, VW, Daimler, BMW, Mercedes-Benz, Bentley Motors, Maserati, GM, Ford among others, which contributes to the vehicle tracking systems market growth in North America.
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Global Vehicle Tracking Systems Market: Industry Overview
The vehicle tracking systems market has been segmented on the type, vehicle type and geography. Based on type, the vehicle tracking systems market is bifurcated into active and passive. Based on vehicle type, the vehicle tracking systems market is bifurcated into commercial vehicles and passenger. Based on geography, the vehicle tracking systems market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).
The vehicle tracking systems market in Asia Pacific is projected to witness impressive growth during 2022–2028. The region comprises developing economies such as China, India, and South Korea; several Southeastern countries; and developed economies such as Australia and Japan. Countries in Asia Pacific, such as China, India, Japan, have been evolving their technology concepts and using various technologies such as connected cars, IoT and others in the automotive industry. Moreover, government mandates to implement tracking device for vehicles carrying hazardous goods across Asia-Pacific countries contributes to the growth of the market in the region.
Impact OF COVID-19 Pandemic on Global Vehicle Tracking Systems Market:
Restrictions on the trade & commerce industry and the proclaimed lockdowns hampered the business of vendors, thereby slightly hindering the growth of the global vehicle tracking systems market. The impacts of COVID-19 pandemic severely affected the trucking industry in the US. The US trucking industry generates over 700 billion in annual revenue and transports 72.5% of North American freight. Stay-at-home orders and restrictions resulted in discontinuation of business operations and truck activities, which hampered the demand vehicle tracking systems in the region. Further, according to a Tradeshift report, global trade decreased by 14.8% in the second quarter of 2020; however, trade activity increased in 2021 as global economies started recovering from the initial effects of the pandemic. Moreover, cargo vessels, tankers, tugs, and other commercial vehicles are equipped with satellite navigation devices that can receive information from GNSS satellites and compute precise location and time. Maritime tracking insights obtained via GNSS/GPS signals also assisted the market players in measuring the impact of the pandemic on trade business. Thus, the vehicle tracking systems market is anticipated to observe a significant growth during the forecast period.
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