Fort Collins, Colorado, Oct. 09, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the vehicle tracking system market size was valued at USD 23.1 Billion in 2022 and is expected to reach USD 75.2 Billion by 2032 at a CAGR of 12.6%.
A vehicle tracking system uses a global positioning system or a cellular network to track and observe the vehicle movement. This involves remote monitoring, vehicle diagnostics, fuel management, route optimization, and driver and safety management. With the expanding growth of global trade, package transportation has grown as tracking technologies are constantly evolving.
Vehicle tracking systems offer benefits like fleet management, real-time traffic alerts, distance traveled, and time taken to ensure efficient cargo and passenger transport. As car leasing and rental companies are expanding, vehicle tracking systems are used for surveillance to prevent vehicle theft. Further, it helps the driver optimize the route, enabling a shorter route with accurate alternatives. With the introduction of GPS in tracking systems, the demand for tracking devices is surging. Additionally, large companies use road transport for transporting goods within the country. Tracking systems are installed to keep a check on the position of their vehicles, which helps them accurately deliver goods and services.
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Segmentation Overview:
The global vehicle tracking system market has been segmented into technology, component, type, end-user, and region. The vehicle tracking system can be segmented based on type, such as an OBD device tracker and an advanced standalone tracker. Regarding regional growth, North America's advanced technology and infrastructure dominate the vehicle tracking system market, accounting for the largest market share in the global scenario. The market has also witnessed significant growth due to the rising popularity of electric vehicles.
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Vehicle Tracking System Market Report Highlights:
- The global vehicle tracking system market growth is anticipated at a CAGR of 12.6% by 2032.
- The vehicle tracking system market growth includes the growing adoption of advanced technology and increased vehicle safety concerns.
- An increasing landscape of commercial fleets is expected to drive the demand for software-based vehicle tracking systems.
- Aviation is the leading end-use segment for vehicle tracking systems. In aviation, the tracking system plays a major role in analyzing the flight position in real time.
- Some prominent players in the vehicle tracking system market report include Orbocomm Inc., Calamp Corporation, Concox Wireless, TomTom International, BV Suntech International, Cartrack, Geotab, Verizon, Teltonika, and Trackimo.
Industry Trends and Insights:
- In 2023, the Apple iPhone 15 Pro and iPhone 15 Pro Max comprise the NavIC support for GPS. The Indian Space and Research Organization (ISRO) has developed NavIC, an independent stand-alone navigation satellite system.
- Accord software and systems confirmed it would supply around 4-5 million NavIC (Navigation with Indian Constellation) chips to passenger and commercial vehicles for the next three years. In addition, it is also reported that the Government of India has mandated NavIC with vehicle tracking features.
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Vehicle Tracking System Market Segmentation:
- By Type: GPS, GPRS, Dual Mode
- By Component: Hardware, software
- By Type: OBD device tracker, stand-alone tracker
- By End-use: Logistics & transportation, construction, manufacturing, aviation, retail
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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