Vehicle Tracking System Market Overview:
The global Vehicle
Tracking System Market is growing continually. The market growth attributes to the
growing demand for improved vehicle safety & security, communication
medium, and performance monitoring solutions. Besides, increasing concerns over
vehicle safety and security drive the growth of the market. Moreover, the
growth in fleet operations, especially in emerging nations, and an increase in
demand for electric vehicles, escalates market growth.
According to Market Research Future (MRFR), the global Vehicle Tracking
System Market is projected to garner exponential traction by 2025, registering
an impressive CAGR during the forecast period (2019-2025). Rising production
and sales of passenger cars, as well as commercial vehicles globally,
substantiate the growth of the market. Increasing usages of mobile phones and
GPS technology boost the market demand. Advances in analytical capabilities in
communication technologies drive market growth.
Additionally, the expansion of 3G/4G and 5G technologies for vehicle
connectivity fuels the growth of the market. Simultaneously, the increasing
demand for autonomous and semi-autonomous vehicles and growth in cloud
computing-based vehicle tracking systems boost the size of the market. Rapid
economic growth provides ample opportunities for the expansion of this market.
Also, increased R&D expenditures and expansion of international players
influence market growth.
On the other hand, technological limitations causing the failure of GPS
and cellular-based trackers due to limited/failed cellular or wireless network
coverage are the significant factors projected to impede the market growth.
Also, the high investment required for research and development activities pose
challenges to new market players. Nevertheless, rapid advances and uptake of
advanced vehicle security technologies would support market growth throughout
the assessment period.
Major Players:
Players leading the global Vehicle Tracking System Market include
Cartrack Holdings Limited (South Africa), AT&T Inc. (US), Continental AG
(Germany), Verizon Communications Inc. (US), Robert Bosch GmbH (Germany),
Spireon, Inc. (US), Inseego Corp. (US), Geotab Inc. (Canada), TRACK GROUP (US),
and US Fleet Tracking (US), among others.
Industry/ Innovation/ Related News
June 10, 2020 ---- Blue Sky Network (the US), a leading global satellite
technology company, launched the highest resolution vehicle tracking system
HawkEye 5500 (HE5500). The newly released dual-mode, real-time tracking, and
vehicle management solution have applications in remote mining operations,
offering a comprehensive set of features.
Certified by Iridium, the new system offers full integration of on-board
systems, two-way messaging, a remote emergency switch, collision detection,
audible alerts, RFID and Bluetooth driver identification & customizable
application integration, supporting light- and heavy C duty vehicles.
Global Vehicle Tracking System Market – Segments
The
report is segmented into six dynamics;
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.
By Regions : Asia
Pacific, Americas, Europe, and the Rest-of-the-World.
Global Vehicle Tracking System Market – Regional Analysis
The Asia Pacific region dominates the global Vehicle Tracking System
Market. The largest market share attributes to the rising sales of premium and
luxury vehicles and automobiles demand, primarily in China, Japan, and India.
The strong presence of key manufacturers and operating units combined with the
availability of sophisticated technologies of global players boost the regional
market growth.
Besides, the increasing adoption of GPS services and cloud-based
services drive the growth of the regional market. Moreover, the proliferation
of smartphones provides enormous opportunities across businesses. The growing
use of navigation services in the region offers an impetus to the growth of the
regional market. Rapidly growing APAC countries Japan, China, and India are
anticipated to grow at a rapid rate through the forecast period.
North America stands second in the global Vehicle Tracking System Market.
The market growth is driven by the increase in demand for new commercial
vehicles and vehicle thefts. The region is home to many advanced communication
technology providers having robust GPS services impacts the growth in the
regional market. Additionally, the early adoption of cloud-based deployment
services propels the development of the market.
Furthermore, the demand for home-based solutions and technological
advantages are some of the key drivers for the regional market. The North
American Vehicle Tracking System Market is expected to create a substantial
revenue pocket over the forecast period.
Global Vehicle Tracking System
Market – Competitive Analysis
Highly competitive, the vehicle tracking system appears to be fragmented
owing to the presence of several well-established players accounting for a
substantial market share. To gain a larger competitive share, players
incorporate strategies such as acquisition, collaboration, partnership,
expansion, and product & technology launch. They invest substantially in
new product development and geographical expansion initiatives. The market is
anticipated to witness relentless innovations and new products, eventually
intensifying competition among synchronous motor manufacturers.
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