Vehicle Tracking System Market Overview:
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.
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.
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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