Vehicle Tracking System Market Valued Expected to Reach $109.95 Billion by 2030, with a CAGR of 19.7% from 2021 to 2030

PORTLAND, OREGAON, UNITED STATES, February 21, 2024 /EINPresswire.com/ -- According to a recent report published by Allied Market Research, titled, "Vehicle Tracking System Market Size, Share, Competitive Landscape and Trend Analysis Report by Type (Active and Passive), Vehicle Type (Passenger Cars and Commercial Vehicles), Technology (GPS/Satellite, GPRS/Cellular Networks and Dual Mode) and Component (Hardware and Software): Global Opportunity Analysis and Industry Forecast, 2021-2030."

𝐕𝐞𝐡𝐢𝐜𝐥𝐞 𝐓𝐫𝐚𝐜𝐤𝐢𝐧𝐠 𝐒𝐲𝐬𝐭𝐞𝐦 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐭𝐚𝐭𝐢𝐬𝐭𝐢𝐜𝐬 𝟐𝟎𝟑𝟎 :

The global vehicle tracking system market was valued at $17.37 billion in 2020, and is projected to reach $109.95 billion by 2030, registering a CAGR of 19.7% from 2021 to 2030.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 : https://www.alliedmarketresearch.com/request-sample/3853

𝐋𝐞𝐚𝐝𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬 𝐨𝐟 𝐕𝐞𝐡𝐢𝐜𝐥𝐞 𝐓𝐫𝐚𝐜𝐤𝐢𝐧𝐠 𝐒𝐲𝐬𝐭𝐞𝐦 𝐌𝐚𝐫𝐤𝐞𝐭 :

· TOMTOM, INC,

· SPIREON INC,

· Continental AG,

· VERIZON COMMUNICATION INC,

· TELETRAC NAVMAN US LTD,

· GEOTAB INC,

· Cartrack Holdings Limited,

· INSEEGO CORP,

· AT&T Inc,

· ROBERT BOSCH GMBH

These players have adopted strategies such as new product launches, collaborations, business expansion, partnerships, mergers and acquisitions, joint ventures, and others to stay competitive in the market.

Asia-Pacific is the highest revenue contributor, followed by Europe, North America, and LAMEA. On the basis of growth rate, LAMEA is expected to lead during the forecast period, owing to rise in GDP in African economies, adoption of telematics & Global navigation satellite system (GNSS) in a few Middle East countries, and rapid urbanization in Latin America.

Vehicle tracking system is a system that used global positioning system (GPS) or cellular network to track and monitor the activity of vehicle. It includes vehicle tracking & monitoring remotely, vehicle maintenance, vehicle diagnostics, fuel management, route optimization, driver management and safety management. The vehicle tracking systems work in a loop of GPS, GSM/GPRS, digital maps, and special software.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰 : https://www.alliedmarketresearch.com/vehicle-tracking-system-market/purchase-options

A tracking module equipped in the vehicle continuously picks up the GPS coordinates that indicate the real-time location of the vehicle. Using a cellular data service, the coordinates are immediately transmitted to the user's computers. Customers log in to the software to see their vehicles on road maps, similar to in-dash and handheld GPS-based navigation systems. There are non-real-time tracking systems in which the in-vehicle module records the coordinates, but does not relay them for real-time monitoring. The data are downloaded from the module when the vehicle is returned at the end of the trip.

The factors such as integration of real-time monitoring and fuel management in vehicles and safety & security concern within transportation services. Moreover, increase in fleet operations especially in emerging markets is expected to boost the revenue growth of the market during the forecast period. However, price concerns of fleet owners, data privacy infringement along with the cyber security threats and atmospheric inference concern is expected to hinder the market growth. Conversely, rise in adoption of intelligent transport systems, emergence of 5G into vehicle connectivity and growing adoption of mobility-as-a-service (MaaS) are anticipated to provide lucrative growth opportunities for the growth of the market.

𝐂𝐎𝐕𝐈𝐃-𝟏𝟗 𝐈𝐦𝐩𝐚𝐜𝐭 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬 :

The spread of the COVID-19 pandemic has negatively impacted the global vehicle tracking system market, owing to commute restrictions and expected weak financial performance of the market players in 2020. The economic impact of the pandemic is visible with organizations preparing strategic cost-saving plans. Organizations with vehicle assets are considering sale and leaseback options to improve cash flow. The major risk factors of the vehicle tracking system participants are supply chain execution, regulatory & policy changes, dependency on labor, working capital management, and liquidity & solvency management. Although, FMCG, retail, agriculture pharmaceuticals, and other essential services provider are not being able to dispatch the stored products owing to the fewer number of transporters. To manage and cater to the continuous supply of essentials, the demand for vehicle tracking hardware and managing software increased.

𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 : https://www.alliedmarketresearch.com/purchase-enquiry/3853

𝐊𝐞𝐲 𝐅𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐎𝐟 𝐓𝐡𝐞 𝐒𝐭𝐮𝐝𝐲 :

By type, the software segment is expected to register a significant growth during the forecast period.

By vehicle type, the commercial vehicles segment is anticipated to exhibit significant growth in the future.

By technology, the GPRS/Cellular Networks is projected to lead the global vehicle tracking system market in terms of growth rate, owing to higher CAGR.

By component, the hardware segment dominated the global vehicle tracking system market in 2020, in terms of revenue

𝐒𝐢𝐦𝐢𝐥𝐚𝐫 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐎𝐧 𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐕𝐞𝐡𝐢𝐜𝐥𝐞 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 :

𝐕𝐞𝐡𝐢𝐜𝐥𝐞 𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐟𝐢𝐜𝐚𝐭𝐢𝐨𝐧 𝐌𝐚𝐫𝐤𝐞𝐭 :
https://www.alliedmarketresearch.com/vehicle-electrification-market

𝐈𝐧𝐝𝐢𝐚 𝐂𝐨𝐦𝐦𝐞𝐫𝐜𝐢𝐚𝐥 𝐕𝐞𝐡𝐢𝐜𝐥𝐞 𝐖𝐢𝐫𝐢𝐧𝐠 𝐇𝐚𝐫𝐧𝐞𝐬𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 :
https://www.alliedmarketresearch.com/india-commercial-vehicle-wiring-harness-market-A31536

𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐕𝐞𝐡𝐢𝐜𝐥𝐞 𝐎𝐧 𝐁𝐨𝐚𝐫𝐝 𝐂𝐡𝐚𝐫𝐠𝐞𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 :
https://www.alliedmarketresearch.com/electric-vehicle-on-board-charger-market-A06307

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬 :

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

David Correa
Allied Market Research
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