According to the report published by Allied Market Research, the global vehicle tracking systems market generated $17.37 billion in 2020, and is projected to reach $109.95 billion by 2030, witnessing a CAGR of 19.7% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
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Integration of real-time monitoring and fuel management in vehicles, safety and security concern within transportation services, and surge in fleet operations especially in the emerging markets drive the growth of the global vehicle tracking systems market. However, price concerns of fleet owners, data privacy infringement along with the cyber security threats, and atmospheric inference concern restrain the market to some extent. On the other hand, rise in adoption of intelligent transport systems, Emergence of 5G into vehicle connectivity, and increase in adoption of Mobility-as-a-service (MaaS) present new opportunities in the upcoming years.
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The companies profiled in the global vehicle tracking systems industry report are CalAmp, Cartrack Holdings Limited, Continental AG, Geotab Inc., Trackimo, Teltonika, Teletrac Navman US Ltd, Tomtom, Inc., Verizon Communication Inc. and Xirgo Technologies, LLC
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Based on type, the active segment held the highest market share in 2020, holding 80% of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the same segment is estimated to register the highest CAGR of 20.2% from 2021 to 2030, while passive segment is estimated to register the highest CAGR of 17.5% from 2021 to 2030.
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Key Benefits For Stakeholders
- This study presents analytical depiction of the global vehicle tracking system market analysis along with current trends and future estimations to depict imminent investment pockets.
- The overall vehicle tracking system market opportunity is determined by understanding profitable trends to gain a stronger foothold.
- The report presents information related to the key drivers, restraints, and opportunities of the global vehicle tracking system market with a detailed impact analysis.
- The current vehicle tracking system market is quantitatively analyzed from 2020 to 2030 to benchmark the financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.
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