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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Leading players of the global vehicle tracking systems market analyzed in the research include CalAmp, Cartrack Holdings Limited, Continental AG, Geotab Inc., Trackimo, Teltonika, Teletrac Navman US Ltd, Tomtom, Inc., Verizon Communication Inc. and Xirgo Technologies, LLC.
Based on region, Asia-Pacific contributed to the highest share in terms of revenue in 2020, holding nearly half of the total market share, and is estimated to continue its dominant share by 2030. Moreover, North America is projected to manifest the fastest CAGR of 20.6% during the forecast period. Other regions discussed in the report include Europe and LAMEA.
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COVID-19 scenario of Vehicle Tracking System:
- The outbreak of the COVID-19 pandemic has negatively impacted the global vehicle tracking system market, owing to commute restrictions and weak performce of key market players in 2020.
- It hampered supply chain execution, regulatory policies, working capital management, and liquidity & solvency management. This, in turn, affected the market demand.
The report offers detailed segmentation of the global vehicle tracking systems market based on type, vehicle type, application, technology, component, and region.
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