SAN FRANCISCO, Aug. 4, 2020 /PRNewswire/ -- The global vehicle tracking systems market size is expected to reach USD 52.8 billion by 2027 registering a CAGR of 14.0% from 2020 to 2027, according to a study conducted by Grand View Research, Inc. The vehicle tracking system is a technology, which combines the tracking location of a vehicle with a software interface that further displays the vehicle data. Such a system is a subset of the overall fleet management industry. Several factors, such as growing traffic congestion, concerns regarding vehicle safety & security, and the need for higher operational efficiency, are anticipated to drive the market growth.
The introduction of disruptive technologies, such as Internet-of-Things (IoT), automation, robotics, and mobility solutions, in the vehicle tracking industry, has not only enabled fleet operators to gain better control over their costs but has also ensured real-time vehicular data collection. Mobile-connected services and the availability of real-time information owing to the implementation of smart technologies has improved the quality of decision-making and productivity for numerous fleet owners. Thus, it has now become easy for fleet operators to achieve higher profitability.
Key suggestions from the report:
- The government & defense segment is projected to register a CAGR of over 9% during the forecast period due to rising demand for vehicle tracking systems as they ensure reduced fuel and administrative costs
- The Global Positioning System (GPS) technology segment is anticipated to expand at the highest CAGR from 2020 to 2027
- The systems are suitable for several applications in the GPS segment, such as tracking & mapping devices, industrial machinery, sea vessels, air navigation, and automobiles
- Furthermore, the increasing awareness and knowledge about telematics services in the developing countries, such as India, Mexico, and Brazil, are predicted to drive the demand for smart fleet solutions
- The European Commission announced the mandatory implementation of e-call technology for all new cars that would be sold from April 2018
- It also introduced new data protection rules to safeguard the confidential information of drivers, owing to increased connectivity of commercial vehicles
- Moreover, the European Maritime Safety Agency laid down several safety standards and rules for commercial/passenger ships. Thus, government regulations are expected to have a positive impact on market growth
Read 120 page research report with ToC on "Vehicle Tracking Systems Market Size, Share & Trends Analysis Report By Vehicle Type, By End-use, By Technology, By Type, By Component, By Region, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/vehicle-tracking-systems-market
These systems offer vehicle tracking in case of theft, navigation, real-time diagnostics, and predictive maintenance, which is also anticipated to drive the market growth. Furthermore, the implementation of these systems contributes to a reduction in traffic congestions owing to optimized route planning. Such factors are expected to boost product demand. Moreover, technological advancements and increased digitalization resulted in easy tracking of vehicle performance. Furthermore, the deployment of a vehicle tracking system has helped several end-use industries to monitor vehicle usage trends and ensure vehicle and driver safety & security.
In addition, cost benefits, owing to improved vehicle performance, and innovative features, such as driver monitoring, fuel management, and fleet analytics, are estimated to drive the market over the forecast period. The advancement of networking infrastructure and the adoption of mobility services owing to the increasing regulatory and compliance mandates in developing countries, such as China, Japan, India, and Brazil, are expected to support the market growth. Moreover, the strong presence of key industry players and various regulatory and compliance mandates for vehicular safety have encouraged the use of such systems in these regions.
These countries are also expected to adopt new technologies, such as cloud and IoT, to achieve higher productivity and operational efficiency, which would further bolster the market growth. However, factors, such as the lack of GPS accuracy owing to the changing weather conditions, dependency on cellular advanced networks, and privacy concerns, among others are expected to hinder the overall market growth.
Grand View Research has segmented the global vehicle tracking systems market on the basis of vehicle type, end-use, technology, type, component, and region:
- Vehicle Tracking Systems Vehicle Type Outlook (Revenue, USD Million, 2016 - 2027)
- Passenger Vehicles
- Light Commercial Vehicles (LCVs)
- Heavy Commercial Vehicles (HCVs)
- Vehicle Tracking Systems End-use Outlook (Revenue, USD Million, 2016 - 2027)
- Transportation & Logistics
- Construction & Manufacturing
- Government & Defense
- Vehicle Tracking Systems Technology Outlook (Revenue, USD Million, 2016 - 2027)
- GPRS/Cellular Networks
- Dual Mode
- Vehicle Tracking Systems Type Outlook (Revenue, USD Million, 2016 - 2027)
- Vehicle Tracking Systems Component Outlook (Revenue, USD Million, 2016 - 2027)
- OBD Device/Tracker & Advance Tracker
- Standalone Tracker
- Performance Measurement
- Vehicle Diagnostics
- Fleet Analytics & Reporting
- Driver Behavior Monitoring
- Vehicle Tracking Systems Software Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- List of Key Players of Vehicle Tracking Systems Market
- Verizon Communications, Inc.
- Sierra Wireless, Inc.
- TomTom International B.V.
- Geotab Inc.
- Cartrack (Pty) Ltd.
- Calamp Corp.
- ORBCOMM INC.
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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