Increased adoption of intelligent transport systems, safety and security concern within transportation services, and rising fleet operations especially in the emerging markets drive the growth of the global vehicle tracking systems market
PORTLAND, Oregon, May 21, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, Vehicle Tracking Systems Market by Type (Active and Passive), Vehicle Type (Commercial Vehicles, Passenger Vehicles), Application (Mobile Tracking, Cellular Tracking, Satellite Tracking), and Industry Vertical (Transportation & Logistics, Construction & Manufacturing, Aviation, Retail, Government, Other Industry Verticals): Global Opportunity Analysis and Industry Forecast, 2018 - 2025. The research offers a detailed analysis on changing market dynamics, key investment pockets, major segments, and market competition. According to the report, the global vehicle tracking systems market generated $3.79 billion in 2017, and is expected to reach $14.95 billion by 2025, growing at a CAGR of 19.9% from 2018 to 2025.
Rising adoption of intelligent transport systems, safety and security concern within transportation services, and rising fleet operations especially in the emerging markets drive the market growth. However, increasing choices creating market shifts restrain the growth of the market. Conversely, winning new customer segments from diverse industry verticals and emergence of 5G into vehicle connectivity create new opportunities for growth of the market.
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Active segment to be lucrative through 2025
Among types, the active segment accounted for 80.8% of the market share in 2017 and would retain its dominance through 2025. The same would grow at the fastest CAGR of 20.1% during the forecast period. This is due to the rising preference for real time data monitoring and reporting which indirectly showcases the future of mobility solutions.
Passenger vehicles segment to be lucrative through 2025
Among vehicle types, the passenger vehicles segment was the largest in 2017, capturing 72.2% of the market share and would maintain its dominance through 2025. The same segment would grow at the fastest CAGR of 20.1% from 2018 to 2025. This is due to the growing fleet operators especially in the emerging markets.
Cellular tracking segment to dominate through 2025
Among applications, the cellular tracking segment dominated the market in 2017, grabbing 62.3% of the market share. However, the mobile tracking segment would achieve the fastest CAGR of 20.5% during the study period.
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Asia-Pacific to be lucrative through 2025
Asia-Pacific was the largest market in 2017, grabbing 30.9% of the market share and is likely to dominate the market through 2025. The same segment would achieve the fastest growth of 20.4% during the forecast period. This is due to the large number of big investments for tunneling projects facilitated by large number of domestic suppliers in the region.
Key players of the industry
Leading market players analyzed in the research include AT&T Inc., Cartrack Holdings Limited, Continental AG, Robert Bosch GmbH, Verizon Communications Inc., Spireon, Inc., Geotab Inc., Inseego Corp., TomTom, Inc., and Teletrac Navman US Ltd. These market players have adopted various strategies including collaborations, joint ventures, partnerships, expansions, and others to gain a strong position in the vehicle tracking systems industry.
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