The global vehicle tracking systems market size is expected to reach USD 41.94 billion by 2028 according to a new study by Polaris Market Research. The report “Vehicle Tracking Systems Market Share, Size, Trends, Industry Analysis Report, By Vehicle (Passenger, Light Commercial, Heavy Commercial); By End-Use; By Technology; By Component, By Region; Segment Forecast, 2021 - 2028” gives a detailed insight into current industry dynamics and provides analysis on future market growth.
The prominent factors favoring the market growth include the increasing rate of adoption of vehicles with an ever-increasing transportation and logistics companies, the surge in proliferation related to the digitalization, and the substantial growth in demand for advanced technologies, such as IoT are the few integral factors accelerating the industry growth. Furthermore, the increasing investments in the development of autonomous and semi-autonomous transports are favoring the market growth. The transportation and logistics segment is expected to witness large revenue during the forecast period.
There is a considerable demand for this tracking systems in transportation & logistics, owing to the real-time location monitoring in order to track the safety of drivers, which have positively impacted the growth of the industry globally. While construction and manufacturing segments are projected to record the highest CAGR in the global market, owing to the prevention of the product misuse, checking engine runtime, and detecting stolen equipment.
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With a considerable surge in the production over the last decade, this tracking systems have witnessed a higher demand. They can efficiently track fleet and maintenance operations using smart, automation-based technology. According to the International Organization Manufacturers (OICA), globally, the car's production is estimated at nearly 55.8 million in 2020. With the rising rate of production, consumers are shifting their interest towards digital solutions for monitoring; thereby the adoption of tracking systems is growing worldwide.
Major Participants such as Robert Bosch GmbH, CalAmp, Cartrack, AT&T Inc., Geotab Inc., Inseego Corp., LLC, Laipac Technology Inc., ORBCOMM, Verizon, Spireon.com, Teletrac Navman US Ltd, TELTONICA, Continental AG, TomTom International BV., Trackimo Inc., and Xirgo Technologies are some of the key players operating in the global market.
Several industry players are contributing to opt for diverse marketing strategies with the intent to expand their business operations worldwide. In March 2021, India-based CarDekho developed the low-cost and innovative GPS-integrated technology system – UPLINK, allowing customers to gain real-time contact with a host of information. Such an initiative will dramatically drive the industry forward.
Polaris Market Research has segmented the vehicle tracking systems market report on the basis of vehicle, end-use, technology, component, and region:
Vehicle Tracking Systems, Vehicle Type Outlook (Revenue, USD Billion, 2016 - 2028)
Vehicle Tracking Systems, End-Use Outlook (Revenue, USD Billion, 2016 - 2028)
Vehicle Tracking Systems, Technology Type Outlook (Revenue, USD Billion, 2016 - 2028)
Vehicle Tracking Systems, Component Outlook (Revenue, USD Billion, 2016 - 2028)
Vehicle Tracking Systems, Regional Outlook (Revenue, USD Billion, 2016 - 2028)