Global Vehicle Tracking System Market Forecast 2022-2030

Global Vehicle Tracking System Market Forecast 2022-2030

KEY FINDINGS

The global vehicle tracking system market is evaluated to grow with a CAGR of 15.66% over the forecasted years of 2022 to 2030. The market growth is ascribed to the increase in fleet operations as well as the safety concerns of vehicle owners.

MARKET INSIGHTS

Vehicle tracking systems function through technologies such as general packet radio service (GPRS), global positioning systems (GPS), and dual mode. It also helps identify the exact location of the asset, boost fleet productivity by minimizing maintenance expenses and maximizing profits, and verify that a company’s transportation system meets business demands in a cost-effective, reliable, and efficient manner.

Commercial fleet operations are increasing across the globe. Aligning with this, transportation and logistics activities are on the rise as road transport is one of the most convenient ways of availing products, even in remote regions where other modes of transportation are unavailable. Fleet owners can utilize a vehicle tracking system in order to ensure vehicle safety while also reducing idle time. Furthermore, numerous other features, including emergency alerts, have been added to tracking systems for the better management of the fleet. As a result, the increase in fleet operations is set to play a pivotal role in propelling the global vehicle tracking system market growth during the forecast years.

REGIONAL INSIGHTS

The global vehicle tracking system market growth evaluation covers the assessment of Europe, the Asia-Pacific, North America, and Rest of World. Asia-Pacific is expected to lead and dominate the global market by the end of the forecast period. The regional market’s notable growth is fuelled by the rapidly-growing automotive sector, in addition to the expanding transportation, logistics, and fleet activated in the Asia-Pacific.

COMPETITIVE INSIGHTS

The industry rivalry in the global vehicle tracking system market is high. Moreover, the market constitutes a mixture of large players, as well as medium- and small-scale companies. Sierra Wireless Inc, TomTom NV, ORBCOMM Inc, etc., are among the key companies operating in the global market.

Our report offerings include:

• Explore key findings of the overall market

• Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)

• Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions

• Market Segmentation caters to a thorough assessment of key segments with their market estimations

• Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share

• Key analytics: Porter’s Five Forces Analysis, Vendor Landscape, Opportunity Matrix, Key Buying Criteria, etc.

• Competitive landscape is the theoretical explanation of the key companies based on factors, market share, etc.

• Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments