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.
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.
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Vehicle Tracking Systems Market Report Highlights
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Vehicle Tracking Systems Market Segmentation
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)
Vehicle Tracking Systems End-use Outlook (Revenue, USD Million, 2016 – 2027)
Vehicle Tracking Systems Technology Outlook (Revenue, USD Million, 2016 – 2027)
Vehicle Tracking Systems Type Outlook (Revenue, USD Million, 2016 – 2027)
Vehicle Tracking Systems Component Outlook (Revenue, USD Million, 2016 – 2027)
Vehicle Tracking Systems Software Regional Outlook (Revenue, USD Million, 2016 – 2027)
List of Key Players of Vehicle Tracking Systems Market
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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