World Car/GPS Monitoring Methods (Gadgets) Market Share Will Attain $41.94 Billion By 2028: Polaris Market Analysis

According to the research report, the global market share of vehicle tracking systems will increase from US$17.56 billion in 2020 to US$41.94 billion by 2028, with a CAGR of 13.5% over the forecast period 2021-2028.

According to the research report, the global market share of vehicle tracking systems will increase from US$17.56 billion in 2020 to US$41.94 billion by 2028, with a CAGR of 13.5% over the forecast period 2021-2028.

What is a vehicle tracking system (GPS)? How big is the vehicle tracking systems industry?

A vehicle tracking system is a software system used by transportation companies to track the locations of trucks and trailers. The software is connected to the vehicles via GPS and provides companies with real-time insights into the geographic placement of their vehicles. The growing demand for vehicle tracking systems can be attributed to the integration of real-time monitoring and fuel management in vehicles and security concerns in transportation services. The growth of the fleet, which works especially in emerging markets, is expected to drive the revenue growth of the market.

Increasing adoption of intelligent transportation system, advent of 5G in connectivity and increasing acquisition of Mobility as a Service (MaaS) are expected to present growth opportunities lucrative for market growth. Covid-19 has negatively impacted the vehicle tracking systems market due to commuting restrictions and poor financial performance of the players. Sale and leaseback options are being considered by organizations with vehicle assets. But vehicle tracking hardware and management software have increased due to the continuous supply of essential commodities such as agriculture, pharmaceuticals, retail and FMCG that the finished products cannot transmit.

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Our sample report answers important questions like:

• What is the market size and share?
• Who are the top companies in the market?
• What are the requirements for vehicle tracking system market growth?
• What are the opportunities for market growth?
• What is the impact of Covid-19 on the market?
• What are the source, nature, application and regional performance of different industries?
• What are the key drivers, restraints, and opportunities of the Global Vehicle Tracking Systems Market?

Top company profiles covered in this report

• TELTONIKA
• AT&T Inc.
• CalAmp
• car lane
• Continental AG
• Geotab Inc.
• Inseego Corp.
• Laipac Technology Inc.
• ORBCOMM
• Robert Bosch GMBH
• Spireon.com
• Teletrac Navman US Ltd
• TomTom International B.V
• Trackimo Inc.
• Verizon
• Xirgo Technologies LLC

An additional list of key players is available upon request: https://www.polarismarketresearch.com/industry-analysis/vehicle-tracking-systems-market/request-for-sample

Vehicle Tracking Systems Market: Growth Factors

Due to the increasing penetration of online retailers and advances in digital technologies, there is a growing use of smartphones that comes with the increasing number of Internet end-users worldwide. Momentum was gained with the emergence of online retailers. The emergence of online platforms from companies like eBay, Amazon, Flipkart, and Walmart quickly caught on with consumers. Logistic services are adopted by these online merchants to efficiently deliver the goods to the consumers. This increases the demand for a vehicle tracking system to provide the details of customer orders.

The dominant factors behind the development of the market are the increasing concern about vehicle safety, the growing demand for electric vehicles and the increasing production and sales of passenger and commercial vehicles worldwide.

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Global Vehicle Tracking Systems Market: Scope of the Report

report attribute	details
Market size 2020 value	$17.56 billion
Market outlook for 2028	$41.94 billion
Expected CAGR growth	CAGR 13.5% from 2021 – 2028
base year	2020
forecast year	2021 – 2028
top market participants	AT&T Inc., CalAmp, Cartrack, Continental AG, Geotab Inc., Inseego Corp., Laipac Technology Inc., ORBCOMM, Robert Bosch GmbH, Spireon.com, Teletrac Navman US Ltd, TELTONICA, TomTom International BV., Trackimo Inc., Verizon and Xirgo Technologies, LLC
Covered Segments	By vehicle, by end use, by technology, by component, by region
Regions Covered	North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
customization options	Custom purchase options are available to meet your research needs.

Global Vehicle Tracking Systems Market: Key Segmentation

insight by type

Depending on the type, a passenger car will observe a higher CAGR in the market. Passenger cars are popular with small and medium-sized businesses and usually serve as pool vehicles and minivans to carry out their daily tasks. Thus, the demand for vehicle location systems in passenger cars is increasing. Furthermore, the evolving tendency of fleet operators to provide enhanced user experience is expected to lead the growth of the segment over the forecast period.

Insight by end use

Depending on the industry, the market is fragmented into construction, transportation and logistics. The reason for this is the increasing use of GPS tracking. The transportation and logistics segment accounted for the largest market share and it will continue to thrive at an unprecedented rate. In addition, real-time location monitoring is provided by vehicle tracking systems. Vehicle tracking systems market growth has increased owing to lower fuel consumption and management costs.

Insight through technology

This market segment will continue to grow due to the ability of GPS to work with multiple technologies such as LTE, GSM and WiMAX coupled with the GPS to be broadcast with many satellites. It’s more expensive than GPRS, but its ability to sketch out more efficient routes and offer superior productivity has positively impacted the growth of the segment.

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Regional Analysis

The largest market share is dominated by Europe and will maintain its position in the coming years. Most of the key market players are located in Europe to meet the increasing demands on GPS tracking devices. Several GPS tracking events and conferences are taking place in Europe. This will additionally drive the demand for the growth of the European region market.

The market is primarily segmented on the basis of type, end use, technology, component and region.

Vehicle Tracking Systems Market: Outlook by Type

• passenger
• Light advertising
• Heavy commercial

Vehicle Tracking Systems Market: By End-Use Outlook

• Transportation & Logistics
• Design & Manufacturing
• aviation
• sale
• Government & Defense
• Other

Vehicle Tracking Systems Market: By Technology Outlook

• GPS/Satellite
• GPRS/cellular networks
• dual mode

Vehicle Tracking Systems Market: Outlook by Region

• North America (USA, Canada)
• Europe (Germany, UK, France, Italy, Spain, Netherlands, Austria)
• Asia Pacific (China, India, Japan, South Korea, Indonesia, Malaysia)
• Latin America (Brazil, Mexico, Argentina)
• Middle East & Africa (Saudi Arabia, South Africa, Israel, United Arab Emirates)

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