Used increasingly for fleet tracking, routing, dispatch, on-board information and security, vehicle tracking systems technology is also commonly used by urban transit agencies to monitor schedule adherence for buses in service, trigger automatic changes and provide bus stop, route, and service announcements for passengers.
A new ResearchAndMarkets.com report, “Vehicle Tracking Systems Market by Type, Vehicle Type, Application, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2018 – 2025,” indicates the vehicle tracking systems market accounted for $3,795.0 million in 2017. It is expected to reach $14,957.5 million by 2025, growing at a CAGR of 19.9% from 2018 to 2025. In 2017, Asia-Pacific dominated the global market in terms of revenue, accounting for about a 30.9% share, followed by Europe.
Vehicle tracking systems are used for checking and controlling the vehicle development utilizing GPS, mobiles, PCs, equipment interface, and other devices. This study includes the sales created from the offers of the total arrangement which envelops the equipment, software, and other subscription charges related with the tracking and information detailing innovation. This arrangement includes technologies such as GPS, GSM/GPRS, computerized maps, programming, and others
Upsurge in adoption of smart transport solutions is the prime driving factor of the global vehicle tracking systems market. Another factor which boosts the sales of vehicle tracking systems industry is the well-being and security concern for public transportation. Furthermore, rise in fleet activities particularly in developing markets is expected to drive market growth during the forecast period.
However, rise in market shifts due to huge availability of choices restrains the growth of the global market. Conversely, players in the market are expected to create new opportunities by providing customized services to new client sections from various industry verticals. Moreover, the market is expected to show significant growth in the near future, owing to incorporation of 5G into connected vehicles.
The active segment is expected to be the most lucrative during the forecast period, due to rise in preference for real-time data monitoring and reporting, which indirectly shows the future of mobility solutions. The passenger vehicles segment is expected to dominate during the forecast period, due to increase in number of fleet operators, especially in emerging markets.
These fleet operators strive to provide consumer experience in suburban communities at different price points. Cellular tracking is the largest contributor to this segment as compared to other options, owing to the fact that cellular tracking serves as the most economic and widest option for connectivity. The segment transportation and logistics holds the largest market share, owing to vast adoption of vehicle connectivity in the fleet, sales, and distribution industries.
In 2017, Asia-Pacific garnered the highest share, and is expected to continue this trend during the forecast period, due to the rapid rise in GDP and high sales of automotive. The European vehicle tracking systems market is expected to continue to grow, due to technological developments in the automotive industry.
Key Findings of the Vehicle Tracking Systems Market
- In 2017, the active segment dominated the global vehicle tracking systems market size, in terms of revenue, and is projected to grow at a CAGR of 20.1% during the forecast period.
- The government segment is projected to grow at a CAGR of 20.6% during the forecast period in the global vehicle tracking systems market.
- growth rate in the years to come and highest contributor in the vehicle tracking systems market size. Asia-Pacific is projected to register the highest.
- Major players have focused on developing new products to strengthen their presence in the vehicle tracking systems market share.
- Moreover, as per the vehicle tracking systems market analysis, these companies expand their business by establishing a partnership to sustain the intense competition.
Source: ResearchAndMarkets
