According to a new report published by Allied Market Research, titled,"Vehicle Tracking Systems Market by Type, Vehicle, Application, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2018 - 2025,"the vehicle tracking systems market accounted for $3,795.0 million in 2017, and 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 30.9% share of the global market, 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 solution 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 the 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 segment 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 & 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 in the vehicle tracking systems market growth, due to the rapid rise in GDP and high sales of automotive. The Europe 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
The major players, such as AT&T Inc., Cartrack Holdings Limited, Continental AG, Robert Bosch GmbH, Verizon Communications Inc., Spireon, Inc., Geotab Inc., Inseego Corp., TomTom, Inc., and Teletrac Navman US Ltd. 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.