Vehicle tracking systems are becoming widely used in multiple industries, from the humble GPS on your smartphone to rental cars and shipping, it is an important market to keep an eye on. It is estimated that the global vehicle tracking systems market will increase to $14, 957.5 million by 2025. It is shown to be growing at a CAGR of 19.9% from 2018 to 2025.
Keep reading for an overview of the Allied Market Research report for the years 2017 to 2025.
A major driving factor of the vehicle tracking systems market is the addition of intelligent transport systems that require tracking devices. The health of the tracking systems market depends on the selling of the entire solution – which is hardware, software, and other services offered by the system. Many corporate offices are opting to offer their employees staff transport, this is usually outsourced and these kinds of companies require tracking devices and programs that can be used easily.
Security concerns have also lead to more businesses and people investing in tracking technology. Tracking devices and technology is becoming more accessible, real-time mobile tracking and satellite tracking is easily accessible via applications and programs downloaded via the internet that people can access through their smart devices. Tracking via a cellular device was shown to be the highest contributor to the market in 2017 as it is easily accessible and more economical. Transportation and logistics were shown to hold the largest market share in 2017.
The vehicle tracking systems market was analyzed across-
- North America
- South America
A rapid increase in GDP and high automotive sales makes Asia-Pacific an anticipated contender as the largest revenue contributor for the vehicle tracking systems market. It is expected that the Asia-Pacific region will have a CAGR of 20.4% within the years 2018 and 2025. The rising trend in shared transport and self-driven cars within the European market may show considerable growth for vehicle tracking systems. Another contributor to this region is the trend for green fleets, achieved by proper tracking and, regular and thorough vehicle maintenance reports. The North American vehicle tracking market is experiencing a restructuring of the whole market ecosystem due to the availability of abundant technologies and numerous solution providers. The rest of the world is also experiencing a positive impact due to active participation within the market ecosystem.
Countries located within the UAE are contributing to the market growth due to increased vehicle sales since there is a rise in population, high disposable income, and infrastructure developments. Due to the presence of many local providers, South Africa is now a major contributor to the growth of the vehicle tracking systems market. South America is doing its part for market growth by investing in heavy equipment for the construction and mining industries. This encourages the use of vehicle tracking systems in commercial vehicles and fleets.
Near the year-end of 2018 an estimated 51, 335 subscribers signed up for connected devices at AT&T Inc. CarTrack Holdings Limited operates in 24 countries across all continents, they also updated their Mi-Fleet software by simplifying the fleet operation without any additional cost. Verizon Communication Inc. and Gravel Conveyors Inc. partnered up to implement the Verizon Connect REVEAL fleet management software to reduce costs and improve fleet performance, making these companies’ products more accessible to potential customers and improving the overall revenue of the market.
For a more in-depth look of the market report visit the Allied Market Research website: https://www.alliedmarketresearch.com/vehicle-tracking-system-market
The vehicle tracking system is a complete solution that includes hardware and software used to track and control vehicle movement via GPS, smartphones, etc. if you are interested in learning more about how this can help your business contact us at email@example.com
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