Explore Latest Trends in Vehicle Tracking Systems Market | Size Grows at CAGR of 19.9% by Revenue | Forecast Analysis Report by 2025
The global vehicle tracking systems market is expected to reach $14,957.5 million by 2025, from $3,795.0 million in 2017, growing at a CAGR of 19.9% from 2018 to 2025. Vehicle tracking systems are used for checking and controlling the vehicle development, utilizing GPS, mobiles, PCs, equipment interface, and other devices.
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Companies Covered in this Report are:
Cartrack Holdings Limited
Robert Bosch GmbH
Verizon Communications Inc.
Teletrac Navman US Ltd.
The key factor that drives the growth of the global vehicle tracking systems market includes upsurge in adoption of smart transport solutions. Moreover, rise in fleet operations especially in emerging markets is expected to boost the revenue growth of the market during the forecast period. In addition, vehicle tracking systems ensure safety and security within transportation services, thereby increasing their demand. However, increase in choices pertaining to vehicle tracking systems creating market shifts is expected to hinder the market growth. Conversely, introduction of 5G technology and identification of new industry verticals are anticipated to provide lucrative growth opportunities for the growth of the market.
The vehicle tracking systems market is segmented based on type, vehicle type, application, industry vertical, and region. Based on type, the market is categorized into active and passive. By type of vehicle, it is divided into commercial vehicles and passenger vehicles. By application, it is fragmented into mobile tracking, cellular tracking, and satellite tracking. In terms of vertical industry it is segregated into transport & logistics, construction & manufacturing, aviation, retail, government, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific (APAC), and LAMEA. Asia-Pacific is anticipated to be the largest market for vehicle tracking systems during the forecast period.
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Key Market Segments
BY VEHICLE TYPE
BY INDUSTRY VERTICAL
Transportation and Logistics
Other Industry Verticals
Rest of Europe
Rest of Asia Pacific
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