by The global vehicle tracking systems market size is projected to hit USD 45.8 billion by 2030 and is growing at a CAGR of 10.6% from 2021 to 2030.
The vehicle tracking systems offer various advantages such as increased operational efficiency, reduced cost, vehicle monitoring, fuel management, vehicle maintenance, driver monitoring, and safety & security, which spurs the demand for the vehicle tracking systems across the globe. The proliferation of the advanced technologies such as IoT, automation, digitization, and telematics has significantly fostered the growth of the vehicle tracking systems market.
The rising adoption of the 5G technologies, rapidly growing ICT industry, and rising adoption of mobility-as-a-service is rapidly boosting the growth of the vehicle tracking systems market. The surging popularity of the electric vehicles across the globe owing to the rising government initiatives to promote emission free mobility solutions is augmenting the demand for the electric vehicle among the population. Further, the rising popularity of the autonomous driving vehicles among the premium customers is expected to foster the demand for the vehicle tracking systems. Hence, the growing demand for the latest electric and autonomous driving vehicles is expected to drive the global vehicle tracking systems market during the forecast period.
Regional Snapshot
North America dominated the global vehicle tracking systems market, accounting for over 31% of the market share in 2020. This is attributed to the increased penetration of the e-commerce industry. The increased demand for the logistics solutions by the e-commerce is boosting the demand for the commercial vehicle. Moreover, increased demand for the passenger vehicles in the region has significant contribution in the growth of the North America vehicle tracking systems market. The rising demand for the electric passenger vehicles due to the increased disposable income, increased environment consciousness, and improved standard of living is further expected to drive the market growth in this region.
On the other hand, Asia Pacific is estimated to be the most opportunistic market during the forecast period. Asia Pacific is the home to around 60% of the global population. The demand for the public transportation is high owing to the huge presence of middle and low-income consumers. Furthermore, the rising penetration of the e-commerce is expected to drive the market growth in the forthcoming years. The growing number of commercial vehicles owing to the rising commercial activities is augmenting the growth of the vehicle tracking systems market.
