The global vehicle tracking systems market was valued at USD 21.16 billion in 2022 and is projected to hit USD 80.17 billion by 2032, poised to grow at a CAGR of 14.3% from 2023 to 2032.
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.
Get the Report Sample Copy for more understanding@ https://www.precedenceresearch.com/sample/1399
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.
Report Highlights | Details |
Market Size in 2023 | USD 24.08 Billion |
Market Size by 2032 | USD 80.17 Billion |
Growth Rate | CAGR of 14.3% |
Largest Market | North America |
Base Year | 2022 |
Forecast Period | 2023 to 2032 |
Market Dynamics
Driver
Rising penetration of online retailers
With the advancements in the digital technologies and increasing adoption of the smartphones coupled with the rising number of internet users across the globe, the emergence of the online retailers has gained momentum. Various online shopping platforms such as Amazon, eBay, Flipkart, and Wal-Mart has gained rapid traction among the consumers. These online retailers increasingly adopts the logistic services in order to efficiently deliver the goods to their customers. Hence, this has increased the demand for the vehicle tracking systems to provide the details regarding the orders to the customers.
Restraints
Lack of accuracy owing to the unfavorable weather conditions
The GPS technologies face difficulties in providing accurate locations and routes sometimes owing to the unfavorable weather conditions. This is a major drawback of the vehicle tracking systems that may hamper the market growth during the forecast period.
Opportunities
Rising adoption of smart logistics
The proliferation of latest technologies like AI and IoT has boosted its adoption in the logistics. These latest technologies are expected to enhance the vehicle tracking performances and hence promoted the growth of the smart logistics.
Challenges
Privacy and network security issues
The major challenge faced by the digital technologies is the privacy and the network security concerns. The market players are constantly involved in enhancing their services and improve the privacy and network security related issues.
Read Also: Alternative Fuel Vehicle Market Size Worth US$ 1004.87 Bn by 2032
Report Highlights
Some of the prominent players in the global vehicle tracking systems market include:
Segments Covered in the Report
By Vehicle Type
By Technology
By Component
By Geography
Contact Us:
Mr. Alex
Sales Manager
Call: +1 9197 992 333
Email: sales@precedenceresearch.com
Web: https://www.precedenceresearch.com
Blog: https://www.expresswebwire.com/
Blog: https://www.uswebwire.com/
The global automotive seat market size is calculated at USD 94.13 billion in 2024 and…
The global pit bike market size reached USD 2.14 billion in 2023 and is projected…
The global go kart market size is calculated at USD 154.66 billion in 2024 and…
The global industrial electric vehicle market size is calculated at USD 26.04 billion in 2024…
The U.S. automotive retrofit electric vehicle powertrain market size reached USD 64.62 billion in 2023…
The global industrial vehicle market size reached USD 41.72 billion in 2023 and is projected…