by The global vehicle tracking system market is experiencing robust growth, driven by increasing concerns over vehicle safety, security, and accidents. Vehicle tracking systems offer a wide range of functionalities, including real-time tracking, driver behavior analysis, vehicle maintenance reminders, and journey history tracking. These systems also play a pivotal role in fuel management and dispatching, providing valuable insights for fleet operators and individual vehicle owners.
Rising Road Accidents Prompt Demand
The surge in road accidents worldwide has led to a heightened demand for vehicle tracking systems. Government agencies and fleet management corporations are increasingly installing tracking devices to address this concern. According to data from the National Highway Traffic Safety Administration of the United States Department of Transportation, road accidents claimed the lives of 37,133 people in 2017. In response, the government mandated the installation of tracking devices in all transport vehicles to monitor speed, location, and other factors. The global number of traffic accident-related deaths rose from 1.15 million in 2000 to 1.35 million in 2021, accounting for 2.37 percent of global mortality.
Preventing Theft and Ensuring Security
Individuals are also adopting vehicle tracking systems to enhance security and prevent theft. In case of a car theft, tracking units provide location information that aids in vehicle recovery. Law enforcement agencies can follow the tracking signal to locate stolen vehicles quickly. Vehicle tracking systems are classified into active and passive types, with active systems transmitting real-time data and passive systems storing data for retrieval later.
Passenger Vehicle Segment Dominates
The passenger vehicle segment is projected to dominate the global vehicle tracking system market, driven by the growing number of fleet operators and the adoption of advanced connectivity technologies. Fleet owners are benefiting from services like e-call, which provides emergency alerts. Small and medium-sized enterprises are also increasingly using passenger vehicles for their daily operations, further boosting demand for tracking systems.
North America Leads Due to Security Concerns
North America is expected to lead the market, driven by concerns about vehicle security and safety. Strong regulations and safety initiatives have prompted widespread use of tracking devices in both corporate and personal vehicles. In 2020, 810,400 vehicles were stolen in North America, the highest number since 2008, further emphasizing the need for vehicle security systems.
Asia Pacifics Rapid Growth
The Asia Pacific region is anticipated to witness the fastest growth in the vehicle tracking system market, with a CAGR of 18.0%. Factors such as the expansion of the e-commerce industry, advancements in networking technologies, and increasing commercial and passenger car sales are driving this growth. Additionally, the adoption of technologies like autonomous vehicles, IoT, and cloud computing is expected to further boost the market.
Europes Substantial CAGR
The European vehicle tracking device market is expected to grow at a substantial CAGR during the forecast period, driven by government investments in innovative technologies to enhance public transportation.
Competitive Landscape
Key players in the vehicle tracking system market include AT&T Inc, Teletrac Navman Us Ltd, Cartrack Holdings Limited, Spireon Inc, Continental Ag, Verizon Communication Inc, Robert Bosch Gmbh, Inseego Corp, Geotab Inc, and Tomtom, Inc.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/vehicle-tracking-system-market
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This press release first seen on Brilad
COMTEX_441976519/2840/2023-10-16T12:25:29
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.