Vehicle Tracking System Market
A vehicle tracking system is a real time data tracking system that works using GPS and GSM technologies. It provides the exact movement of a vehicle from any location, at any time. Furthermore, cellular or radio transmitters are also used to track the vehicles. Vehicle tracking systems are also popular in consumer vehicles for theft prevention, monitoring, and retrieval device.
The increasing production and sales of electric vehicles in countries such as China, Germany, Norway, and Japan drive the growth of global vehicle tracking system market. Furthermore, technological advancements, growing awareness of the key manufacturers regarding the use of vehicle tracking systems and increasing need for monitoring the automobile movements from both transportation and logistics industries are set to drive the growth of this market during the study period.
Key Players
The key players operating in the global vehicle tracking system market are Verizon Communications Inc. (US), Spireon, Inc. (US), Geotab Inc. (Canada), Inseego Corp. (US), US Fleet Tracking (US), TRACK GROUP (US) AT&T Inc. (US), Cartrack Holdings Limited (South Africa), Continental AG (Germany), Robert Bosch GmbH (Germany).
Market Research Analysis
In terms of region, the global market for the vehicle tracking systems is segmented into North America, Europe, Asia-Pacific, and the rest of the world. Asia-Pacific is estimated to hold the highest market share during the forecast period owing to the growing production of electric vehicles in China and Japan. Moreover, increased production and sales of automobiles is expected to boost the demand for vehicle tracking systems in this region. The growing adoption of vehicle tracking systems by fleet operators for fleet management functions such as fleet tracking, routing, dispatching, on-board information, and security across the country, drives the market growth, further.
North America is estimated to grow at a significant rate in vehicle tracking system market during forecast period owing to the growing demand for envirnmentally-friendly vehicles and the presence of key players such as Verizon Communications Inc., Spireon, Inc, Geotab Inc., Inseego Corp., and THE US Fleet Tracking in the US and Canada are contributing in the growth of this market. The companies in North America are adopting new technologies to enhance the products related with the vehicle security, which would drive the development of more efficient vehicle security systems and solutions.
In Europe, the vehicle tracking market is estimated to witness a high growth rante. Europe is one of the market leaders in the vehicle security systems market. The OEMs in the region are focusing on incorporating advanced safety features in these vehicles, which will be a key driver for the market in the region. Germany and France hold the highest shares of the vehicle security market in this region.
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