Rising adoption of intelligent transport systems, safety and security concern within transportation services, and rising fleet operations especially in the emerging markets drive the market growth. However, increasing choices creating market shifts restrain the growth of the market. Conversely, winning new customer segments from diverse industry verticals and emergence of 5G into vehicle connectivity create new opportunities for growth of the market.
The global vehicle tracking systems market generated $3.79 billion in 2017, and is expected to reach $14.95 billion by 2025, growing at a CAGR of 19.9% from 2018 to 2025.
Leading market players analyzed in the research include AT&T Inc., Cartrack Holdings Limited, Continental AG, Robert Bosch GmbH, Verizon Communications Inc., Spireon, Inc., Geotab Inc., Inseego Corp., TomTom, Inc., and Teletrac Navman US Ltd. These market players have adopted various strategies including collaborations, joint ventures, partnerships, expansions, and others to gain a strong position in the vehicle tracking systems industry.
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Asia-Pacific was the largest market in 2017, grabbing 30.9% of the market share and is likely to dominate the market through 2025. The same segment would achieve the fastest growth of 20.4% during the forecast period. This is due to the large number of big investments for tunneling projects facilitated by large number of domestic suppliers in the region.
Among applications, the cellular tracking segment dominated the market in 2017, grabbing 62.3% of the market share. However, the mobile tracking segment would achieve the fastest CAGR of 20.5% during the study period.
Among vehicle types, the passenger vehicles segment was the largest in 2017, capturing 72.2% of the market share and would maintain its dominance through 2025. The same segment would grow at the fastest CAGR of 20.1% from 2018 to 2025. This is due to the growing fleet operators especially in the emerging markets.
Among types, the active segment accounted for 80.8% of the market share in 2017 and would retain its dominance through 2025. The same would grow at the fastest CAGR of 20.1% during the forecast period. This is due to the rising preference for real time data monitoring and reporting which indirectly showcases the future of mobility solutions.
Top Impacting Factors Such as -
- Rising adoption of intelligent transport systems
- Safety and security concern within transportation services
- Rising fleet operations especially in the emerging markets
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Key Findings of the Vehicle Tracking Systems Market:
- n 2017, the active segment dominated the global vehicle tracking systems market size, in terms of revenue, and is projected to grow at a CAGR of 20.1% during
- the forecast period.
- The government segment is projected to grow at a CAGR of 20.6% during the forecast period in the global vehicle tracking systems market.
- Growth rate in the years to come and the highest contributor in the vehicle tracking systems market size. Asia-Pacific is projected to register the highest
Questions answered in the Vehicle Tracking Systems Market research report:
- What is the growth rate of the vehicle tracking systems market during the forecast period?
- What will be the global vehicle tracking systems market size from 2018 to 2025?
- What are the leading manufacturing companies in the vehicle tracking systems market?
- How the major current trends will shape the market in the future?
- What are the driving factors and opportunities in the vehicle tracking systems market?
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