The Global Vehicle Tracking Systems Market was worth US$ 24.5 billion in 2022 and is anticipated to reach a valuation of US$ 56.27 billion by 2028 and is predicted to register a CAGR of 18.10% during 2023-2028.

By following a vehicle's journey, vehicle tracking aids in vehicle identification. The market for vehicle tracking includes all the parts required to find a vehicle utilizing technological gadgets. In current automobiles, GPS or the Global Navigation Satellite System (GLONASS) are typically used by vehicle tracking systems. Owners of vehicles will benefit from this service because it can identify the location and course of the vehicle in relation to time. Fleet managers may follow their vehicles using these technologies and analyse them based on a number of factors, such as their performance, whereabouts, and fuel usage.

Market Drivers and Restraints:

One of the key factors propelling the global market for vehicle tracking systems is the increasing adoption of intelligent transportation systems. The safety and security provided by the transport service is another factor that has favorably impacted the selling of vehicle tracking systems. Additionally, it is anticipated that an increase in vehicle operations, particularly in emerging nations, would spur sales development in the demand for vehicle tracking systems in the future. The industrial structure becomes more fragmented as the number of participants in various industries rises.

In contrast, it is anticipated that the market study of the vehicle monitoring system will open up new prospects for players by capturing new clientele in various industries. Companies give their outsourced personnel with transportation services. As a result, the connected car value chain is becoming more diverse. Additionally, the development of 5G for vehicle connectivity is probably going to present lucrative chances for market advancement. Some trackers can provide information on the real driving conditions of a car, including the speed of the vehicle, the opening and closing of doors, and several engine metrics. As a result, the driver of the vehicle may monitor it to guarantee proper delivery and secure passenger transportation.

Communication is frequently unclear due to contextual circumstances, and user experience frequently deteriorates. This restricts the use of vehicle monitoring devices, which slows the expansion of the market. To track the location and path of the vehicle, the system makes use of GPS. Direct line of sight between the satellite and the receiver is also necessary. A GPS signal can be emitted by nearby objects, which weakens the connection. The GPS signal can be weakened by a variety of environmental variables, including steep hills, dense vegetation, skyscrapers, and persistent cloud cover. As a result, these technologies frequently produce delayed results because of geographical constraints. This issue to some extent restrains the expansion of the global vehicle tracking system market.

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The report is segmented as follows:

The Vehicle Tracking Systems Market is segmented by Type; the Market is segmented by Vehicle Type; the Market is segmented by Application; the Market is segmented by Industry Vertical:

By Type (Active and Passive)

By Vehicle Type (Commercial Vehicles, Passenger Vehicles)

By Application (Mobile Tracking, Cellular Tracking, Satellite Tracking)

By Industry Vertical (Transportation & Logistics, Construction & Manufacturing, Aviation, Retail, Government, Others)

Market Regional Segmentation:

Due to its quick GDP growth and high automobile sales, the Asia-Pacific region is anticipated to represent the largest revenue contributor to the global market for vehicle tracking systems. The market for North American vehicle tracking systems, on the other hand, is expanding rapidly as a result of the ecosystem's restructuring brought about by the advent of numerous technologies and the availability of solution providers. Leading mergers, acquisitions, and other partnership agreements that we have witnessed in North America are clear examples of market upheaval.

The LAMEA vehicle tracking system's market expansion can be attributed to the ecosystem's increased industrial participation. Sales of new cars, which are being driven by population expansion, rising disposable income, and significant future infrastructure development, are helping to fuel this increase in the GCC region's major car-consuming nations, such as Saudi Arabia and the United Arab Emirates. Due to the presence of significant regional suppliers, South Africa makes up the greatest contributor. Additionally, Latin America makes investments in the mining and construction industries' heavy machinery. This investment encourages commercial vehicles to adopt vehicle tracking systems.

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Impact of COVID-19 pandemic on the market:

Due to travel restrictions and anticipated subpar financial performance from market participants in 2020, the COVID-19 pandemic's propagation has had a detrimental effect on the global market for vehicle tracking systems. The pandemic's economic impact is evident in how organizations are formulating strategic cost-cutting initiatives. To increase cash flow, companies owning car assets are contemplating sale and leaseback options. Supply chain execution, regulatory and policy changes, reliance on labor, working capital management, and liquidity and solvency management are the main risk considerations for players in the vehicle monitoring system. However, due to the lack of carriers, FMCG, retail, farm medicines, and other providers of important services are unable to send the stored goods. The need for vehicle tracking hardware and managing software increased as a result of the need to control and accommodate the constant supply of necessities.

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