• Stacy Lawlor

Global Vehicle Tracking Device Market Size to grow USD 91.43 bn by 2028

The Global Vehicle Tracking Device Market Size is projected to grow from USD 17.37 billion in 2020 to USD 91.43 bn by 2028 at a CAGR of 19.7% during the forecast period.

Global Vehicle Tracking Device Market Size to grow USD 91.43 bn by 2028

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The technology of the Global Positioning System (GPS) is utilised to pinpoint the exact location of automobiles and other mobile entities. The data collected from moving objects can either be kept in the tracking device or sent to a central control unit. The development of advanced technology across sectors is driving up demand for GPS tracking devices, which are also utilised for vehicle security. A GPS tracking device is integrated with commercial vehicles and passenger vehicles to track the vehicle's location for passenger safety and material shipment.


Integration of real-time monitoring and fuel management in cars, as well as safety and security concerns within transportation services, are significant factors driving the worldwide vehicle tracking device market. Furthermore, an increase in fleet operations, particularly in emerging regions, is likely to enhance the market's revenue growth over the forecast period. Further, the growing acceptance of intelligent transportation systems, the introduction of 5G into vehicle connectivity, and the expanding usage of mobility-as-a-service (MaaS) are expected to present attractive potential possibilities for the industry.

Global Vehicle Tracking Device Market Size to grow USD 91.43 bn by 2028

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The COVID-19 pandemic has had a negative impact on the market due to commute limits and predicted dismal financial performance of market players in 2020. Organizations are preparing strategic cost-cutting initiatives in response to the pandemic's economic impact. To enhance cash flow, companies owning car assets are contemplating sale and leaseback options. Supply chain execution, labor dependency, regulatory and policy changes, working capital management, and liquidity and solvency management are the key risk considerations for vehicle tracking system participants. Although, due to a lack of carriers, FMCG, retail, agriculture medicines, and other key services providers are unable to transfer the hoarded products. The demand for vehicles is high in order to manage and cater to the constant supply of essentials.


Adoption of Mobility-as-a-Service is increasing (MaaS)


To minimize traffic and carbon emissions, a mobility-as-a-service model has been developed by a number of companies and governments around the world. They are bringing ride-hailing, car sharing, carpooling, and other options for commuters. Companies who supply vehicle tracking devices are expected to benefit from this service. The technology and software are expected to aid in the gathering of information on pick-ups, drop-offs, car telematics, and payment transactions. Zoomcar, announced the 'Zoomcar Mobility Stack' (ZMS) in August 2020, a software stack for corporates and fleet owners to track vehicle status and driver behavior in real-time to minimize rash driving and control vehicular damage. In addition, mobility service providers such as Uber, Lyft, Ola, DiDi, and others have announced intentions to incorporate autonomous vehicles and robo-taxis into their fleets. As a result, the rapid adoption of Mobility-as-a-Service (MaaS) presents a variety of market expansion potential.


Increase in Demand for IoT and Cloud Technology


Tracking devices are utilized in a variety of industries, including automotive, healthcare, and others. The need for monitoring has risen at a rapid rate in recent years. GPS trackers are smart devices and objects with electronics and internet connectivity that can connect to the cloud, be remotely controlled, and communicate with one another. This is due to an increase in the demand for tracking systems, which promotes market growth.


Increase in Fleet Operations Especially In the Emerging Markets


The rising usage of the internet and technical advancements in connectivity, the demand for car monitoring systems has increased in order to ensure vehicle safety and decrease idle time. E-call services have benefited fleet owners in receiving emergency alerts. Vehicle tracking technology can be used by fleet operators and logistics companies as one of the key profit drivers.

Global Vehicle Tracking Device Market Size to grow USD 91.43 bn by 2028

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Europe is the largest market for vehicle tracking device due to rising government investments in innovative technologies to improve public transportation. For instance, the Executive Agency, Crown Commercial Service, and Trading Fund of the Cabinet Office of the United Kingdom government signed a car telematics deal in May 2016 to assist public transit in increasing on-road safety and efficiency. The arrangement was created in collaboration with ambulance, police, local government, and central government clients, and includes a variety of small and medium-sized business suppliers. These factors propel market growth in this region.

North America is also expected to be one of the fastest-growing regions over the projection period. These gadgets are widely used in nations such as the United States and Canada to track and monitor anti-poaching patrols. In this region, there is a huge need for GPS car tracking devices. The major companies are putting up their best efforts to boost market income in the next years.


KEY INDUSTRY DEVELOPMENTS:


June 2019, Orbocomm Inc. developed a Class B vessel tracking solution in collaboration with Pole Star Space Applications Limited and Weatherdock AG. This innovative solution is a tamper-proof hardware that allows you to keep track of your vehicle's whereabouts at all times.


In April 2017, Sierra Wireless, Inc. purchased GlobalTop Technology Inc.'s GNSS embedded module business. The company's GPS tracking goods will be strengthened as a result of this acquisition.


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https://www.extrapolate.com/Automotive/vehicle-tracking-device-market/25684

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