Vehicle Tracking Systems Market Size & Global Industry Forecast Report 2021-2028

 


Global Vehicle Tracking Systems Market

The Vehicle Tracking Systems Market is likely to perceive an annual rate of increase of 19.3% over the forecast period. The vehicle tracking systems proffer continuous supervision of vehicles and certify the safety of vehicles against any robbery.

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Vehicle Tracking Systems Market Dynamics

The association between telecommunication and information technology has engendered a whole new propagation of solutions in diverse industries, allowing businesses to raise efficiency, offer high sped deliveries, and reduce costs. Also, the quick surge in the sales of commercial vehicles is anticipated to steer the fleet tracing and maintenance operations. The increase in the column size of the logistics and transportation companies has raised the need for fleet tracing for vehicle safety and timely shipment. For example, as stated by the Organisation Internationale des Constructeurs d'Automobiles (OICA), Germany noticed a remarkable surge in the sales of commercial vehicles from 386,282 units to 409,801 units in 2019. Moreover, Canada also experienced a commercial vehicle supply of 1,479.2 million units in 2019 over 1,407.2 million units in 2018.

The outburst of the coronavirus has adversely influenced the demand for vehicle tracking systems in 2020. The overall production of automotive has reduced on a yearly basis, primarily because of the reduction in the production volumes across the European and North American regions. The halt by various principal industries, such as manufacturing, logistics & transportation, and retail, has elevated the market demand. However, the GPS locations may be fallacious, which has restrained the market growth.

Vehicle Type Drivers

Based on the vehicle type, the passenger vehicles segment is anticipated to boom at a notable CAGR in the vehicle tracking systems market over the forecast period. Passenger vehicles have earned immense prominence over small and medium-sized businesses and help cater to minivans' purpose to compute the daily business tasks. This has raised the demand to gauge the vehicle tracking system in passenger cars. Moreover, the drift amid fleet operators to provide a better experience to the users is projected to supplement the market growth.

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