Global Vehicle Tracking System Market Size, Share, Forecast Report, 2020-2027
A vehicle tracking system is a defense system for the vehicle against external, malicious threats to secure the vehicle in all possible ways. This system includes detection, prevention, and response to threats through various technologies, such as GPS, GLONASS, radio frequency identification, and ultrasonic. The major advantage of this type of tracking system is that it improves vehicle safety and security, communication medium, and performance monitoring.
The major key driving factors for the growth of this market are the growing concerns over vehicle safety and security, growth in fleet operations especially in emerging nations, increase in demand for electric vehicles, and rising production and sales of passenger and commercial vehicles globally. The failure of GPS and cellular-based trackers due to limited or failed cellular or wireless network coverage and costs associated with the development of the system in terms of research acts as a barrier for new market players. However, the increasing demand for autonomous and semi-autonomous vehicles, emergence of 5G for vehicle connectivity, cloud computing-based stolen vehicle tracking systems, and developing economies of emerging countries are providing ample opportunities for the expansion and growth of this market.
The Prominent Players in the global vehicle tracking system market market are AT&T Inc. (US), Cartrack Holdings Limited (South Africa), Continental AG (Germany), Robert Bosch GmbH (Germany), Verizon Communications Inc. (US), Spireon, Inc. (US), Geotab Inc. (Canada), Inseego Corp. (US), US Fleet Tracking (US), and TRACK GROUP (US).
The global vehicle tracking system market is segmented based on type, technology, propulsion, vehicle type, application, and region. On the basis of type, the global market has been divided into passive and active system. On the basis of technology, the global market has been segmented into global navigation satellite system (GLONASS), global positioning system (GPS), connectivity technology, and others. On the basis of propulsion type, the global market has been divided into ICE and electric vehicle. On the basis of vehicle type, the global market has been divided into passenger car and commercial vehicle. On the basis of application, the global market has been divided into residential and commercial.