Deployment of Vehicle Tracking Systems by Fleet Managers and Logistics Companies Increasing to Optimize Operations and Increase
Deployment of Vehicle Tracking Systems by Fleet Managers and Logistics Companies Increasing to Optimize Operations and Increase Business Profitability: Fact.MR Report
Worldwide sales of vehicle tracking systems are expected to reach US$ 27.81 billion in 2024 and thereafter ascend to US$ 96.08 billion by the end of 2034. The global vehicle tracking system market has been projected to expand at a CAGR of 13.2% from 2024 to 2034.
Vehicle fleet owners are benefiting from E-call services by receiving emergency notifications. As a result, more fleet managers and logistics firms are deploying vehicle tracking technologies to enhance profitability. Utilizing real-time position data of corporate vehicles is ensuring security.
Motorists activate the SOS feature on car GPS for assistance when looking to find a location. Prompt alerts enable fleet managers to dispatch aid swiftly. Knowing the precise location aids in selecting the appropriate vehicle for emergency responses. These factors are driving global demand for vehicle monitoring systems.
In North America, substantial market revenue stems from ongoing innovations in smart sensors, which is augmenting the adoption of vehicle tracking systems among fleet owners and luxury car manufacturers alike.
For More Insights into the Market, Request a Sample of this Report:
https://www.factmr.com/connectus/sample?flag=S&rep_id=7563
Key Takeaways from Market Study:
“Vehicle tracking systems are becoming more functional and appealing to end users when they are integrated with telematics and linked car technology,” says a Fact.MR analyst.
Leading Players Driving Innovation in the Vehicle Tracking System Market
TomTom International B.V.; Cartrack; ORBCOMM Inc.; Cartrack; Robert Bosch GmbH; RUPTELA; AT&T Intellectual Property; Continental AG; Geotab Inc.; Verizon; Xirgo Technologies Inc.
GPS/Satellite Technology Offering Precision in Real-Time Position Data and Efficient Fleet Management
GPS and satellite technology play a crucial role in vehicle tracking systems, offering accurate real-time position data vital for efficient fleet management and security. Operational efficiency, fuel savings, and punctual deliveries depend on GPS technology, enabling precise tracking, route optimization, and regular updates.
Widespread availability and reliability of GPS and satellites make them preferred for vehicle monitoring, ensuring reliable performance and coverage. They enhance security by enabling swift vehicle recovery and offering geofencing to monitor and regulate vehicle use.
Get Customization on this Report for Specific Research Solutions-
https://www.factmr.com/connectus/sample?flag=S&rep_id=7563
Vehicle Tracking System Industry News:
More Valuable Insightson Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the vehicle tracking system market, presenting historical demand data (2019 to 2023) and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on type (active, passive), vehicle type (passenger, light commercial, heavy commercial), component (hardware, software), technology (GPS/satellites, GPRS/cellular networks, dual modes), and end use (transportation & logistics, construction & manufacturing, aviation, retail, government & defense), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).
Check out More Related Studies Published by Fact.MR:
The global digital transaction management market is projected to grow from US$ 8.01 billion in 2021 to US$ 93.25 billion by 2032, at a 25% CAGR.
The smart TV sticks market is expected to expand from US$ 18.3 billion in 2024 to US$ 51.9 billion by 2035, growing at a 10% CAGR.
The global cable conduit market, valued at US$ 19.5 billion in 2021, is forecasted to grow at a 10% CAGR, reaching the same value by 2032.
The fleet maintenance software market is set to rise from US$ 11.6 billion in 2021 to US$ 30.9 billion by 2032, growing at a 9.2% CAGR.
The inspection management software market is projected to expand from US$ 9 billion in 2023 to US$ 26 billion by 2033, at an 11.2% CAGR.
The critical infrastructure protection market, valued at US$ 137.8 billion in 2022, is expected to grow at a 4% CAGR, reaching US$ 204.2 billion by 2032.
The SoC test platform market is estimated to increase from US$ 4.5 billion in 2022 to US$ 13.1 billion by 2032, growing at an 11.3% CAGR.
The global insurtech market is expected to surge from US$ 8.6 billion in 2023 to US$ 34.7 billion by 2033, expanding at a 15% CAGR.
A vehicle tracking system is a technology that uses GPS or other methods to monitor the location and movement of vehicles in real-time, enhancing fleet management and security.
E-call services are emergency call systems that automatically alert emergency services in case of an accident, providing location data to facilitate a rapid response.
GPS, or Global Positioning System, is a satellite-based navigation system that allows users to determine their exact location anywhere on Earth, widely used in vehicle tracking.
Geofencing is a technology that creates a virtual boundary around a real-world geographic area, triggering alerts or actions when a device enters or exits that area.
Explore more articles in the Research Reports category
