The market size for vehicle tracking systems is predicted to reach US$ 22 billion in 2022 and US$ 78.04 billion by 2032, at a CAGR of 13.5% from 2022 to 2032. The market for automotive monitoring systems is expected to increase due to factors including growing consumer concern over the safety and security of vehicles and the growing use of cutting-edge technology.
The sales of car monitoring systems are increasing as a result of regulations governing their installation in both passenger and commercial vehicles, as well as the expansion of fleet operations in developing countries.
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Additionally, the popularity of car leasing and rental firms is boosting the sales of vehicle monitoring programs, pushing rental companies to use monitoring technology to support their decisions.
The necessity for effective real-time monitoring alternatives for precise information collection has increased due to the automobile industry’s rapid development.
This is related to customers’ growing concerns about safety and security, which is one of several important factors improving the market forecast for car monitoring systems.
Additionally, it’s projected that the arrival of 5G in automobile connections and the expanding use of intelligent transportation programs would increase sales of auto-monitoring programs.
The demand for automotive monitoring programs is growing along with the demand for autonomous and semi-autonomous vehicles.
The demand for a fleet of logistical economic vans has increased along with the volume of global trade. The major players in the car monitoring system industry are working to develop products that let businesses manage their fleets.
The rise in data privacy violations is the key factor restricting the growth of the car monitoring system market because the information contains sensitive information on drivers, vehicles, and travel patterns.
Aggressive Panorama
The most important car monitoring system market gamers intend to offer monitoring options, fleet administration options, and telematics options primarily based on the varied end-use functions.
So as to present high-quality merchandise, they’ve additionally developed a various portfolios that are continually improved by way of R&D. These main gamers assist to broaden the market by way of product launches and partnerships.
The next corporations are among the many main gamers within the international car monitoring system market: Verizon, Geotab Inc., Cartrack, Tom Tom Worldwide B.V., CalAmp, Teltonika.
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We Key Segments
By Vehicle Type:
- Passenger Vehicles
- Light Commercial Vehicles
- Heavy Commercial Vehicles
By End-use:
- Transportation & Logistic
- Construction & Manufacturing
- Aviation
- Retail
- Government & Defense
- Other
By Technology Type:
- GPS/Satellite
- GPRS/Cellular Network
- Dual Mode
By Type:
- Active
- Passive
By Component:
Hardware
- OBD Device/ Tracker and Advance Tracker
- Standalone Tracker
Software
- Performance Management
- Vehicle Diagnostics
- Fleet Analytics & Reporting
- Driver Behavior Monitoring
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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