Vehicle tracking market size can be segmented on the basis of solution, service, connectivity technology, and vertical. Global fleet management market size was valued at USD 8 billion in 2015 and is anticipated to exceed USD 22 billion by 2022, growing at a CAGR of over 20% from 2016 to 2023. It offers real-time location of each vehicle in the desired fleet. In addition, it also facilitates the customers to get used to new developments and make informed and smart decisions which in turn save cost.
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Global vehicle tracking market combines software with automatic vehicle location in order to collect the fleet data for a complete picture of vehicle locations. These systems mainly employ Global Navigation Satellite System (GLONASS) or Global Positioning System (GPS) technology to locate and track the vehicle. The vehicle information can be observed on electronic maps with the help of Internet or other specialized software.
Government, manufacturing, transportation and logistics, retail, energy and utilities and construction are the key vertical segments. Manufacturing vehicle tracking market share was the largest vertical owing to increasing focus on maintaining separate fleet of vehicles.
Asia Pacific vehicle tracking market size is anticipated to witness significant growth over the forecast period. This can be primarily attributed to rising demand from countries such as Japan, India and China. These emerging markets have high potential owing to the presence of large number of commercial vehicles. Latin America and Middle East & Africa are also forecast to witness moderate growth owing to growing adoption across various nations over the forecast period.
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This latest Vehicle Tracking market research report offers in-depth analysis, key industry insights, market sizing & forecast on a granular level for key products, applications across a number of regional markets. The report also analyzes the Vehicle Tracking industry from business strategy perspective, describing in detail growth drivers, pitfalls &challenges for participants, accompanied by a detailed competitive benchmarking including company market share analysis and detailed business profiles.
Browse key industry insights spread across market data tables, figures & charts from the report “Vehicle Tracking Market Size, Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2016 – 2023”in detail along with the table of contents:
Key Insights in this Report
- Vehicle Tracking market size & forecast by product & application
- Growth drivers, pitfalls & industry challenges
- Key Vehicle Tracking market growth opportunities & emerging business models
- Competitive benchmarking with market share analysis and company profiles
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