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Explosive Growth Projected for Vehicle Tracking Systems Market Driven by Surging Demand for Car Rental Services

Vehicle Tracking Systems Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032

The Business Research Company’s Vehicle Tracking Systems Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032

The global vehicle tracking systems market size will grow from $17.27 billion in 2022 to $20.78 billion in 2023 at a compound annual growth rate (CAGR) of 20.3%.”

— The Business Research Company

LANDON, GREATER LANDON, UK, November 28, 2023 /EINPresswire.com/ — The global vehicle tracking systems market is set for remarkable expansion, catapulting from $17.27 billion in 2022 to $20.78 billion in 2023, exhibiting an impressive Compound Annual Growth Rate (CAGR) of 20.3%. This growth trajectory is anticipated to persist, propelling the market size to a staggering $38.75 billion by 2027, maintaining a robust CAGR of 16.9%.

Key Driver: Soaring Demand for Car Rental and Leasing Services

The burgeoning demand for car rental and leasing services is anticipated to be a key driver fueling the growth of the vehicle tracking systems market. Consumers are increasingly favoring car rentals over public transportation, driven by a heightened preference for individual mobility and the adoption of social distancing norms amid the global pandemic. Car owners are investing in vehicle tracking systems to stay updated on the status and location of their vehicles. Notably, the U.S. car rental market reached $23.22 billion in 2020, according to AutoRentals.com, a U.S.-based car rental website. This surge in car rental and leasing services is expected to significantly contribute to the growth of the vehicle tracking system market.

For a deeper understanding and strategic insights, refer to our comprehensive sample report:
https://www.thebusinessresearchcompany.com/sample.aspx?id=5821&type=smp

Major Players Shaping the Market Landscape

Key players at the forefront of influencing the dynamics of the vehicle tracking systems market include Verizon Connect, Spireon, Geotab, TomTom, Teletrac Navman, Cartrack, CalAmp, Teltonika, Orbcomm, Xirgo Global, Laipac, Trackimo, AirIQ, Fleetmatics, Mix Telematics, Trimble, Actsoft, Ctrack, and Masternaut.

Key Trend: Integration of 5G Technology

An instrumental trend gaining prominence in the vehicle tracking systems market is the integration of 5G technology. The advent of 5G technology presents significant opportunities for in-vehicle connectivity and monitoring processes, offering faster data transfer and enhancing vehicle communication. Market players are making substantial investments in developing GPS tracking solutions coupled with 5G technology. For instance, in April 2021, Forward-Thinking Systems, a U.S.-based software company, in collaboration with Cradlepoint, a U.S.-based telecommunications equipment company, launched the R1900 router. This 5G vehicle telematics solution is designed to support multiple 5G connections, ensuring seamless connectivity for fleet cars and devices, even in harsh environments.

Regional Dynamics and Market Segmentation

In 2022, North America emerged as the largest region in the vehicle tracking system market. The regions covered in the vehicle tracking system market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The global vehicle tracking systems market is segmented –
1) By Type: Active, Passive
2) By Vehicle: Commercial Vehicles, Passenger Vehicles
3) By Application: Mobile Tracking, Cellular Tracking, Satellite Tracking
4) By Industry Vertical: Transportation And Logistics, Construction And Manufacturing, Aviation, Retail, Government, Other Industry Verticals

For comprehensive insights into market dynamics and future trends, please refer to the complete report:
https://www.thebusinessresearchcompany.com/report/vehicle-tracking-systems-global-market-report

Vehicle Tracking Systems Global Market Report 2023 from TBRC covers the following information:

• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.

The Vehicle Tracking Systems Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on vehicle tracking systems market size, vehicle tracking systems market drivers and trends, vehicle tracking systems market major players, vehicle tracking systems market competitors’ revenues, vehicle tracking systems market positioning, and vehicle tracking systems market growth across geographies. The vehicle tracking systems market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the vehicle tracking systems market report and tap into segments with the highest growth potential.

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Originally published at https://www.einpresswire.com/article/671339709/explosive-growth-projected-for-vehicle-tracking-systems-market-driven-by-surging-demand-for-car-rental-services

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