September 20, 2022 11:55 ET | Source: Straits Research Straits Research

New York, United States, Sept. 20, 2022 (GLOBE NEWSWIRE) -- A vehicle tracking system is a system that uses cellular networks or global positioning satellites (GPS) to monitor and track the activity of vehicles. It includes remote vehicle tracking and monitoring, vehicle maintenance, vehicle diagnosis, fuel management, route optimization, driver management, and safety management. The vehicle tracking systems' GPS, GSM/GPRS, digital maps, and specialized software form a closed loop.

A tracking module continuously collects the GPS coordinates that indicate the vehicle's location at any given time. The coordinates are instantly transmitted to the user's computers using cellular data service. By logging into the software, customers can view their vehicles on road maps, similar to in-dash and handheld GPS-based navigation systems. The vehicle tracking system's location function is a fundamental and extensive application. A vehicle tracking system has numerous fleet management applications in addition to the vehicle location, including vehicle security, maintenance, fleet visibility, fuel management, asset tracking, insurance cost reduction, transit tracking, weather updates, and traffic updates.

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Use of GPS Tracking Systems for Vehicle Security Drives the Global Market

Automobile owners are concerned about vehicle security, resulting in a never-ending search for innovative and enhanced vehicle security measures. The vehicle tracking system permits real-time monitoring and tracking of vehicles and a review of their travel history. The technology uses the Global Positioning System (GPS) to determine the location of a vehicle and transmit its coordinates to a satellite-based monitoring center. Individuals use tracking devices to detect and prevent vehicle theft. The position data from the tracking device is used to find the stolen car. The authorities may provide these coordinates for additional investigation.

Growing Transportation Business of People and Goods Creates Tremendous Opportunities

The expansion of the goods and passenger transportation business, led by ride-hailing companies, car rental companies, and the adoption of app-based transportation services, is driving global demand for automobile monitoring systems. Trackers can provide information on the vehicle's current operating state, such as speed, door lock and unlock, and other engine metrics, allowing fleet managers to track the vehicle. Vehicle tracking systems are becoming more and more necessary for transportation companies as the number of car rental agencies increases globally. Booking apps make rental car services more accessible to the public. These apps make car rental costs transparent to the general public and include unique features like price comparison, vehicle type selection, and passenger limit.

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The Global Vehicle Tracking System Market is categorized into North America, Europe, Asia-Pacific, South America and The Middle East, and Africa. North America is anticipated to dominate the Global Vehicle Tracking System Market. The development of intelligent systems has resulted in the adoption of fleet management technologies.

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Global Vehicle Tracking System Market Segmentation

Table of Content and Figure @  https://straitsresearch.com/report/vehicle-tracking-system-market/toc

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