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Increased Use of GPS Monitoring Device in Supply Chain and Logistics to Steer Vehicle Tracking System Sales by US$ 78.35 Billion by 2032
Fact.MR's latest report on the vehicle tracking system market investigates major growth variables that influence sales. The report continues by describing key market aspects such as market drivers, challenges, and opportunities. To present the information in a vivid way, the report has been segmented into vehicle type, end-use, type, technology type, component, and region.
NEW YORK , Sept. 9, 2022 /PRNewswire/ -- The global vehicle tracking system market size is estimated to be valued at US$ 21.7 billion in 2022. Furthermore, with growing need for improving the safety of passengers and increasing use of intelligent transportation systems, the overall demand for vehicle tracking systems is projected to grow at a CAGR of 13.7% between 2022-2032, totaling a valuation of US$ 78.35 billion by 2032.
Vehicle tracking systems are software systems that allow tracking and controlling of vehicles. These systems have gained immense traction during the last few years. They are commonly used by fleet operators for fleet management functions such as fleet tracking, dispatching, routing, monitoring driver behavior, accessing on-board information and security.
Rise in traffic accidents across the world along with growing popularity of connected devices is likely to boost the demand for vehicle tracking systems during the forecast period. Vehicle tracking systems have the potential to reduce traffic crashes and save thousands of lives each year. As a result, numerous fleet management businesses and government agencies have made installing monitoring devices in all cars to track their location and speed essential.
Similarly, increasing acceptance of car leasing and rental services will continue to encourage rental companies to incorporate vehicle tracking systems for improving their services
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With advancement in technology, the application area of vehicle tracking systems is gradually widening. These systems are now being used in sectors like aviation. Driven by this, sales of vehicle tracking systems are slated to rise at a stupendous pace during the next ten years.
Additionally, a tracking device in commercial trucks aids in the timely conveyance of other materials and the tracking of product shipments. The supply chain and logistics industries are increasingly using GPS monitoring devices, which will help the market expand in the years to come.
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With increasing penetration of various domestic and regional players, the global vehicle tracking system market is becoming highly competitive and fragmented in nature. In order to capitalize, key players are focusing on launching advanced vehicle tracking systems. Besides this, they are investing in research and development as well as forming partnerships and collaborations with other companies.
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More Valuable Insights on Vehicle Tracking System Market
In the latest study, Fact.MR offers a detailed study on global vehicle tracking system market for the forecast period of 2022 to 2032. This study also highlights key drivers promoting the sales of vehicle tracking system through detailed segmentation as follows:
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Key Questions Covered in the Vehicle Tracking System Market Report
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