The Global Vehicle Tracking Market Projected to Witness Robust Growth Owing to its Benefits like Continuous Vehicle Monitoring

A new report published by Transparency Market Research, the global vehicle tracking market is projected to witness robust growth owing to its benefits like continuous vehicle monitoring and ensuring the safety of vehicle against theft. Vehicle tracking market provides continuous monitoring of vehicles by tracking their path.

The vehicle tracking market consist of all the components used for locating the vehicles’ position using electronic devices. Vehicle tracking systems generally use GPS (global positioning system) or GLONASS (global navigation satellite system) in modern vehicles. The service is highly useful for vehicle fleet owners, as they can detect the position and path of their vehicles with respect to time.

On the basis of vehicle segmentation, the commercial vehicle segment is anticipated to be a leading segment of the vehicle tracking market due to a higher number of installations of vehicle tracking systems in commercial vehicles. Furthermore, the majority of commercial vehicles are incorporated with vehicle tracking systems; therefore, the segment is holding a major share of the market. Expansion of car rental services in developing countries is likely to boost the passenger vehicles segment during the forecast period.

In terms of region, North America is a prominent market for vehicle tracking, as the region is home to a large and well-developed trucking industry, which is responsible for the large share held by the region in the global vehicle tracking market. Moreover, the market in the Asia Pacific is also expanding at a rapid pace due to the expansion of logistics and fleet management industries.

Key players operating in the global vehicle tracking market are included in this report to give a better competitive landscape and these are Fleetistics, CARTRACK, AssetTrackr Pvt Ltd, TechnoPurple, and Meitrack.

To know more about each segment of the vehicle tracking market and the overall market outlook, click here.

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