The global Vehicle Tracking Device market is projected to grow from USD 17.37 billion in 2020 to USD 91.43 billion by 2028 at a CAGR of 19.7% during the forecast period. The technology of the Global Positioning System (GPS) is utilised to pinpoint the exact location of automobiles and other mobile entities. The data collected from moving objects can either be kept in the tracking device or sent to a central control unit. The development of advanced technology across sectors is driving up demand for GPS tracking devices, which are also utilised for vehicle security. A GPS tracking device is integrated with commercial vehicles and passenger vehicles to track the vehicle's location for passenger safety and material shipment.
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The chosen research report on the Global Vehicle Tracking Device Market 2022 studies the market in depth while focusing on significant market factors for the market's main players. The Global Vehicle Tracking Device Industry Research Report provides comprehensive top to bottom examination of revenue share, promote percentages, income gauges, and various regions throughout the world. This research includes a complete item overview as well as its market extension to characterize the main terms and provide consumers with a comprehensive understanding of the market and its tendencies. It examines the global Vehicle Tracking Device market from a variety of perspectives to provide a detailed, informative, and precise examination of local development, competition, market division, and other important factors.
COVID-19 ANALYSIS
The COVID-19 pandemic has had a negative impact on the market due to commute limits and predicted dismal financial performance of market players in 2020. Organizations are preparing strategic cost-cutting initiatives in response to the pandemic's economic impact. To enhance cash flow, companies owning car assets are contemplating sale and leaseback options. Supply chain execution, labor dependency, regulatory and policy changes, working capital management, and liquidity and solvency management are the key risk considerations for vehicle tracking system participants. Although, due to a lack of carriers, FMCG, retail, agriculture medicines, and other key services providers are unable to transfer the hoarded products. The demand for vehicles is high in order to manage and cater to the constant supply of essentials.
Key players in global Vehicle Tracking Device market include:
ORBCOMM®
CalAmp.
CONCOX
TomTom International BV.
Sierra Wireless.
ATrack Technology Inc.
Trackimo LLC.
Meitrack Group.
Geotab Inc.
REGIONAL INSIGHTS
The global Vehicle Tracking Device Market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
Europe is the largest market for vehicle tracking device due to rising government investments in innovative technologies to improve public transportation. For instance, the Executive Agency, Crown Commercial Service, and Trading Fund of the Cabinet Office of the United Kingdom government signed a car telematics deal in May 2016 to assist public transit in increasing on-road safety and efficiency. The arrangement was created in collaboration with ambulance, police, local government, and central government clients, and includes a variety of small and medium-sized business suppliers. These factors propel market growth in this region.
The statistical surveying insight study titled Global Vehicle Tracking Device Market provides a stick guide assessment of changing focal elements as well as a forward-looking perspective on changing drivers driving or restraining market development. The Vehicle Tracking Device industry report provides essential and supporting data in the form of pie graphs, tables, a methodical framework, and item charts. The Vehicle Tracking Device Report also determines economic conditions such as item value, specific, inquiry strategy, financial, and specialized details that will expand market activities. The market research report provides the most up-to-date industry data and forecast trends, allowing you to identify the products and end users that are driving revenue growth and profitability.
To give a complete study of the worldwide Vehicle Tracking Device market structure, as well as forecasts for the major segments and subsegments.
• To give information on the elements that influence market growth. Price analysis, supply chain analysis, Porter five force analysis, and other aspects will be used to analyze the Vehicle Tracking Device market.
• To give historical and future revenue for market segments and sub-segments in four major geographies and countries: North America, Europe, Asia, Latin America, and the Rest of the World.
• To provide a country-level market analysis in terms of present market size and future prospects.
• Provide market segmentation by application, product type, and sub-segments at the country level.
•To provide strategic profiling of important market participants, a thorough analysis of their core strengths, and a competitive landscape for the market.
• To monitor and analyze competitive trends in the worldwide Vehicle Tracking Device market, such as joint ventures, strategic alliances, mergers and acquisitions, new product developments, and research & development.
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