Alongside, the rise in demand for semi-autonomous and autonomous vehicles, the launch of 5G technology, need for better vehicle connectivity, and the availability of cloud computing-based vehicle tracking solutions are likely to contribute largely to the growth of the worldwide vehicle tracking systems market.
Key Players
MRFR profiled some of major players of the global VTS Market Size. They are; Cartrack Holdings Limited (South Africa), AT&T Inc. (US), Robert Bosch GmbH (Germany), Continental AG (Germany), US Fleet Tracking (US), Spireon, Inc. (US), Verizon Communications Inc. (US), Inseego Corp. (US), Geotab Inc. (Canada), and TRACK GROUP (US).
Segmental Outline
The global market of VTS Market Size is assessed y segmental analysis to obtain a comprehensive study. The worldwide market of vehicle tracking system segments are based on technology, type, vehicle type, propulsion, and application. By type, the market is sectioned into active and passive system. By technology, the market is segmented into global positioning system (GPS), connectivity technology, global navigation satellite system (GLONASS), and others. By propulsion type, the market is sectioned into electric vehicle and ICE. By vehicle type, the market is split into commercial vehicle and passenger car. The application-based segments of the market are commercial and residential.
Regional Outlook
The growth of the VTS Market Size in the Asia Pacific region can be attributed to hike in the rate of adoption of luxury and premium vehicles. Additional factors that are expected to propel the market in APAC are rise in demand for automobiles and the presence of proficient automobile manufactures in regions, such as Japan, India, and other APAC countries. Moreover, the availability of sophisticated solutions is likely to make the VTS Market Size grow across the forecast period.
In regions, such as the Middle East & Africa, and South America the VTS Market Size growth is expected to spur due to the increase in the expenditure on vehicle making by international players. In South America, the VTS Market Size is likely to register a decent growth patter owing to the rapid integration of advanced technologies in the vehicle tracking system.
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