Global Vehicle Tracking System Market set to grow to USD 85.93 billion by 2033.

From GlobeNewswire: 2024-07-04 14:00:00

The Global Vehicle Tracking System Market is set to grow from USD 24.19 billion in 2023 to USD 85.93 billion by 2033, with a CAGR of 13.51%. GPS tracking devices are in high demand for vehicle security and commercial purposes. The passenger vehicles segment holds the largest market share, driven by app-based transportation companies like Uber.

GPS technology is anticipated to grow at the highest CAGR in the vehicle tracking system market, allowing for communication with other technologies. The software segment holds the largest market share, providing services like fuel management and route optimization. North America is expected to dominate the market, with initiatives in place for transportation safety and security.

Asia Pacific is predicted to experience the fastest growth due to technological advancements and increasing vehicle sales. Major players in the market include Calamp Corporation, Verizon Communication Inc., and Geotab Inc. Recent developments include a collaboration between Bosch and AWS to digitalize logistics for increased sustainability and efficiency. Market players, investors, and government authorities are key target audiences for this growing industry.



Read more at GlobeNewswire: Global Vehicle Tracking System Market Size To Worth USD