Vehicle Tracking Market Grows

By Staff Writer September 13, 2022

The global vehicle tracking system market size is estimated to be valued at US  $ 21.7 billion in 2022., according to a report from Fact.MR, a global marketing research company.

The report states that 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 (compound annual growth rate) of 13.7% between 2022-2032, totaling a valuation of $ 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.

According to Fact.MR, the 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.

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Last modified on Friday, 16 September 2022 12:52