Navigating the Future: Vehicle Tracking Systems Market Projected to Reach USD 60.89 billion by 2030
The global vehicle tracking system market size was valued at USD 21.54 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 14.1% over the forecast period from 2023 to 2030. The rising adoption of advanced technology and growing concern for the security and safety of vehicles are factors driving the market's growth. The rise in fleet operations in emerging nations, coupled with government regulations to install vehicle tracking devices in passenger and commercial vehicles, is fueling the growth. Furthermore, the growing adoption of car leasing and rental services has compelled rental companies to integrate tracking devices to enhance their services, further driving the market's growth. The increase in the number of road accidents has led fleet management companies and government authorities to make installing tracking devices in all vehicles to track their location and speed mandatory. Additionally, the rising uptake of the intelli...