According to a report by GM Insights,Vehicle tracking market size will be growing at a CAGR of over 20% from 2016 to 2023. Global fleet management market size was valued at USD 8 billion in 2015 and is anticipated to exceed USD 22 billion by 2022, growing at a CAGR of over 20% from 2016 to 2023.
Rising demand for commercial vehicles in regions such as Latin America and Middle East and Africa (MEA) signify a potential growth opportunity. Moreover, integration of Internet of Things (IoT) technology with vehicles is expected to boost the adoption rate of tracking systems in developed regions such as Europe and North America. However, high cost involved in installation of these systems is anticipated to hamper the demand over the forecast period. Lack of consumer awareness is also likely to challenge the industry growth.
Asia Pacific vehicle tracking market size is anticipated to witness significant growth over the forecast period. This can be primarily attributed to rising demand from countries such as Japan, India and China. These emerging markets have high potential owing to the presence of large number of commercial vehicles. Latin America and Middle East & Africa are also forecast to witness moderate growth owing to growing adoption across various nations over the forecast period.
Key players accumulating major vehicle tracking market share include Nissan, Garmin, Trimble, AT&T, Cisco Systems, Fleetmatics, IBM, Verizon Communications, Tomtom and GE Capital. Other prominent industry participants are Davantel, Pointer, Navika, Huizhou Foryou, and Gasgoo.
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