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Vehicle Tracking Device Market Size
- Report ID: GMI193
- Published Date: Oct 2023
- Report Format: PDF
Vehicle Tracking Device Market Size
Vehicle Tracking Device Market size was valued at USD 28.6 billion in 2022 and is anticipated to register a CAGR of over 15% between 2023 and 2032. The rising incidences of vehicle theft have significantly increased the demand for vehicle tracking devices. These devices provide real-time location information, enabling swift recovery of stolen vehicles. According to the National Insurance Crime Bureau (NICB), more than one million vehicles were found stolen in 2022, marking a 7% rise from 2021 and exceeding one million marks for the first time since 2008.
California and Texas reported the highest number of stolen vehicles with Illinois experiencing the most significant increase, which is estimated at 35% between 2021 and 2022. Businesses & individuals are investing in tracking systems to enhance security measures and protect their assets. As a result, the vehicle tracking device market has experienced substantial growth, driven by the need for advanced anti-theft solutions and the desire to effectively safeguard valuable vehicles & assets.
| Report Attribute | Details |
|---|---|
| Base Year: | 2022 |
| Vehicle Tracking Device Market Size in 2022: | USD 28.6 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 15% |
| 2032 Value Projection: | USD 114.6 Billion |
| Historical Data for: | 2018 - 2022 |
| No. of Pages: | 300 |
| Tables, Charts & Figures: | 411 |
| Segments covered: | Component, Tracker Type, Vehicle, Communication Tracker, Application |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Zero trust security solutions are benefiting industries by component robust protection against cyber threats and unauthorized access attempts. By implementing strict access controls, continuous monitoring & identity verification, these solutions prevent security breaches and data leaks. Industries gain enhanced data protection, reduced attack surface, and improved overall security posture. As organizations witness the effectiveness of these devices, their demand continues to rise, propelling the market growth.
Privacy concerns pose a significant challenge to the vehicle tracking device market. With the increasing use of tracking tracker, there are growing worries about the potential misuse of personal data. Users, especially individuals, are concerned about their location information being tracked and stored. Striking a balance between the benefits of tracking devices, such as enhanced safety & security, and respecting user privacy is crucial. Regulators are continuously working on policies to ensure data protection; however, finding a universally acceptable solution remains a challenge.
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Vehicle Tracking Device Market Scope
