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Vehicle tracking system market to reach $109.95 billion by 2030; Active type to surpass at 20.2% CAGR; Commercial vehicles type to garner at 20.6% CAGR.
According to the Market Statsville Group (MSG), the global automotive logging device market size is expected to grow from USD 13.6 billion in 2021 to USD 18.7 billion by 2030, at a CAGR of 4.1% from 2022 to 2030.
Globally the penetration of advanced technologies such as cloud computing and IoT tends to drive the growth of global smart transportation market. According to Goldstein Research, smart transportation market is expected to reach USD 251.40 billion by 2024, growing at a CAGR of 16.75% during the forecast period (2016-2024).
According to Goldstein Research global automotive telematics market report; about 28% of new car customers prioritize car connectivity features over other conventional car features such as engine power or fuel efficiency, and 13%in developed countries would not even buy a car that is not connected to the internet today.