The Global Vehicle Tracking Systems Market was worth US$ 24.5 billion in 2022 and is anticipated to reach a valuation of US$ 56.27 billion by 2028 and is predicted to register a CAGR of 18.10% during 2023-2028.
Vehicle tracking helps to identify any vehicle by monitoring its route. The vehicle tracking market consists of all the components used to locate a vehicle using electronic devices. Vehicle tracking systems generally use the Global Positioning System (GPS) or the Global Navigation Satellite System (GLONASS) in modern vehicles. This service is beneficial for vehicle owners since it can detect the location and route of the vehicle with respect to time. These solutions allow vehicle fleet drivers to track the vehicle and analyze it through various parameters, including performance, location, and fuel consumption.
Market Drivers:
The growing adoption of intelligent transport systems is one of the main drivers of the global vehicle tracking systems market. Another factor that positively influenced the sale of vehicle tracking systems is safety and security within the transport service. In addition, an increase in vehicle operations, especially in emerging markets, is expected to boost sales growth in the future demand for vehicle tracking systems. The increase in the number of players in these industries leads to the fragmentation of the industrial structure.
In contrast, the market analysis of the vehicle tracking system is expected to create a market of opportunities for players by winning new customer segments in various industries. Companies provide transportation services to their employees, who are outsourced. As a result, the value chain of connected vehicles is diversifying. Also, the emergence of 5G for vehicle connectivity is likely to provide reward opportunities for market expansion. Some trackers can provide data on actual vehicle driving conditions, such as vehicle speed, door opening and closing, and many other engine parameters. As a result, the vehicle driver can track the vehicle to ensure proper delivery and safe passenger transport.
Market Restraints:
Due to environmental factors, communication is often not clear, and the user experience often worsens. This limits the adoption of vehicle tracking systems, which hinders the market growth. The system uses GPS to track the location and route of the vehicle. It also requires a direct line of sight between the satellite and the receiver. Objects in a direct way can emit a GPS signal and degrade its connection. Numerous environmental factors, such as steep hills, dense trees, skyscrapers, or sturdy cloud cover, can weaken the GPS signal. As a result, these devices often have delayed results due to geographical limitations. This factor limits the growth of the global vehicle tracking system market to some extent.
Market Recent Developments:
In June 2018, the Tripura government in India launched 50 pre-installed ambulance ambulances with a GPS tracking system.
In February 2018, Jimilab partnered with the leading vehicle management platforms HERE and Airoha, MediaTek IoT devices. This partnership allowed the company's customers to take advantage of the advanced tracking technology of pre-integrated HERE.
In July 2018, U-Blox and Arvento Mobile Systems launched it.x1 vehicle tracking system that uses U-Blox positioning technology to detect panic braking.
In November 2018, providers of telematics systems based on U-Blox and ERM Advanced Telematics devices launched StarLink TrackerWi-Fi, a vehicle tracking device with a built-in Wi-Fi access point.
Ford Motor Company announced the acquisition of Journey Holding Corporation in July 2019 with vehicle tracking software and application-based technology to improve enterprise mobility services.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2022 – 2028 |
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Base Year |
2022 |
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Forecast Period |
2023 - 2028 |
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CAGR |
18.10% |
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Segments Covered |
By Type, Vehicle Type, Application, Industrial Vertical, and Region. |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
Cartrack Holdings Limited, AT&T Inc., Continental AG, Verizon Communications Inc., Robert Bosch GmbH, Spireon, Inc., Inseego Corp., Geotab Inc., TomTom, Inc, and Teletrac Navman. U, and Others. |
Market Segmentation
The active segment is presumed to be the most favorable segment in the global vehicle tracking systems during the forecast period, with a growing preference for real-time data monitoring and reporting, which indirectly illustrates the future of mobile solutions.
Passenger cars are predicted to be dominant during the projection period, primarily due to the increase in vehicle drivers in emerging markets. These vehicle operators strive to provide a consumer experience at various prices in the suburban community. Besides, the growing penetration of the Internet is a crucial factor that contributes to the growth of this industry.
Cellular tracking contributed the most in 2017 due to the fact that it acts as the cheapest and most comprehensive connectivity option compared to others.
Transport and logistics is the dominant segment in the world market that is also foreseen to expand with the highest CAGR in the coming years.
Market Reginal Analysis:
The Global Vehicle Tracking Systems Market Report includes the segmentation of regions:
The Asia-Pacific region is expected to be the most significant contributor of revenue to the global vehicle tracking system market due to rapid GDP growth and high car sales. On the other hand, the North American vehicle tracking systems market is experiencing a spike as an ecosystem that has been restructured with the emergence of many technologies and the availability of solution providers. Market restructuring is evident in the leading mergers, acquisitions, and other partnership agreements that we have seen in North America.
The market growth of the LAMEA vehicle tracking system is due to greater participation in the industry throughout the ecosystem. Major car consumer countries in the GCC region, including the United Arab Emirates and Saudi Arabia, are contributing to this growth through new vehicle sales, driven by population growth, disposable income, and notable future development of the infrastructure. South Africa is the largest contributor due to the presence of major regional suppliers. Latin America also invests in heavy equipment in the construction and mining industries. This investment promotes the adoption of vehicle tracking systems in commercial vehicles.
Top Leading Company:
One of the famous players in the South Africa vehicle tracking systems market is Cartrack Holdings Ltd. with its innovative fleet management solution.
Market Key Players:
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