Vehicle Tracking Systems Market

GMI Research analysis indicates that the Vehicle Tracking Systems Market size was estimated at USD 18.1 billion in 2021 and is slated to register a double digit CAGR of 14.2% over the period 2022-2029 and is projected to reach USD 52.4 billion in 2029.

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Major Vehicle Tracking Systems Market Drivers

Incorporating telecommunications and information technology has helped different sectors improve efficiency, cut costs, and speed up deliveries. The rising digitalization of vehicles to track their performance acts as one of the major drivers fuelling the vehicle tracking market size. Also, the expeditious surge in sales of commercial vehicles is another factor stimulating the market demand. With the expansion in fleet size of logistics and transportation companies, fleet tracking is made necessary to ensure vehicle safety and timely delivery. For example, as stated by the Organisation Internationale des Constructeurs d’Automobiles (OICA), the sale of commercial vehicles in Germany increased from 386,282 units in 2018 to 409,801 units in 2019.

However, the outbreak of the global pandemic coronavirus has hampered the market demand. The strict lockdown norms enforced across the nations have disrupted the production of automotive across North American and European regions.

Strict government norms enforced to encourage the integration of vehicle tracking devices in passenger and commercial vehicles has driven the vehicle tracking systems market size. Increasing adoption of advanced technologies as well as rising concern pertaining safety of vehicles will expand the market growth. Moreover, the growing trend of car leasing and rental services have encouraged rental companies to incorporate the tracking devices to improve the services which will augment the Vehicle Tracking Systems Market Size.

Restraint in the Vehicle Tracking Systems Market

High installation costs, growing concerns about cyber security, and inadequate knowledge among consumers are some of the major factors restraining the Vehicle Tracking Systems Market growth.

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Vehicle Type – Segment Analysis

Based on the vehicle type, passenger vehicles is expected to witness a faster CAGR over the forecast period. Passenger vehicles have gained huge prominence among small and medium organizations as they can be used as minivans to complete daily jobs. Also, fleet operators are increasingly emphasizing improving the user experience, which is another factor driving the segmental growth.

As per the Vehicle Tracking Systems Market Analysis, the increasing adoption of vehicle tracking systems by app-based transportation car renting and leasing companies such as Lyft, Inc., Careem, Uber, and Ola for advanced control has strengthened the segment’s growth. The tracking system allows companies to collect data which improves the profitability and operational effectiveness driving the market growth.

End-Use – Segment Analysis

Based on the end-use, transportation and logistics is anticipated to hold a larger share over the forecast period. Vehicle tracking systems help reduce fuel consumption, administrative cost, ensures the safety of vehicle and driver and certifies real-time location administration. Further, the rising use of GPS tracking systems in the logistics industry will propel market growth. With the increasing fleet size, fleet operators have increased the adoption of global positioning system for logistics and transportation tracking worldwide.

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Regional – Segment Analysis:

Based on the regional coverage, North America is likely to expand at a higher CAGR over the coming years. The transportation industry is highly impacted due to the increasing concerns about vehicle safety and emission. Thus, to combat these increasing concerns, the government has enforced several strict norms and safety programs, which will bolster market growth. For example, the U.S. government launched a ”National Safety Program’ for its General Services Administration (GSA) fleet.

Rising concerns pertaining carbon emissions and mandatory norms enforced by the government to ensure safety are projected to drive the regional growth. Increasing awareness about the vehicles fleet and cargo technologies have encouraged their adoption for fleet management which will drive the regional size.

Top Market Players

Various notable players operating in the market, include, Verizon, Geotab Inc., Cartrack, TomTom International B.V., CalAmp, Teltonika, ORBCOMM Inc., Xirgo Technologies, LLC, Laipac Technology Inc., Trackimo Inc., among others. 

Key Developments:

• • In 2022, Verizon Communications Inc. VZ merged with Amazon Web Services, Inc. (“AWS”) to shift its fleet management software platform, Verizon Connect Reveal to the cloud service subsidiary of Amazon.com, Inc. AMZN. This collaboration is intended to offer a better experience to customers and help business enterprises to use connected data for driver safety and sustainability
  • In 2019, Geotab Inc. acquired Florida Pest Control, a pest management business. Through this acquisition, the company planned to build customer density and also to increase its market presence in the North America region.

Segments covered in the Report:

The global vehicle tracking systems market has been segmented on the basis of vehicle type, end-use, and regions. Based on vehicle type, the market is segmented into passenger vehicles, light commercial vehicles, and heavy commercial vehicles. Based on end-use, the market is segmented into transportation & logistics, construction & manufacturing, aviation, retail, government & defense, and others. 

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Market Segmentation

Global Vehicle Tracking Systems Market by Vehicle Type

• • Passenger Vehicles
  • Light Commercial Vehicles
  • Heavy Commercial Vehicles

Global Vehicle Tracking Systems Market by End-Use

• • Transportation & Logistics
  • Construction & Manufacturing
  • Aviation
  • Retail
  • Government & Défense
  • Others

Global Vehicle Tracking Systems Market by Region

• • North America Vehicle Tracking Systems Market (Option 1: As a part of the free 25% customization)

    • By Vehicle Type
    • By End-Use
    • US Market All-Up
    • Canada Market All-Up

  • Europe Vehicle Tracking Systems Market (Option 2: As a part of the free 25% customization)

    • By Vehicle Type
    • By End-Use
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Vehicle Tracking Systems Market (Option 3: As a part of the free 25% customization)

    • By Vehicle Type
    • By End-Use
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Vehicle Tracking Systems Market (Option 4: As a part of the free 25% customization)

    • By Vehicle Type
    • By End-Use
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Vehicle Tracking Systems (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Verizon
  • Geotab Inc.
  • Cartrack
  • TomTom International B.V.
  • CalAmp
  • Teltonika
  • ORBCOMM Inc.
  • Xirgo Technologies, LLC
  • Laipac Technology Inc.
  • Trackimo Inc.