Report ID: 10352044 |
Published Date: 21 Mar 2025 |
Report Format: |
Delivery Timeline: 48-72 Business Hours
Global Vehicle Tracking System Market Highlights over 2022-2030
The global vehicle tracking system market was valued at approximately USD 19 Billion in 2021 and is estimated to further grow at a CAGR of 14% over the forecast period, i.e., 2022-2030. The growth of the market can be attributed to the integration of innovative features for real-time monitoring, enhanced vehicle performance and management, and concerns regarding vehicle safety and security.
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The COVID-19 pandemic affected the global vehicle tracking system market as the automobile industry witnessed 16% decline in automobile production with shutdowns of a large part of the automobile industry and its many suppliers around the world. However, the demand for mobility for persons and goods is expected to remain high as the industry is gradually recovering, with further demand for safer vehicles, connectivity, and automation.
The application of automation, telematics, and IoT with increased digitalization and technological advancement has made tracking of vehicles easy, enabling fleet operators to achieve higher operational efficiency. Moreover, the increasing fleet operations and fleet size of the transportation and logistics companies have made fleet tracking necessary for vehicle security and timely delivery. This rapid increase in demand for fleet tracking and maintenance operations is further expected to propel the growth of the global vehicle tracking system market.
However, data privacy infringement concerns along with cyber security threats are the key factors restraining the growth of the market. Events, such as unauthorized access to multiple vehicle connectivity solutions or breaking into the in-vehicle connectivity system pose as serious security concerns, discouraging end-users from using a vehicle tracking system.
The market is segmented by type into GPS/satellite, GPRS/cellular networks, and dual-mode, out of which, the GPS/satellite segment is anticipated to hold the largest share of the market over the forecast period owing to increasing adoption of GPS-based tracking system as it provides highly accurate vehicle position.
Based on vehicle type, the market is segmented into passenger vehicles, and commercial vehicles, out of which, the passenger vehicles segment is projected to hold the largest market share over the forecast period owing to rising production and sale of passenger vehicles with autonomous features. According to the International Organization of Motor Vehicle Manufacturers, in 2018, around 72 million passenger vehicles were produced globally.
Global Vehicle Tracking System Market Regional Synopsis
Regionally, the global vehicle tracking system market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. North America region is expected to hold the largest share of the market over the forecast period owing to a vast transportation industry that demands vehicle tracking systems on the back of a large number of fleet operators with vehicles available for rental and leasing.
Asia-Pacific region is projected to witness growth at the highest CAGR during the forecast period owing to the growing adoption of advanced technologies such as autonomous vehicles, IoT, and cloud, along with a rapid expansion of the e-commerce sector, strict regulations regarding vehicle safety and security, and increasing commercial and passenger vehicle sales, especially in countries such as China, and India. In 2020, China ranked as the largest passenger car manufacturer in the world, having produced over 20 million cars, which accounts for almost one-third of the global passenger vehicle production.
Market Segmentation
Our in-depth analysis of the global vehicle tracking system market includes the following segments:
By Type
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Active
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Passive
By Vehicle Type
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Passenger Vehicles
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Commercial Vehicles
By Technology
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GPS/Satellite
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GPRS/Cellular Networks
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Dual Mode
By Component
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Hardware
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Software
Growth Drivers and Challenges Impacting the Growth of the Global Vehicle Tracking System Market
Growth Drivers
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Integration of innovative features for real-time monitoring, and enhanced vehicle performance and management
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Concerns regarding vehicle safety and security
Challenges
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Data privacy infringement concerns along with the cyber security threats
Key Companies Dominating the Global Vehicle Tracking System Market
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global vehicle tracking system market that are included in our report are Verizon, TomTom International BV, Cartrack, CalAmp, Geotab Inc., TELTONIKA, ORBCOMM, AT&T Intellectual Property, Trackimo, Sensata Technologies, Inc., Laipac Technology Inc., and others.
Latest Developments in the Global Vehicle Tracking System Market:
December 2021: MachineQ, Comcast, and CoreKinect announced their collaboration to offer a LoRaWAN-based outdoor asset tracking solution for inventory management. This solution is expected to be able to provide automated, near real-time visibility into vehicle inventory is a pretty timely application for IoT.
December 2021: The Union Ministry of Road Transport and Highways (MORTH) in India sanctioned the installation of GPS-based tracking system for all public transport vehicles plying in Puducherry from 2022. All the vehicles will be tracked by the Transport Department once a GPS Monitoring Center is put in place for monitoring.
Key Reasons to Buy Our Report
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The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.
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It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact the market growth.
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The report includes detailed company profiles of the major players dominating the market.
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We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.
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We provide customized reports as per the clients’ requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal.
Frequently Asked Question
The market is segmented by type, vehicle type, technology, component, and by region.
The GPS/satellite segment is anticipated to hold largest market size in value and display significant growth opportunities.
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Report ID: 10352044 |
Published Date: 21 Mar 2025 |
Report Format: |
Delivery Timeline: 48-72 Business Hours
