The Global Vehicle Tracking System Market size accounted for USD 19,453 Million in 2021 and is expected to reach the value of USD 59,454 Million by 2030 growing at a CAGR of 13.7% during the forecast period from 2022 to 2030.
The incorporation of real-time surveillance and energy management in automobiles, as well as safety and security concerns in transportation services, are important drivers driving the worldwide vehicle tracking systems market's rise. Furthermore, rising 5G technology adoption, a fast-developing ICT industry, and expanding mobility-as-a-service usage are fueling the vehicle tracking systems market growth.
The car tracking system is a system that allows for the monitoring and reporting of autos via a cell phone, web computer, tablet, or other devices 24 hours a day, seven days a week, thanks to GPS satellites. Vehicle tracking systems provide for real-time and historical monitoring of vehicle speeds, stopping points, routes, and idling durations on maps, as well as a database and checkpoint with prior and present data. In general, Vehicle tracking systems operate in a closed system comprised of the global positioning system, surveying and mapping, GSM/GPRS, and specialist software. The expansion of current technologies such as artificial intelligence, IoT, digitization, automation, and telematics has boosted the growth of the vehicle tracking systems market significantly.
Vehicle Tracking System Market Drivers
Vehicle Tracking System Market Restraints
Vehicle Tracking System Market Opportunity
|Market||Vehicle Tracking System Market|
|Market Size 2021||USD 19,453 Million|
|Market Forecast 2030||USD 59,454 Million|
|CAGR During 2022 - 2030||13.7%|
|Analysis Period||2018 - 2030|
|Forecast Data||2022 - 2030|
|Segments Covered||By Vehicle Type, By Type, By Technology Type, By End-Use, And By Geography
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||ATrack Technology Inc., Sierra Wireless, Inc., Verizon Communications, Inc. (Fleetmatics Group PLC), Geotab Inc., Maestro Wireless Solutions Limited, Cartrack (Pty) Ltd, Queclink Wireless Solutions Co., Ltd., TomTom International B.V., Suntech International Ltd., Concox Information Technology Co., Ltd., Starcom Systems Ltd., and Xirgo Technologies, LLC.|
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
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Vehicle Tracking System Market Dynamics
Vehicle tracking systems offer significant benefits such as increased operational efficiency, vehicle monitoring, vehicle maintenance, driver tracking, cost savings, and safety and security, which increases global demand for vehicle tracking systems industry. The growing popularity of battery-powered vehicles around the world is raising demand for electric vehicles among the general population as a result of expanding government policies to increase emission-free transportation options. In addition, the increasing implementation of 5G technologies, the ever-expanding ICT industry, and the increased usage of mobility-as-a-service are all driving the vehicle tracking systems market trend. Besides that, the growing influence of self-driving cars among high-end customers is expected to drive up demand for vehicle tracking systems. As a result, increased demand for current rechargeable and self-driving vehicles is expected to propel the global vehicle tracking systems market size during the forecast period.
The growth of the global public transportation industry, attributed to the increasing power of ride-hailing enterprises, car leasing companies, and the expanding use of app-based transportation services, is driving demand for vehicle tracking systems all over the world. Several trackers can offer data about the vehicle's current running status, such as door open and close, vehicle speed, and a variety of other engine parameters; as a result, fleet managers can monitor the vehicle to ensure proper deliveries and safe transportation services.
Vehicle Tracking System Market Segmentation
The global vehicle tracking system market segmentation is based on vehicle type, type, technology type, end-use and geography.
Vehicle Tracking System Market By Vehicle Type
In terms of vehicle type, passenger vehicles accounted for considerable market shares in 2021. Increasing disposable income has accelerated urbanization, and the increasing need for personal transportation has fueled the rise of the passenger vehicle segment. Furthermore, increased electric car adoption is likely to drive demand for passenger cars and monitoring systems during the projected timeline.
Furthermore, the commercial segment is further classified into light commercial vehicles (LCV) and heavy commercial vehicles (HCV). According to worldwide vehicle tracking systems industry analysis, the LCV segment will grow at the fastest rate over the next few years. LCVs can now be utilized to transport products throughout cities as the infrastructure and e-commerce industries grow. Vehicle monitors are increasingly being used by fleet operators to optimize route planning, fleet security, and screening for unnecessary pilferage in order to save money.
Vehicle Tracking System Market By Type
In terms of type, the active segment will dominate the global market in 2021. The operation of passive and active vehicle tracking systems is the same. Active systems gather and transmit information on a regular basis, whereas passive systems collect and save information for future use. However, the active system is used to monitor real-time data delivered to a computer network or a data analysis center via satellite systems or mobile networks. The active vehicle tracking system handles everything, but it has the advantage of offering quick access to tracking data and compatibility with various networks. The advantages of an active vehicle tracking system are expected to increase the global vehicle tracking system market shares.
Vehicle Tracking System Market By Technology Type
Based on the technology type, the GPS segment is projected to lead the global market in 2021. The growth can be attributed to an increase in commercial and passenger vehicle sales, as well as the usage of cloud computing technologies and IoT in industries such as automotive, medical, logistics, and defense. GPS (Global Positioning System) is a satellite-based positioning system that provides time and space data in any weather situation by utilizing four or more satellites to calculate the position of the GPS receiver in any accessible line of sight worldwide.
Vehicle Tracking System Market By End-use
According to the vehicle tracking systems market forecast, transportation and logistics will have the greatest market share in 2021. This could be attributed to the expanding number of vehicles and fleet operators' usage of global positioning systems for worldwide transportation and logistics monitoring. Fleet operators can monitor many vehicle metrics such as position, driver behavior, traffic conditions, fuel efficiency, and engine condition using a remote monitoring system installed in the vehicles. The increased internet penetration and simplicity of use of cell phones are also driving the adoption of GPS technology, which allows owners and fleet managers to remotely control their vehicles using smartphone applications.
Vehicle Tracking System Market Regional Outlook
The Middle East & Africa (MEA)
North America dominated the global vehicle tracking systems market, accounting the one-third share of the market in 2021. This is attributable to the increasing penetration of the e-commerce business. The increased demand for transportation and logistics services by e-commerce is driving the market growth for commercial vehicles. Furthermore, the region's expanding passenger vehicle and electric vehicle demand has contributed considerably to the growth of the North American vehicle tracking systems market. Rising sales of electric vehicles as well as government initiatives to reduce emissions are expected to drive market expansion in this region, owing to increasing disposable incomes, increased environmental consciousness, and a higher standard of living.
Vehicle Tracking System Market Player
Some of the prominent global vehicles tracking system market companies are ATrack Technology Inc., Sierra Wireless, Inc., Verizon Communications, Inc. (Fleetmatics Group PLC), Geotab Inc., Maestro Wireless Solutions Limited, Cartrack (Pty) Ltd, Queclink Wireless Solutions Co., Ltd., TomTom International B.V., Suntech International Ltd., Concox Information Technology Co., Ltd., Starcom Systems Ltd., and Xirgo Technologies, LLC.
The global vehicle tracking system market size accounted for USD 19,453 Million in 2021.
The projected CAGR of vehicle tracking system during the analysis period of 2022 to 2030 is 13.7%.
The prominent players of the global vehicle tracking system market involve ATrack Technology Inc., Sierra Wireless, Inc., Verizon Communications, Inc. (Fleetmatics Group PLC), Geotab Inc., Maestro Wireless Solutions Limited, Cartrack (Pty) Ltd, Queclink Wireless Solutions Co., Ltd., TomTom International B.V., Suntech International Ltd., Concox Information Technology Co., Ltd., Starcom Systems Ltd., and Xirgo Technologies, LLC.
North America held the dominating share for vehicle tracking system during the analysis period of 2022 to 2030
Asia-Pacific region exhibited fastest growing CAGR for vehicle tracking system during the analysis period of 2022 to 2030
Adoption of IoT on a large scale, increase in vehicle thefts occurrences, and rising penetration of smartphones are the prominent factors that fuel the growth of global vehicle tracking system market
Based on type, active segment held the maximum share for vehicle tracking system market in 2021