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Vehicle Tracking System Market

Vehicle Tracking System Market: Information by Type (Passenger Vehicles and Commercial Vehicles), Technology (GPS, GPRS), Components (Software and Hardware), and Regions-Forecast till 2030

Published On : 28 Jul, 2021
Updated On : 20 Sep, 2022
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Market Snapshot

Base Year:
2021
Study Period:
2020-2030
CAGR:
13.9 %
Fastest Growing Market:
Asia Pacific
Largest Market:
North America

The global vehicle tracking system market size was valued at USD 18.80 billion in 2021. It is projected to reach USD 60.66 billion by 2030, growing at a CAGR of 13.9% during the forecast period (2022–2030). A vehicle tracking system uses cellular networks or the global positioning system (GPS) to track and monitor the activity of vehicles. It includes remotely tracking and monitoring vehicles, diagnosing vehicles, managing fuel, optimizing routes, managing drivers, and managing safety. The GPS, GSM/GPRS, digital maps, and specialized software used in the vehicle tracking systems form a closed loop.

A tracking module installed in the vehicle constantly picks up the GPS coordinates that indicate the vehicle's location at any moment. The coordinates are instantly transmitted to the user's computers using cellular data service. Customers can view their vehicles on road maps by logging into the software, which is analogous to in-dash and handheld GPS-based navigation systems. The location function is a fundamental and extensive application of the vehicle tracking system. In addition to locating vehicles, a vehicle tracking system has numerous fleet management applications, including vehicle security, maintenance, fleet visibility, fuel management, asset tracking, insurance cost reduction, transit tracking, weather updates, and traffic updates.

Vehicle Tracking System Market Share

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Market Dynamics

Global Vehicle Tracking System Market Drivers

GPS-based Vehicle Security Tracking Systems

Automobile owners are concerned about vehicle security, which leads to a continuous search for new and improved vehicle security measures. The vehicle tracking system allows for real-time tracking, close monitoring of vehicles, and a review of their travel history. Maintaining a regular log of the vehicle's activities helps mitigate security concerns. The technology uses the Global Positioning System [GPS] to determine the vehicle's location and send its coordinates to a monitoring center via satellite. For identification and theft prevention, people use vehicle tracking devices.

Global Vehicle Tracking System Market Restraint

Infringement of Data Privacy and Cyber Security Threats

Sensitive information, including the vehicle's make, driver's personal information, and the routes taken, can be found in the vehicle data. The data can be utilized for malicious or criminal purposes, such as vehicle robberies and organized crime. Data privacy violations are a significant factor discouraging end users from utilizing vehicle tracking systems. In addition, unauthorized access to multiple vehicle connectivity solutions or intrusion into the in-vehicle connectivity system. The most significant security concern is that the hacker has access to the vehicle's computer system and the data it collects and stores. Therefore, data privacy violations and cyber security threats associated with vehicle tracking systems are anticipated to impede the market's expansion.

Global Vehicle Tracking System Market Opportunities

Growing Transportation Business of People and Goods

The global demand for automobile monitoring systems is driven by the expansion of the goods and passenger transportation business, led by ride-hailing companies, car rental companies, and the adoption of app-based transportation services. Trackers can provide data on the vehicle's actual operating state, such as speed, door lock, and unlock, allowing fleet managers to track the vehicle to ensure proper delivery and safe passenger transportation. Transportation companies' demand for vehicle tracking systems is increasing due to an increase in car rental services worldwide. Booking apps increase the accessibility of rental car services for the public. The market's growth is due to the variety of vehicle rental programs available and ease.

Segmental Analysis

The global vehicle tracking system market is segmented into type, technology, components, and end-users.

On the Basis of Type

Based on type, the market is segmented into passenger vehicles and commercial vehicles.

The passenger vehicle segment is anticipated to grow at a significant CAGR during the forecast period. Small and medium-sized businesses prefer passenger cars because they are typically used as pool vehicles or minivans to complete daily business tasks. Consequently, the prevalence of vehicle tracking systems in passenger cars has increased. In addition, the increased desire of fleet operators to improve the customer experience is anticipated to drive market growth over the forecast period.

On the Basis of Technology

Based on technology, the market is divided into GPS, GPRS, and Dual Mode.

Global Positioning System (GPS) vehicle trackers are more accurate than cellular network-based trackers; therefore, GPS-based tracking systems are significantly more popular than cellular network-based tracking systems. A GPS-based tracking system provides highly accurate vehicle location when connected to the internet.

On the Basis of Components

Based on components, the market is divided into software and hardware.

The software segment is dominating the global vehicle tracking market. Tracking software rapidly expands because of fleet analytics, real-time traffic and maintenance alerts, vehicle diagnostics, driver behavior monitoring, and vehicle utilization.

On the Basis of End-User

Based on end-user, the market is bifurcated into transportation and logistics, construction and manufacturing, aviation, retail, government and defense, and others.

The transportation and logistics category is anticipated to maintain its commanding lead. With the increasing use of GPS tracking in transportation and logistics, this segment is anticipated to experience the highest growth rate. Moreover, vehicle tracking systems provide real-time position tracking, car, and driver protection, decreased fuel consumption, and decreased administrative costs, which have contributed to the industry's growth.

Regional Analysis

The global vehicle tracking system market is categorized into North America, Europe, Asia-Pacific, South America, and the Middle East and Africa.

Vehicle Tracking System Market Regional Analysis

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North America is anticipated to dominate the global vehicle tracking system market share. The development of smart systems has resulted in the adoption of fleet management technologies. Furthermore, there is a growing awareness of vehicle fleet and cargo technology and concerns about carbon emissions. The government's mandatory safety standards also propel the market forward in the North American region.

Competitive Players

List of key vehicle tracking system market companies profiled

  • AT&T Intellectual Property
  • Cartrack
  • Continental AG
  • Robert Bosch GmbH
  • Verizon
  • Spireon Inc.
  • Geotab Inc.
  • Inseego Corp.
  • TomTom International BV.
  • Teletrac Navman US Ltd
  • RUPTELA
  • Trackimo
  • nuevastech
  • Pricol Limited
  • S. Fleet Tracking
  • Mobiliz
  • Global Tracking Group LLC.
  • RAM Tracking
  • Concox
  • Meitrack Group.

Recent Developments

  • June 2022- Continental presented itself as a full-liner for the port business. Continental's product and service portfolio is intended to support international port logistics' growth and intelligent networking effectively.
  • May 2022- Continental Launched New Sensors to Protect the Battery of Electrified Vehicles. Continental widened its broad sensor portfolio by launching two new sensors for electrified vehicles: the Current Sensor Module (CSM) and the Battery Impact Detection (BID) system.
  • April 2022- Bosch and AWS collaborated to digitalize logistics. Bosch and the American cloud provider Amazon Web Services (AWS) intend to increase efficiency and sustainability in the transportation and logistics sector.

Global Vehicle Tracking System Market: Segmentation

By Type

  • Passenger Vehicles
  • Commercial Vehicles

By Technology

  • GPS
  • GPRS
  • Dual Mode

By Components

  • Software
  • Hardware

By End-Users

  • Transportation and Logistics
  • Construction and Manufacturing
  • Aviation
  • Retail
  • Government and Defense

By Regions

  • North America
  • Europe
  • Asia-Pacific
  • South America
  • The Middle East and Africa

Frequently Asked Questions (FAQs)

Government legislation, raising customer demand, and increasing rapidly in the transportation and logistics industry are the key factors expected to drive the Market during the forecast period.
The global market is expected to grow at a CAGR of approximately 13.9% during the forecasted period 2022–2030.
AT&T Intellectual Property., Cartrack, Continental AG, Robert Bosch GmbH, Verizon, Spireon, Inc., Geotab Inc., Inseego Corp., TomTom International BV., Teletrac Navman US Ltd, RUPTELA are the top players in Market.
North America is expected to hold the highest market share in the Market.
The passenger vehicle segment is expected to be the leading segment in the Market during the forecast period.
Report Metric Details
Market Size USD in Billion By 2030
CAGR CAGR 11.7%
Historical Data 2019-2020
Base Year 2021
Forecast Period 2022-2030
Forecast Units Value (USD Million)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
Segments Covered by Type (Passenger and Commercial), Technology (GPS), Component (Software and Hardware), End-Users
Geographies Covered North America, Europe, Asia-Pacific, LAME and Rest of the World
Key Companies Profiled/Vendors Cartrack, Continental AG, Robert Bosch GmbH, Verizon, Spireon, Inc., Geotab Inc., Inseego Corp., TomTom International BV., Teletrac Navman US Ltd, RUPTELA, Trackimo, nuevastech, Pricol Limited, U.S. Fleet Tracking, Mobiliz, Global Tracking Group, LLC., RAM Tracking, Concox, Meitrack Group.,
Key Market Opportunities Increasing Prevalence Of The Automotive And Transportation Industry Enhances The Expansion Of The Vehicle Tracking System Market Share
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