NEWARK, Del, July 07, 2022 (GLOBE NEWSWIRE) -- The vehicle tracking system market size is estimated to be valued at US$ 22 billion in 2022 and is anticipated to reach US$ 78.04 billion by 2032, at a CAGR of 13.5% during 2022-2032. Due to factors such growing customer concern over the security and safety of automobiles and growing use of cutting-edge technology, the demand for vehicle tracking system is expected to increase.
Due to regulations regulating the installation of vehicle monitoring systems in both passenger and commercial vehicles, as well as the expansion of fleet operations in developing nations, the sales of vehicle tracking systems are growing.
Additionally, the popularity of car leasing and rental services is driving up sales of vehicle tracking systems, forcing rental companies to use monitoring technology to enhance their offerings.
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The enormous growth of the automotive industry has increased the demand for effective real-time monitoring solutions for precise data collection.
This is related to consumers' growing security and safety concerns, which are one of the key factors boosting the vehicle tracking system market outlook.
Additionally, it is anticipated that the increasing use of intelligent transportation systems and the introduction of 5G in car connections will boost sales of vehicle tracking systems.
Along with the demand for autonomous and semi-autonomous vehicles, the demand for vehicle tracking systems is growing.
The growing volume of international trade has also raised the demand for fleet of commercial trucks dedicated to logistics. The leading companies in the vehicle tracking system market are putting effort into developing goods that allow fleet management for enterprises.
Since the data contains sensitive information about drivers, cars, and travel patterns, the surge in data privacy violations is the key factor limiting the growth of vehicle tracking system market.
Key Takeaways from Market Study
- With over 42% market share in 2021, the passenger car segment dominated the vehicle tracking system market. Furthermore, the sector is forecast to have the highest CAGR of 16.9% during the projection period (2022-2032).
- The transportation and logistics sector is anticipated to have the highest CAGR of 17 percent from 2022 to 2032, with a market share of 26.4 percent in 2021.
- The GPS/satellite category is anticipated to grow at the fastest CAGR of 15.7 percent throughout the forecast period, with a market share of more than 49 percent in 2021. (2022-2032).
- North America accounted for 32.4 percent of the global vehicle tracking system market in 2021, and it is predicted that this region will continue to grow quickly during the forecast period.
- The vehicle tracking system market in Asia Pacific is anticipated to grow at a CAGR of 17.4% from 2022 to 2032.
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“The rapid expansion of ride-hailing businesses has accelerated the adoption of vehicle tracking systems in passenger cars and commercial vehicles. Furthermore, the growing popularity of mobility-as-a-service (MaaS) and app-based transportation services is driving up demand for vehicle tracking systems during the forecast period.”- Future Market Insights Analyst.
Competitive Landscape
The major vehicle tracking system market players intend to provide tracking solutions, fleet management solutions, and telematics solutions based on the various end-use applications.
In order to provide high-quality products, they have also developed a diverse portfolio that is constantly improved through R&D. These major players help to expand the market through product launches and partnerships.
The following companies are among the major players in the global vehicle tracking system market: Verizon, Geotab Inc., Cartrack, Tom Tom International B.V., CalAmp, Teltonika.
- Sierra Wireless, Inc. purchased GlobalTop Technology Inc.'s GNSS embedded module business in April 2017. As a result of this acquisition, the company's GPS tracking products have been strengthened.
- ORBCOMM introduced the IoT-based CT 3500 telematics device with the goal of developing a fleet management system for refrigerated containers.
- CalAmp and Moregon have announced partnerships to provide fleet operators with remote diagnostics and predictive maintenance. The collaboration will combine the capabilities of Noregon Trip Vision, which can perform remote diagnostics to inform a vehicle's driver and provide notifications before any significant faults occur, and CalAmp iOn, a fleet management software, cloud platform, and edge computing.
- In June 2019, Orbocomm Inc. collaborated with Pole Star Space Applications Limited and Weatherdock AG to develop a Class B vessel tracking solution. This cutting-edge technology employs untamperable electronics to continuously monitor and track the location of car.
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Key Segments
By Vehicle Type:
- Passenger Vehicles
- Light Commercial Vehicles
- Heavy Commercial Vehicles
By End-use:
- Transportation & Logistic
- Construction & Manufacturing
- Aviation
- Retail
- Government & Defense
- Other
By Technology Type:
- GPS/Satellite
- GPRS/Cellular Network
- Dual Mode
By Type:
- Active
- Passive
By Component:
- Hardware
- OBD Device/ Tracker and Advance Tracker
- Standalone Tracker
- Software
- Performance Management
- Vehicle Diagnostics
- Fleet Analytics & Reporting
- Driver Behavior Monitoring
- Others
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
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