The vehicle tracking systems market is projected size to touch USD 45.8 billion by 2030, growing at a CAGR of 10.6% from 2021 to 2030.
The report contains 150+ pages with detailed analysis. The market report also covers the estimated market sizes and trends for different countries across major regions, globally.
The vehicle tracking systems offer various advantages such as increased operational efficiency, reduced cost, vehicle monitoring, fuel management, vehicle maintenance, driver monitoring, and safety & security, which spurs the demand for the vehicle tracking systems across the globe. The proliferation of the advanced technologies such as IoT, automation, digitization, and telematics has significantly fostered the growth of the vehicle tracking systems market.
The rising adoption of the 5G technologies, rapidly growing ICT industry, and rising adoption of mobility-as-a-service is rapidly boosting the growth of the vehicle tracking systems market. The surging popularity of the electric vehicles across the globe owing to the rising government initiatives to promote emission free mobility solutions is augmenting the demand for the electric vehicle among the population. Further, the rising popularity of the autonomous driving vehicles among the premium customers is expected to foster the demand for the vehicle tracking systems. Hence, the growing demand for the latest electric and autonomous driving vehicles is expected to drive the global vehicle tracking systems market during the forecast period.
Report Highlights
- Based on the vehicle type, the passenger vehicle segment dominated the market with over 40% of the market share in 2020. This is simply attributed to the increased adoption of the passenger vehicle among the global population owing to increased disposable income and rising demand for the luxury consumer products. In some countries, the personal vehicles are a symbol of prosperity, which further boosts the demand for the passenger vehicle among the common public.
- Based on the technology, the GPS/Satellite is the dominating and the fastest-growing segment. This is due to the increased efficiency of the GPS to publicize with the satellites and provide accurate routes and location, which increases the efficiency of the vehicle tracking systems.
- Based on the component, the software segment dominated the market, garnering over 65% of the market share in 2020. The ability of the software to provide various benefits such as vehicle monitoring, fuel management, vehicle maintenance, driver monitoring, and safety & security has resulted in its dominance and is expected to sustain its position throughout the forecast period.
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Regional Snapshot
North America dominated the global vehicle tracking systems market, accounting for over 31% of the market share in 2020. This is attributed to the increased penetration of the e-commerce industry. The increased demand for the logistics solutions by the e-commerce is boosting the demand for the commercial vehicle. Moreover, increased demand for the passenger vehicles in the region has significant contribution in the growth of the North America vehicle tracking systems market. The rising demand for the electric passenger vehicles due to the increased disposable income, increased environment consciousness, and improved standard of living is further expected to drive the market growth in this region.
On the other hand, Asia Pacific is estimated to be the most opportunistic market during the forecast period. Asia Pacific is the home to around 60% of the global population. The demand for the public transportation is high owing to the huge presence of middle and low-income consumers. Furthermore, the rising penetration of the e-commerce is expected to drive the market growth in the forthcoming years. The growing number of commercial vehicles owing to the rising commercial activities is augmenting the growth of the vehicle tracking systems market.
Market Dynamics
Driver
Rising penetration of online retailers
With the advancements in the digital technologies and increasing adoption of the smartphones coupled with the rising number of internet users across the globe, the emergence of the online retailers has gained momentum. Various online shopping platforms such as Amazon, eBay, Flipkart, and Wal-Mart has gained rapid traction among the consumers. These online retailers increasingly adopts the logistic services in order to efficiently deliver the goods to their customers. Hence, this has increased the demand for the vehicle tracking systems to provide the details regarding the orders to the customers.
Restraints
Lack of accuracy owing to the unfavorable weather conditions
The GPS technologies face difficulties in providing accurate locations and routes sometimes owing to the unfavorable weather conditions. This is a major drawback of the vehicle tracking systems that may hamper the market growth during the forecast period.
Opportunities
Rising adoption of smart logistics
The proliferation of latest technologies like AI and IoT has boosted its adoption in the logistics. These latest technologies are expected to enhance the vehicle tracking performances and hence promoted the growth of the smart logistics.
Challenges
Privacy and network security issues
The major challenge faced by the digital technologies is the privacy and the network security concerns. The market players are constantly involved in enhancing their services and improve the privacy and network security related issues.
Some of the prominent players in the global vehicle tracking systems market include:
- CalAmp
- Cartrack Holdings Limited
- Continental Ag
- Geotab Inc.
- Trackimo
- Teltonika
- TeletracNavman US
- Tomtom, Inc.
- Verizon Communication Inc.
- Xirgo Technologies, LLC.
Segments Covered in the Report
By Vehicle Type
- Heavy Commercial Vehicles
- Passenger Vehicles
- Light Commercial Vehicles
By Technology
- GPS/Satellite
- GPRS/Cellular Networks
- Dual Mode
By Component
- Software
- Hardware
By Geography
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of the World
Research Objective
the market revenue/volume with the help of widespread quantitative and qualitative insights, and forecasts of the market. This report presents breakdown of market into forthcoming and niche segments. Additionally, this research study gauges market revenue growth and its drift at global, regional, and country from 2017 to 2020. This research report evaluates vehicle tracking systems market on a global and regional level. It offers thorough analysis of market status, growth and forecast of the global vehicle tracking systems market for the period from 2017 to 2030. This research study offers historic data for years 2017 to 2020 along with a forecast from 2021 to 2030 based on value.
This report also provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the vehicle tracking systems market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.
Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.
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