New York, June 28, 2022 (GLOBE NEWSWIRE) -- The Federal Bureau of Investigation (FBI), in one of its statistics, stated that in the United States, motor vehicle thefts cost USD 7.4 billion in 2020, while the average dollar loss per theft was recorded as USD 9166 in the same year. Besides this, the statistics also stated that in the same year, the nation witnessed 810400 stolen vehicles, thereby registering the highest annual number of vehicles stolen since the year 2008. Further, the number of vehicles stolen in the year 2020 was an increase from 724872 in the year 2019, i.e., an increase of 11.8%. Additionally, the rate of motor vehicles stolen was 246.0 per 100,000 people in the year 2020, up from 220.8 per 100,000 people in the year 2019.
In its new research titled “Global Vehicle Tracking System Market”, Kenneth Research provided a brief overview of the market elements including growth drivers, restraint factors current market trends, and potential for future growth. The influence of COVID-19 and its effects on end-users are both thoroughly examined in the market research report, which covers the forecast period, i.e., 2022-2030. In addition, the research study examines the product portfolios and market expansion plans of the principal competitors.
Vehicle safety is a major concern nowadays and so is the need for tracking vehicles. Vehicle tracking also helps in having the vehicle details, such as location, speed, distance traveled, maintenance details, and traffic congestions on roads which ultimately, saves a lot of time and also can control road accidents caused by human errors. For instance, according to the National Highway Traffic Safety Administration (NHTSA) by the U.S. government, around 36,096 people lost their lives in motor vehicle crashes on U.S. roads in 2019 majority of which were caused by human error. Whereas, based on the findings from Multi-Disciplinary Publishing Institute (MDPI), a 10% reduction in traffic delays would have resulted in 3.4 percent fewer accidents, which is equivalent to about 72000 fewer collisions. Therefore, Sao Paulo and Mexico City, the two major Latin American cities would have benefitted with a reduced congestion rate of 5.4% and 4.7% respectively. Further, in the United States, the congestion costs, such as wasted time and fuel, are estimated to increase to around USD 186.2 billion by 2030 from USD 160 billion in 2015.
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The global vehicle tracking system market garnered around USD 19 billion in 2021 and is expected to grow further with a CAGR of ~14% over the forecast period. Integration of cutting-edge features for real-time monitoring, improved vehicle performance and administration, and concern about vehicle safety and security are some of the major factors expected to expand the market growth. Vehicle tracking systems are known to gather information on harsh accelerations, as well as abrupt braking, speed, or cornering, in addition to tracking the location of the vehicle fleet in real-time. Hence, with the surge in vehicle fleet worldwide the demand for these tracking systems amongst the fleet owners is anticipated to increase significantly, and in turn, drive the market growth. According to the Bureau of Transportation Statistics (BTS), the total number of automobiles and trucks in fleets in the year 2020 was 8140 vehicles, while the automobiles in fleets for the business purpose were 626 vehicles in the same year. On the other hand, there were around 14,000 third–party logistics businesses in the U.S. as of 2021. The market growth can also be attributed to the rising parcel transportation costs, and therefore the need amongst the businesses in the logistics industry to reduce these costs by the adoption of advanced tracking systems. For instance, U.S. parcel transportation cost around USD 118 billion in the year 2020.
The global vehicle tracking system market is segmented on the basis of region into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Amongst the market in these regions, the market in the North American region is anticipated to hold the biggest share of the market over the forecast period on the back of rising demand for vehicle tracking systems owing to a large number of fleet vehicles for rental and leasing. In 2019, based on the statistics from the American Trucking Association (ATA), the number of fleet vehicles in the U.S. is almost 38 million trucks which had registered for business purposes. Also, the gross freight revenue from trucking was USD 732.3 billion and represented 80.4 % of freight bills in 2020.
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On the other hand, the Asia Pacific region is estimated to witness growth at the highest CAGR over the forecast period on account of increasing demand for advanced technologies such as autonomous vehicles, IoT, and cloud, along with the rapid expansion of the e-commerce sector, strict regulations over vehicle safety and security, rising sales for commercial and passenger vehicles, mainly in countries such as China, and India. The Asia-Pacific region registered to have the highest number of navigation satellite system (GNSS) installations in the world, accounting for about 890 million GNSS devices in 2021, with estimates showing it to climb to about 1.2 billion devices by the end of 2031. Besides this, China and Hongkong were known to be the two largest exporters of vehicle tracking devices worldwide. China, the largest exporter of vehicle tracking devices accounted for about 1600 shipments while Hongkong accounted for about 170 shipments in the year 2021.
The study further incorporates Y-O-Y Growth, demand & supply and forecasts future opportunities in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia- Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of the Middle East and Africa).
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The global vehicle tracking system market is segmented by technology into GPS/satellite, GPRS/cellular networks, and dual-mode. Among these, the GPS/satellite segment is expected to hold the greatest share of the market during the forecast period on the back of the rising demand for GPS – based tracking systems as it comes up with more accurate vehicle positions. For instance, in 2021, North America installed around 245 million units of global navigation satellite system (GNSS) devices whereas, the European Union installed around 195 million units.
The global vehicle tracking system market is segmented by vehicle type into passenger vehicles and commercial vehicles. Amongst these segments, the passenger vehicles segment is anticipated to hold the highest market share during the forecast period. One of the major factors anticipated to drive the growth of the segment is the numerous opportunities generated by the rising production and sale of passenger vehicles worldwide. According to the statistics from the International Organization of Motor Vehicle Manufacturers (OICA), the total production of passenger vehicles and commercial vehicles worldwide in the year 2021 were 57054295 and 23091693 respectively. On the other hand, the sales of passenger cars and commercial vehicles in the year 2021 were 56398471 and 26286317 respectively.
The global vehicle tracking system market is also segmented on the basis of type and component.
Global Vehicle Tracking System Market Segmentation by Type:
- Active
- Passive
Global Vehicle Tracking System Market Segmentation by Component:
- Hardware
- Software
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Some of the well-known 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.
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