Vehicle Tracking System Market Size is projected to reach

New York, United States, Sept. 20, 2022 (GLOBE NEWSWIRE) -- A vehicle tracking system is a system that uses cellular networks or global positioning satellites (GPS) to monitor and track the activity of vehicles. It includes remote vehicle tracking and monitoring, vehicle maintenance, vehicle diagnosis, fuel management, route optimization, driver management, and safety management. The vehicle tracking systems' GPS, GSM/GPRS, digital maps, and specialized software form a closed loop.

A tracking module continuously collects the GPS coordinates that indicate the vehicle's location at any given time. The coordinates are instantly transmitted to the user's computers using cellular data service. By logging into the software, customers can view their vehicles on road maps, similar to in-dash and handheld GPS-based navigation systems. The vehicle tracking system's location function is a fundamental and extensive application. A vehicle tracking system has numerous fleet management applications in addition to the vehicle location, including vehicle security, maintenance, fleet visibility, fuel management, asset tracking, insurance cost reduction, transit tracking, weather updates, and traffic updates.

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Use of GPS Tracking Systems for Vehicle Security Drives the Global Market

Automobile owners are concerned about vehicle security, resulting in a never-ending search for innovative and enhanced vehicle security measures. The vehicle tracking system permits real-time monitoring and tracking of vehicles and a review of their travel history. The technology uses the Global Positioning System (GPS) to determine the location of a vehicle and transmit its coordinates to a satellite-based monitoring center. Individuals use tracking devices to detect and prevent vehicle theft. The position data from the tracking device is used to find the stolen car. The authorities may provide these coordinates for additional investigation.

Growing Transportation Business of People and Goods Creates Tremendous Opportunities

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, is driving global demand for automobile monitoring systems. Trackers can provide information on the vehicle's current operating state, such as speed, door lock and unlock, and other engine metrics, allowing fleet managers to track the vehicle. Vehicle tracking systems are becoming more and more necessary for transportation companies as the number of car rental agencies increases globally. Booking apps make rental car services more accessible to the public. These apps make car rental costs transparent to the general public and include unique features like price comparison, vehicle type selection, and passenger limit.

Report Scope

Report Metric	Details
Market Size	USD 60.66 Billion by 2030
CAGR	13.9% (2022-2030)
Historical Data	2019-2020
Base Year	2021
Forecast Period	2022-2030
Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	Type, Technology, Components, End-Users, Regions
Geographies Covered	North America, Europe, Asia-Pacific, LAME, and the Rest of the World
Key Companies Profiled/Vendors	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, U.S. Fleet Tracking, Mobiliz, Global Tracking Group, LLC., RAM Tracking, Concox, and Meitrack Group.
Key Market Opportunities	Growing Transportation Business of People and Goods
Key Market Drivers	GPS-based Vehicle Security Tracking Systems

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Regional Analysis

The Global Vehicle Tracking System Market is categorized into North America, Europe, Asia-Pacific, South America and The Middle East, and Africa. North America is anticipated to dominate the Global Vehicle Tracking System Market. The development of intelligent systems has resulted in the adoption of fleet management technologies.

Key Highlights

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).
Based on type, the market is segmented into passenger and commercial vehicles. The passenger vehicle segment is anticipated to grow at a significant CAGR during the forecast period.
Based on technology, the market is divided into GPS, GPRS, and Dual Mode. GPS-based tracking systems are significantly more popular than cellular network-based tracking systems.
Based on components, the market is divided into software and hardware. The software segment is dominating the global vehicle tracking market.
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.
North America is anticipated to dominate the global vehicle tracking system market.

Competitive Analysis

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.

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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

TABLE OF CONTENT

Introduction
1. Market Definition
2. Market Scope
Research Methodology
1. Primary Research
2. Research Methodology
3. Assumptions & Exclusions
4. Secondary Data Sources
Market Overview
1. Report Segmentation & Scope
2. Value Chain Analysis: Vehicle Tracking System Market
3. Key Market Trends
  1. Drivers
  2. Restraints
  3. Opportunities
4. Porter’s Five Forces Analysis
  1. Bargaining Power of Suppliers
  2. Bargaining Power of Buyers
  3. Threat of Substitution
  4. Threat of New Entrants
  5. Competitive Rivalry
5. Market Share Analysis
Type Overview
1. Introduction
  1. Market Size & Forecast
2. Passenger Vehicles
  1. Market Size & Forecast
3. Commercial Vehicles
  1. Market Size & Forecast
Technology Overview
1. Introduction
  1. Market Size & Forecast
2. GPS
  1. Market Size & Forecast
3. GPRS
  1. Market Size & Forecast
Regional Overview
1. Introduction
  1. Market Size & Forecast
2. America
  1. North America
  2. U.S.
    1. By Type
    2. By Technology
  3. Canada
    1. By Type
    2. By Technology
  4. Mexico
    1. By Type
    2. By Technology
  5. Latin America
    1. By Type
    2. By Technology
3. Europe
  1. Market Size & Forecast
  2. Germany
    1. By Type
    2. By Technology
  3. France
    1. By Type
    2. By Technology
  4. U.K.
    1. By Type
    2. By Technology
  5. Italy
    1. By Type
    2. By Technology
  6. Spain
    1. By Type
    2. By Technology
  7. Rest of Europe
    1. By Type
    2. By Technology
4. Asia Pacific
  1. Market Size & Forecast
  2. Japan
    1. By Type
    2. By Technology
  3. China
    1. By Type
    2. By Technology
  4. Australia
    1. By Type
    2. By Technology
  5. India
    1. By Type
    2. By Technology
  6. South Korea
    1. By Type
    2. By Technology
  7. Rest of Asia-Pacific
    1. By Type
    2. By Technology
5. Middle East & Africa
  1. Market Size & Forecast
  2. Saudi Arabia
    1. By Type
    2. By Technology
  3. South Africa
    1. By Type
    2. By Technology
  4. Kuwait
    1. By Type
    2. By Technology
  5. Rest of Middle East & Africa
    1. By Type
    2. By Technology
Company Profile
1. AT&T Intellectual Property
  1. Company Overview
  2. Financial Performance
  3. Recent Developments
  4. Product Portfolio
2. Cartrack
  1. Company Overview
  2. Financial Performance
  3. Recent Developments
  4. Product Portfolio
3. Continental AG
  1. Company Overview
  2. Financial Performance
  3. Recent Developments
  4. Product Portfolio
Conclusion & Recommendation
Acronyms & Abbreviations

Table of Content and Figure @ https://straitsresearch.com/report/vehicle-tracking-system-market/toc

Market News

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.

News Media

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Vehicle Tracking System Market Size is projected to reach USD 60.66 Billion by 2030, growing at a CAGR of 13.9%: Straits Research

The global vehicle tracking system market 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). North America is anticipated to dominate the global vehicle tracking system market.

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Vehicle Tracking System Market Size is projected to reach USD 60.66 Billion by 2030, growing at a CAGR of 13.9%: Straits Research

The global vehicle tracking system market 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). North America is anticipated to dominate the global vehicle tracking system market.

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