New York, United States, July 04, 2024 (GLOBE NEWSWIRE) -- The Global Vehicle Tracking System Market Size is to Grow from USD 24.19 Billion in 2023 to USD 85.93 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 13.51% during the projected period.
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A vehicle tracking system is an automated tracking technology that makes fleet management easier. It comprises a GPS satellite network connected to an in-car or truck-mounted telematics device. It collects and sends the vehicle's position, speed, and other data points. GPS tracking devices are in higher demand due to the increasing prevalence of advanced technology in several fields. These devices are also used for vehicle security purposes. GPS tracking systems are installed into commercial and passenger vehicles to track a vehicle's whereabouts for shipping and passenger security. Moreover, government authorities in certain countries are developing laws that require vehicle monitoring systems to be placed in passenger as well as commercial vehicles. The significance of fleet tracking for vehicle security and on-time delivery comes from the increasing fleet sizes of transportation and logistics companies. Fleet tracking and maintenance vehicle tracking systems are in high demand due to the rapid increase in commercial vehicle sales worldwide. Furthermore, in the vehicle tracking system industry, the cost is an important issue because technology is advancing quickly. The cost of a car tracking system is influenced by the cost of wireless connectivity modules, expensive automotive electrical components, and the initial expenses associated with integrating hardware and software.
Browse key industry insights spread across 239 pages with 110 Market data tables and figures & Browse key industry insights spread across 230 pages with 110 Market data tables and figures & charts from the report on the “Global Vehicle Tracking System Market Size, Share, and COVID-19 Impact Analysis, By Vehicle Type (Passenger Vehicles, Light Commercial Vehicles, and Heavy Commercial Vehicles), By Technology (GPS/Satellite, GPRS/Cellular Network, and Dual Mode), By Component (Hardware (OBD Device/ Tracker and Advance Tracker, Standalone Tracker) and Software (Performance Management, Vehicle Diagnostics, Fleet Analytics & Reporting, Driver Behaviour Monitoring, and Others)), By End User (Transportation & Logistic, Construction & Manufacturing, Aviation, Retail, Government & Defense, and Other), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.”
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The passenger vehicles segment accounted for the largest revenue share of the vehicle tracking system market during the projected timeframe.
Based on the vehicle type, the vehicle tracking system market is divided into passenger vehicles, light commercial vehicles, and heavy commercial vehicles. Among these, the passenger vehicles segment accounted for the largest revenue share of the vehicle tracking system market during the projected timeframe. The industry is growing due to app-based transportation companies like Ola, Uber, Careem, and Lyft, Inc. utilizing tracking systems to provide seamless operational control. By utilizing the tracking technology, companies can collect data on average speed, distance covered, and several rides per day, and available time to increase revenue and improve operations.
The GPS/satellite segment is anticipated to grow at the highest CAGR growth of the vehicle tracking system market during the projected timeframe.
Based on the technology, the vehicle tracking system market is divided into GPS/satellite, GPRS/cellular network, and dual mode. Among these, the GPS/satellite segment is anticipated to grow at the highest CAGR growth of the vehicle tracking system market during the projected timeframe. Due to its ability to communicate with other technologies like WiMAX, GSM, and LTE, GPS technology has become more widely used in worldwide markets for vehicle tracking systems. Customers have to install GPS/satellite systems as a result, which helps to ensure efficient routes and is anticipated to drive the growth of the systems market.
The software segment holds the largest market share of the vehicle tracking system market during the projected timeframe.
Based on the component, the vehicle tracking system market is divided into hardware and software. Among these, the software segment holds the largest market share of the vehicle tracking system market during the projected timeframe. The software provides several services that have enabled the market to expand, such as fuel management, route optimization, vehicle diagnostics, driver management, and vehicle maintenance. This is because a growing number of software-based car tracking devices that are installed straight into the user's computer are accessible.
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North America is Expected to hold the largest share of the vehicle tracking system market over the forecast period.
North America is expected to hold the largest share of the vehicle tracking system market over the forecast period. The transportation industry is being greatly impacted by the growing concerns about security, safety, and pollution from cars. Moreover, these concerns are being acknowledged by the governments of the countries in this region, which are putting stronger regulations and safety initiatives into place as a result. The "National Safety Program" for the General Services Administration's fleet, for example, was developed by the US government. The regional expansion of the worldwide market for car tracking systems is therefore being fueled by these considerations.
Asia Pacific is predicted to grow at the fastest pace in the vehicle tracking system market during the projected timeframe. The sudden advancement of networking technology, a rapid expansion of the e-commerce sector, the stringent implementation of rules by local administrations, and the rising sales of cars in the area are all responsible for the region's growth. The adoption of cutting-edge technologies like cloud, mobility solutions, IoT, and autonomous automobiles is also rising in these regions, which is anticipated to fuel further expansion in the global vehicle tracking system industry in the forecast period.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the vehicle tracking system market include Calamp Corporation, Sierra Wireless Inc., Laipac Technology Inc., TomTom International BV., Verizon Communication Inc., Spireon, Inc., Trackimo Inc, Xirgo Technologies, Orbcomm Inc., Teltonika, Sensata Technologies Inc., AT&T Intellectual Property, Geotab Inc., Cartrack, and Other key companies.
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Recent Developments
- In April 2022, Bosch and AWS cooperated to digitalize logistics. Bosch and Amazon Web Services (AWS), an American cloud provider, has a strategy to increase the logistics and transportation industry's sustainability and efficiency.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the vehicle tracking system market based on the below-mentioned segments:
Global Vehicle Tracking System Market, By Vehicle Type
- Passenger Vehicles
- Light Commercial Vehicles
- Heavy Commercial Vehicles
Global Vehicle Tracking System Market, By Technology
- GPS/Satellite
- GPRS/Cellular Network
- Dual Mode
Global Vehicle Tracking System Market, By Component
- Hardware
- OBD Device/ Tracker
- Advance Tracker
- Standalone Tracker
- Software
- Performance Management
- Vehicle Diagnostics
- Fleet Analytics & Reporting
- Driver Behaviour Monitoring
- Others
Global Vehicle Tracking System Market, By End User
- Transportation & Logistic
- Construction & Manufacturing
- Aviation
- Retail
- Government & Defense
- Other
Global Virtual Warehousing Market, By Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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