Pune, July 09, 2024 (GLOBE NEWSWIRE) -- Vehicle Tracking System Market Sizing and Growth Potential:
“The SNS Insider report states that the Vehicle Tracking System Market size was US$ 23.15 billion in 2023 and is projected to reach US$ $ 76.54 Billion by 2032. This extensive market size highlights the growing adoption of these systems and increasing their importance in various sectors. The projected CAGR of 14.21% over the forecast period of 2024-2032 shows a promising future for the industry. This growth can be attributed to the creation of progressive monitoring solutions and the growing recognition of their benefits.”
The global vehicle tracking system market is assured of significant growth within the forecast period, growing through the increasing demand for superior fleet management, safety, and operational performance. To ensure safety and track location and speed, governments and fleet management businesses are increasingly mandating the installation of tracking devices in all types of vehicles. The emergence of intelligent shipping structures (ITS) and the combination of 5G technology into car connectivity are anticipated to drive the market extensively. The increasing adoption of semi-autonomous and autonomous vehicles necessitates advanced and widespread vehicle monitoring structures for the highest quality overall performance and protection. These elements, integrated with the growing need for Fuel management, direction optimization, and driver behaviour monitoring, are creating a significant demand for vehicle tracking structures throughout various industries.
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Major Players Analysis Listed in this Report are:
- Laipac Technology Inc.
- Sensata Technologies Inc.
- Trackimo
- CalAmp
- TELTONIKA
- ORBCOMM
- TomTom International BV.
- Cartrack
- Geotab Inc.
- Verizon
- Other Players
Market Opportunities and Challenges
The Vehicle tracking system market provides a significant of opportunities for companies and end users alike. The integration of advanced technologies together with Artificial Intelligence (AI), Internet of Things (IoT), and Big Data into tracking structures is growing creating opportunities for real-time records series, evaluation, and advanced fleet management. Additionally, the rising demand for fuel performance and driver protection is propelling the development of revolutionary answers that address these issues.
However, the market also faces certain challenges. Concerns regarding the security of data, wherein sensitive records consisting of driver details and routes travelled are collected, can discourage users’ adoption. Additionally, the lack of wireless connectivity in remote regions can affect the effectiveness of GPS and cellular-based trackers. Furthermore, the high R&D costs associated with developing advanced tracking systems can create a barrier for new market entrants.
Vehicle Tracking System Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 23.15 Bn |
| Market Size by 2032 | US$ 76.54 Bn |
| CAGR | CAGR of 14.21% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Key Growth Drivers | • Vehicle integration of real-time monitoring and fuel management • Concerns about safety and security in transportation services |
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Segment Analysis
The vehicle tracking system market is segmented by type, end-use, vehicle type, and others.
By Type, the active segment dominated the market, accounting for more than 78% of the share in 2023. This dominance is attributed to its ability to provide real-time data and compatibility with various networks.
Based on End-Use, the transportation & logistics segment held the largest revenue share, of more than 26% in 2023. The increasing fleet size and the advantages offered by vehicle tracking systems, such as route optimization and fuel management, are driving growth in this segment.
By Vehicle Type, Passenger vehicles held the largest revenue proportion, exceeding 42.6 % in 2023. The big adoption of tracking structures by ride-hailing groups which includes Uber and Ola is a main contributor to this Segment growth.
Vehicle Tracking System Market Key Segmentation:
By Type
- Active
- Passive
By Vehicle Type
- Passenger vehicles
- LCV (Light Commercial Vehicles)
- HCV (Heavy Commercial Vehicles)
By Application
- GPS/Satellite
- GPRS/Cellular Network
- Dual Mode
By Industry Verticals
- Transportation & Logistic
- Construction & Manufacturing
- Aviation
- Retail
- Government & Defence
- Other
By Component
- Hardware
- OBD Device/ Tracker and Advance Tracker
- Standalone Tracker
- Software
- Performance Management
- Vehicle Diagnostics
- Fleet Analytics & Reporting
- Driver Behaviour Monitoring
- Others
Key Regional Developments
North America region dominated the vehicle tracking system market and held the largest revenue proportion of 32.5% in 2023. The increasing adoption of fleet control technologies, government guidelines on protection, and environmental worries regarding carbon emissions are using market growth in North America.
Asia Pacific region is anticipated to witness the fastest CAGR of 17.9% all through the forecast duration of 2024-2032. Factors that include technological improvements, surging car sales, stringent government rules, and the developing e-commerce zone are propelling a market boom inside the Asia Pacific Region.
Recent Developments
The vehicle tracking system market is witnessing continuous innovation and collaboration. Here are a few noteworthy recent developments,
- In April 2023, iTecknologi Group partnered with Vehari Police to introduce advanced vehicle tracking services for enhanced fleet safety and monitoring.
- In January 2023, West Bengal (India) implemented a new vehicle tracking system to improve transportation efficiency within the state.
- In August 2022, ineedatracker.com partnered with Global Telemetrics to transition from a retailer to a provider of monitored vehicle tracking systems.
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Key Takeaways
The report highlights the massive growth ability of the automobile monitoring machine market, driven by way of the growing demand for fleet control solutions and growing security issues.
The report delves into various market segments like type, end-use, and others. This analysis aims to become aware of profitable possibilities within each phase based totally on modern-day traits and future projections.
While providing a promising outlook, the record recognizes demanding situations like information privacy worries and initial investment charges. Understanding those roadblocks allows stakeholders to make knowledgeable choices approximately marketplace entry or expansion techniques.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Vehicle Tracking System Market Segmentation, By Type
8. Vehicle Tracking System Market Segmentation, By Vehicle Type
9. Vehicle Tracking System Market Segmentation, By Application
10. Vehicle Tracking System Market Segmentation, By Industry Verticals
11. Vehicle Tracking System Market Segmentation, By Component
12. Regional Analysis
13. Company Profiles
14. Competitive Landscape
15. Use Case and Best Practices
16. Conclusion
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