The Global Vehicle Tracking System Market size was valued at US$ 21,640 million in 2022, and anticipated to grow at a CAGR of 14.3 % over the forecast period. A vehicle tracking system tracks and keeps a record of a vehicle’s activity using the global positioning system (GPS) or cellular network. Remote vehicle tracking & monitoring, vehicle maintenance, vehicle diagnostics, fuel management, route optimization, driver management, and safety management are all included. Using a combination of GPS, GSM/GPRS, digital maps, and specialised software, vehicle tracking systems operate.
The GPS coordinates that display the vehicle’s current location are continuously collected by a tracking module installed in the vehicle. The coordinates are immediately sent to the user’s computers via a cellular data connection. In a manner comparable to in-dash and portable GPS-based navigation systems, customers log into the software to view their vehicles on road maps. There are tracking systems that don’t provide real-time monitoring and instead record the locations for later transmission. When the vehicle is returned at the end of the trip, the information is retrieved from the module.
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Market Segmentation:
By Component
- Hardware
o OBD Device/ Tracker and Advance Tracker
o Standalone Tracker
- Software
o Performance Management
o Vehicle Diagnostics
o Fleet Analytics & Reporting
o Driver Behavior Monitoring
o Others
By Type
- Active
- Passive
By Technology
- GPS/Satellite
- GPRS/Cellular Network
- Dual Mode
By Vehicle Type
- Passenger Vehicles
- Light Commercial Vehicles
- Heavy Commercial Vehicles
By End-use Industry
- Transportation & Logistic
- Construction & Manufacturing
- Aviation
- Retail
- Government & Defense
- Others
By Geography
- North America
o U.S.
o Canada
o Mexico
- Europe
o U.K.
o Germany
o France
o Italy
o Spain
o Russia
- Asia-Pacific
o Japan
o China
o India
o Australia
o South Korea
o ASEAN
- Latin America
o Brazil
o Argentina
o Colombia
- MEA
o South Africa
o Saudi Arabia
o UAE
- Egypt
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Key Player:
Some of the major companies studied under the market scope are as follows: Verizon, Geotab Inc, Cartrack, Tom Tom International B.V., CalAmp, Teltonika, Orbcomm Inc, Xirgo Technologies Inc, SPIREON INC and Others. The existence of several companies on a global and regional scale creates intense rivalry for major players working in the ecosystem. These players also use a variety of strategies, including merger and acquisition, the introduction of new products, geographic expansion, R&D for increasing their product line, and others.
Regional Analysis:
In terms of region, North America registered the highest market share in 2022 and is expected to maintain the growth pace over the forecast period. The use of fleet management technologies is a result of the rise of intelligent systems. Also, there are growing concern about carbon emissions as well as awareness of cargo technology and vehicle fleet. Government mandated safety standards that are mandatory are also fuelling market expansion in the region.
Furthermore, Asia Pacific is projected to grow at a higher CAGR over the forecast period. The market is expanding as a result of a number of factors, including technological advancements in networking, an increase in the sales of commercial and passenger vehicles, strict governmental regulations, the rising popularity of e-commerce in the region, and surging trade activities. Also, the market is expanding as a result of the region’s growing embrace of technologies like cloud, IoT, linked autos, and autonomous vehicles.
Global Vehicle Tracking System Market: Market Size Estimation
Both the top-down and bottom-up approaches were used to estimate and validate the size of the market and to estimate the size of various other dependent sub-markets of various marketspaces. The key players in the markets are identified through secondary research, and their market contributions in different applications across regions and globally were determined through primary and secondary research. This entire process included the study of the annual and financial reports of the top market players and extensive interviews for key insights with industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources. All the possible parameters that affect the market covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analysed to arrive at the final quantitative and qualitative data. This data has been consolidated, and detailed inputs and analysis from Analytics Market Research added before being presented in this report.
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