Global Vehicle Tracking System Market Size, Industry Analysis By Segmentations, Top Key Players, Trends, Future Development & Forecast 2024-2035
- PUBLISHED ON
- 9/22/2022
- NO OF PAGES
- 262
- CATEGORY
- Automotive & Transportation
Market Overview
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.
The market is expanding as a result of factors like rising adoption of cutting-edge technology and rising consumer concern over the security and safety of automobiles. Furthermore, the expansion is being fuelled by government rules requiring the installation of vehicle monitoring devices in both passenger and commercial vehicles and an increase in fleet operations in emerging nations. The industry is also booming as a result of the increasing use of car leasing and rental services, which has forced rental businesses to incorporate monitoring devices to improve their services.
Since the data comprises personal information including driver and vehicle details and route travelled, the rise in data privacy violations is the main factor preventing end users from using vehicle monitoring systems which may impede the market growth.
Component Insights
By component, the software segment held the highest market share in 2022. Tracking software includes features like fleet analytics, real-time traffic and maintenance alerts, vehicle diagnostics, driver behaviour monitoring, and assessing vehicle utilisation that show a vehicle's efficiency and total cost of ownership, and these features are driving substantial growth. The end users have access to information that they can evaluate and analyse, which makes it easier to maintain operational synergy, improve performance, keep tabs on employee behaviour, and save costs for management.
Type Insights
In terms of type, the active segment dominated the market share in 2022 and is estimated to lead the market over the forecast period. The functioning of active and passive vehicle tracking systems is the same. The active system, however, monitors real-time data transmitted to a computer system or a data processing facility via satellite or cellular networks. Although the active tracking system has all the necessary features, it has the advantage of providing simple access to tracking data and being compatible with many networks. The benefits of active monitoring are anticipated to increase demand for it across key market areas.
Vehicle Type Insights
In terms of Vehicle Type, the passenger vehicle segment held the highest market share in 2022. The segment is expanding due to the usage of tracking systems by app-based vehicle leasing and rental companies like Ola, Uber, Careem, and Lyft Inc. for efficient operational control. The tracking technology enables the businesses to collect information on operating efficiency and profitability, including average speed and distance travelled, number of trips per day, and idle time.
End-use Industry Insights
In terms of end-use industry, the transportation and logistics sector showcased the highest market share in 2021 and is anticipated to register the highest CAGR over the course of projected period. This can be linked to the growing fleet size and fleet operators, which has led to an increase in the use of global positioning systems (GPS) for logistics and transportation tracking globally.
Regional Insights
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.
Key Companies Insights
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.
In 2022, The IoT-based CT 3500 telematics device was launched by ORBCOMM with the goal of developing a fleet management system for refrigerated containers. The gadget is capable of smart management regardless of transportation mode and is compatible with wireless technology such as Bluetooth 5, NFC, and LoRa. The system makes use of wireless sensors to deliver useful fleet intelligence.
Segments
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
o Egypt
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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Historic Year: 2016-2022
Forecast: 2024-2035
1. Global Vehicle Tracking System Market Introduction and Market Overview
1.1. Objectives of the Study
1.2. Global Vehicle Tracking System Market Scope and Market Estimation
1.2.1.Global Vehicle Tracking System Overall Market Size, Revenue (US$ Mn), Market CAGR (%), Market forecast (2023 - 2032)
1.2.2.Global Vehicle Tracking System Market Revenue Share (%) and Growth Rate (Y-o-Y) from 2019 - 2032
1.3. Market Segmentation
1.3.1.Component of Global Vehicle Tracking System Market
1.3.2.Type of Global Vehicle Tracking System Market
1.3.3.Technology of Global Vehicle Tracking System Market
1.3.4.Vehicle Type of Global Vehicle Tracking System Market
1.3.5.Industry Vertical of Global Vehicle Tracking System Market
1.3.6.Region of Global Vehicle Tracking System Market
2. Executive Summary
3. Market Factor Analysis
3.1. Global Vehicle Tracking System Market Industry Trends under COVID-19 Outbreak
3.1.1.Global COVID-19 Status Overview
3.1.2.Influence of COVID-19 Outbreak on Global Vehicle Tracking System Market Industry Development
3.2. Market Dynamics, By Region
3.2.1.Drivers
3.2.2.Limitations
3.2.3.Opportunities
3.2.4.Impact Analysis of Drivers and Restraints
3.3. Ecosystem / Value Chain Analysis
3.3.1.Raw Materials / Component Suppliers
3.3.2.Manufacturers / Vendors
3.3.3.Distributors
3.3.4.Buyers / End-users
3.3.5.Forward Integration & Backward Integration of Key Stakeholders
3.4. Global Vehicle Tracking System Market - Pricing Trends Analysis & Average Selling Prices (ASPs)
3.5. End-users / Customer Preferences & Consumer Surveys
3.6. Technology Roadmap & Key Innovations /Developments
3.7. Key Mandates & Regulatory Scenario Analysis
3.8. Key Mergers & Acquisitions, Expansions, JVs, Funding / VCs, etc.
3.9. Porter’s Five Forces Analysis
3.9.1.Bargaining Power of Suppliers
3.9.2.Bargaining Power of Buyers
3.9.3.Threat of Substitutes
3.9.4.Threat of New Entrants
3.9.5.Competitive Rivalry
3.10. PEST Analysis
3.10.1. Political Factors
3.10.2. Economic Factors
3.10.3. Social Factors
3.10.4. Technological Factors
3.11. SWOT Analysis
3.12. Russia-Ukraine War Impacts Analysis
3.13. ANSOFF Matrix
3.13.1. Market Penetration Strategy
3.13.2. Product Development Strategy
3.13.3. Market Development Strategy
3.13.4. Diversification Strategy
3.14. Inflation Impacts Analysis
3.14.1. Supply Side Impacts
3.14.2. Demand Side Impacts
3.14.3. Outlook in 2023 & Beyond
3.15. Market Investment Feasibility Analysis
3.16. Opportunity Map Analysis
3.17. Market Investment Opportunity Analysis (Top Investment Pockets), By Segments & By Regions
4. Global Vehicle Tracking System Market Estimates & Historical Trend Analysis (2019 - 2022)
5. Global Vehicle Tracking System Market Estimates & Forecast Trend Analysis, by Component
5.1. Global Vehicle Tracking System Market Revenue (US$ Mn) Estimates and Forecasts, by Component, 2019 to 2032
5.1.1.Hardware
5.1.1.1. OBD Device/ Tracker and Advance Tracker
5.1.1.2. Standalone Tracker
5.1.2.Software
5.1.2.1. Performance Management
5.1.2.2. Vehicle Diagnostics
5.1.2.3. Fleet Analytics & Reporting
5.1.2.4. Driver Behavior Monitoring
5.1.2.5. Others
6. Global Vehicle Tracking System Market Estimates & Forecast Trend Analysis, by Type
6.1. Global Vehicle Tracking System Market Revenue (US$ Mn) Estimates and Forecasts, by Type, 2019 to 2032
6.1.1.Active
6.1.2.Passive
7. Global Vehicle Tracking System Market Estimates & Forecast Trend Analysis, by Technology
7.1. Global Vehicle Tracking System Market Revenue (US$ Mn) Estimates and Forecasts, by Technology, 2019 to 2032
7.1.1.GPS/Satellite
7.1.2.GPRS/Cellular Network
7.1.3.Dual Mode
8. Global Vehicle Tracking System Market Estimates & Forecast Trend Analysis, by Vehicle Type
8.1. Global Vehicle Tracking System Market Revenue (US$ Mn) Estimates and Forecasts, by Vehicle Type, 2019 to 2032
8.1.1.Passenger Vehicles
8.1.2.Light Commercial Vehicles
8.1.3.Heavy Commercial Vehicles
9. Global Vehicle Tracking System Market Estimates & Forecast Trend Analysis, by Industry Vertical
9.1. Global Vehicle Tracking System Market Revenue (US$ Mn) Estimates and Forecasts, by Industry Vertical, 2019 to 2032
9.1.1.Transportation & Logistic
9.1.2.Construction & Manufacturing
9.1.3.Aviation
9.1.4.Retail
9.1.5.Government & Defense
9.1.6.Other
10. Global Vehicle Tracking System Market Estimates & Forecast Trend Analysis, by Region
10.1. Global Vehicle Tracking System Market Revenue (US$ Mn) Estimates and Forecasts, by Region, 2019 to 2032
10.1.1. North America
10.1.2. Europe
10.1.3. Asia Pacific
10.1.4. Middle East & Africa
10.1.5. South America
11. North America Vehicle Tracking System Market: Estimates & Forecast Trend Analysis
11.1. North America Vehicle Tracking System Market Assessments & Key Findings
11.1.1. Vehicle Tracking System Market Introduction
11.1.2. Vehicle Tracking System Market Size Estimates and Forecast (US$ Million) (2019 – 2031)
11.1.2.1. By Component
11.1.2.2. By Type
11.1.2.3. By Technology
11.1.2.4. By Vehicle Type
11.1.2.5. By Industry Vertical
11.1.2.6. By Country
11.1.2.6.1. The U.S.
11.1.2.6.2. Canada
11.1.2.6.3. Mexico
12. Europe Vehicle Tracking System Market: Estimates & Forecast Trend Analysis
12.1. Europe Vehicle Tracking System Market Assessments & Key Findings
12.1.1. Vehicle Tracking System Market Introduction
12.1.2. Vehicle Tracking System Market Size Estimates and Forecast (US$ Million) (2019 – 2031)
12.1.2.1. By Component
12.1.2.2. By Type
12.1.2.3. By Technology
12.1.2.4. By Vehicle Type
12.1.2.5. By Industry Vertical
12.1.2.6. By Country
12.1.2.6.1. Germany
12.1.2.6.2. U.K.
12.1.2.6.3. France
12.1.2.6.4. Italy
12.1.2.6.5. Spain
12.1.2.6.6. Russia
12.1.2.6.7. Rest of Europe
13. Asia Pacific Vehicle Tracking System Market: Estimates & Forecast Trend Analysis
13.1. Asia Pacific Market Assessments & Key Findings
13.1.1. Vehicle Tracking System Market Introduction
13.1.2. Vehicle Tracking System Market Size Estimates and Forecast (US$ Million) (2019 – 2031)
13.1.2.1. By Component
13.1.2.2. By Type
13.1.2.3. By Technology
13.1.2.4. By Vehicle Type
13.1.2.5. By Industry Vertical
13.1.2.6. By Country
13.1.2.6.1. China
13.1.2.6.2. Japan
13.1.2.6.3. India
13.1.2.6.4. Australia
13.1.2.6.5. South Korea
13.1.2.6.6. ASEAN
13.1.2.6.7. Rest of Asia Pacific
14. Middle East & Africa Vehicle Tracking System Market: Estimates & Forecast Trend Analysis
14.1. Middle East & Africa Market Assessments & Key Findings
14.1.1. Vehicle Tracking System Market Introduction
14.1.2. Vehicle Tracking System Market Size Estimates and Forecast (US$ Million) (2019 – 2031)
14.1.2.1. By Component
14.1.2.2. By Type
14.1.2.3. By Technology
14.1.2.4. By Vehicle Type
14.1.2.5. By Industry Vertical
14.1.2.6. By Country
14.1.2.6.1. U.A.E.
14.1.2.6.2. Saudi Arabia
14.1.2.6.3. Egypt
14.1.2.6.4. South Africa
14.1.2.6.5. Rest of Middle East & Africa
15. South America Vehicle Tracking System Market: Estimates & Forecast Trend Analysis
15.1. South America Market Assessments & Key Findings
15.1.1. Vehicle Tracking System Market Introduction
15.1.2. Vehicle Tracking System Market Size Estimates and Forecast (US$ Million) (2019 – 2031)
15.1.2.1. By Component
15.1.2.2. By Type
15.1.2.3. By Technology
15.1.2.4. By Vehicle Type
15.1.2.5. By Industry Vertical
15.1.2.6. By Country
15.1.2.6.1. Brazil
15.1.2.6.2. Argentina
15.1.2.6.3. Colombia
15.1.2.6.4. Rest of South America
16. Competition Landscape
16.1. Vehicle Tracking System Market Competition Index, By Leading Players
16.2. Vehicle Tracking System Market Competition Matrix & Benchmarking, by Leading Players / Innovators / Emerging Players / New Entrants
16.3. Vehicle Tracking System Market Competition White Space Analysis, By Application / End-user
16.4. Vehicle Tracking System Market Competition Heat Map Analysis, By Products / Services / Solutions
16.5. Vehicle Tracking System Market Competition Regional Intensity Map Analysis, By Geographies Served
16.6. Vehicle Tracking System Market Concentration & Company Market Shares (%) Analysis, 2022
17. Company Profiles
17.1. Verizon
17.1.1. Company Overview & Key Stats
17.1.2. Financial Performance & KPIs
17.1.3. Product / Service / Solutions Portfolio & Applications / End-uses
17.1.4. Business Strategy & Recent Developments
* Similar details would be provided for all the players mentioned below
17.2. Geotab Inc
17.3. Cartrack
17.4. Tom Tom International B.V.
17.5. CalAmp
17.6. Teltonika
17.7. ORBCOMM Inc
17.8. Xirgo Technologies, LLC
17.9. Laipac Technology Inc
17.10. Trackimo Inc
17.11. Continental AG
17.12. AT&T Inc
17.13. Spireon, Inc
17.14. Robert Bosch GmbH
17.15. Others**
18. Research Methodology
18.1. External Sources / Databases
18.2. Internal Proprietary Database
18.3. Primary Research
18.4. Secondary Research
18.5. Assumptions
18.6. Limitations
18.7. Report FAQs
19. Research Findings & Conclusion
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