Vehicle Tracking System Market

Report Scope & Overview:

The Vehicle Tracking System Market Size was valued at USD 22.48 billion in 2022 and is expected to reach USD 64.12 billion by 2030 and grow at a CAGR of 14% over the forecast period 2023-2030.

A vehicle tracking system is a vehicle defense system that protects the vehicle from external, harmful attacks in all feasible ways. A tracking module installed in the car continuously collects GPS coordinates that reveal the vehicle's current location. The coordinates are immediately transmitted to the user's computers via cellular data connectivity. Customers log in to the program to view their vehicles on road maps, much as in-dash and handheld GPS navigation devices. Non-real-time tracking systems exist, in which the in-vehicle module stores coordinates but does not communicate them for real-time monitoring.

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The vehicle tracking system has benefits such as fleet management, which ensures the safety of the driver as well as the cargo, which enhances efficiency due to real-time traffic alerts, and accurate route planning, which monitors the fuel levels, distance traveled, and speed of the vehicles, and which manages the administrative costs of the business. The numerous benefits that are made available by the system have a constructive influence on the expansion of the market.

Teltonika has created a vehicle tracking device that supports NB-IoT and LTE M1 connectivity and is equipped with Bluetooth to link with other devices and low energy sensors, allowing the ground support truck to be tracked easily.

MARKET DYNAMICS: 

KEY DRIVERS: 

• Vehicle integration of real-time monitoring and fuel management.

• Concerns about safety and security in transportation services.

• An expansion in fleet operations is likely to promote market revenue growth.

RESTRAINTS: 

• Fleet owners' price concerns.

• Invasion of personal data cybersecurity risks.

• Concerns about atmospheric inference are projected to stymie market growth.

OPPORTUNITIES: 

• The increased use of intelligent transportation systems.

• The introduction of 5G into vehicle connectivity.

• The rising popularity of mobility-as-a-service is expected to generate lucrative growth prospects.

CHALLENGES: 

• Data privacy violations are a big deterrent to end-users utilizing vehicle monitoring systems.

• Vehicle tracking systems are only used in a few cases.

IMPACT OF COVID-19:

The expansion of the COVID-19 pandemic has had a detrimental impact on the worldwide vehicle monitoring system market, owing to commute limits and the market players predicted poor financial performance in 2020. Organizations are preparing smart cost-cutting initiatives in response to the pandemic's economic impact. To enhance cash flow, organizations owning car assets are contemplating sale and leaseback options. The key risk considerations for players in the vehicle tracking system. However, due to a lack of transporters, FMCG, retail, farm medicines, and other important service providers are unable to ship stored items. The demand for vehicle tracking hardware and management software has expanded in order to manage and cater to the ongoing supply of basics.

MARKET ESTIMATION: 

Market, By Type:

Based on the type segment, the global market has been divided into active, and passive. The active type category dominated the market in 2021 with a revenue share of 84.3% and is projected to grow at the highest CAGR of 15.2% from 2021 to 2030. Active and passive vehicle tracking systems perform identically. The passive tracking devices capture data from the vehicle and store it on a memory card or hard disc.

Market, By Vehicle Type:

The global market has been divided into Passenger Vehicles, LCV, and HCV based on the vehicle type segment. The passenger car segment had the largest market share and is predicted to grow at the fastest rate (17.6 percent) over the projection period. The tracking system helps businesses to collect data in order to increase operational efficiency and profitability. During the forecast period, the light commercial vehicles segment is expected to exhibit the second-highest CAGR of 12.5 percent.

Market, By Application:

The global market has been divided into GPS/Satellite, GPRS/Cellular Network, and Dual Mode based on the application segment. The GPS/satellite sector held the largest market share in 2021, at more than 50 percent, and is anticipated to grow at the highest CAGR of 16.3 percent during the forecast period. Compatibility between GPS and network technologies. The dual-mode application provides GPS and GPRS-based tracking methods.

Market, By Industry Verticals:

The global market has been divided into Transportation & Logistic, Construction & Manufacturing, Aviation, Retail, Government & Defense, and Others Based on industry verticals segment. The transportation and logistics industry held the largest market share of 27.4 percent in 2021 and is expected to grow at a CAGR of more than 18 percent. Over the projected period, the retail segment is expected to have the second-highest CAGR of 14.6 percent.

Market, By Components:

The global market has been divided into hardware, and software based on the component segment. The software had the biggest revenue share (67.6%) and CAGR (15.5%) in 2021. The hardware segment is predicted to grow 13.5% annually. They can evaluate and analyze data to maintain operational synergy, improve performance, monitor employee behavior, and optimize expenses.

MARKET SEGMENTATION:

By Type:

• Active

• Passive

By Vehicle Type:

• Passenger vehicles

• LCV

• HCV

By Application:

• GPS/Satellite

• GPRS/Cellular Network

• Dual Mode

By Industry Verticals:

• Transportation & Logistic

• Construction & Manufacturing

• Aviation

• Retail

• Government & Defense

• Other

By Components:

• Hardware

• Software

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REGIONAL ANALYSIS:

North America held the largest market share (33.4 percent) in 2021 and is predicted to maintain its growth rate during the forecast period. The emergence of intelligent systems has resulted in the adoption of fleet management technology. Furthermore, there is a growing awareness of vehicle fleet and cargo technologies, as well as growing worries about carbon emissions. The government's necessary safety standards are also fueling industry expansion. Over the forecast period, Asia Pacific is expected to increase at a CAGR of 18.4 percent.

Factors such as technological advancements in networking, an increase in commercial and passenger car sales, stringent regulatory demands, the growing popularity of the region's e-commerce sector, and increased trade activities are driving market expansion. Furthermore, the region's growing acceptance of technologies such as cloud, IoT, linked autos, and driverless vehicles is propelling market expansion.

REGIONAL COVERAGE:

• North America

  • The USA

  • Canada

  • Mexico

• Europe

  • Germany

  • The UK

  • France

  • Italy

  • Spain

  • The Netherlands

  • Rest of Europe

• Asia-Pacific

  • Japan

  • south Korea

  • China

  • India

  • Australia

  • Rest of Asia-Pacific

• The Middle East & Africa

  • Israel

  • UAE

  • South Africa

  • Rest of Middle East & Africa

• Latin America

  • Brazil

  • Argentina

  • Rest of Latin America

KEY MARKET PLAYERS:

AT&T Inc., Continental AG , Robert Bosch GmbH, Verizon Communications Inc., Tom Tom Inc., Cartrack Holdings Limited, Teltonika, Spireon, Inc., Geotab Inc.., US Fleet Tracking, Inseego Corp., and TRACK GROUP are some of the affluent competitors with significant market share in the Vehicle Tracking System Market.

Continental AG - Company Operating Expense