The Vehicle Tracking System Market Size was valued at USD 23.15 billion in 2023 and is expected to reach USD 67.01 billion by 2031 and grow at a CAGR of 14.21% over the forecast period 2024-2031.
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.
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.
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.
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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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
The Major Players are Laipac Technology Inc., Sensata Technologies Inc., CompTrackimo9, CalAmp, TELTONIKA, ORBCOMM, TomTom International BV., Geotab Inc., Verizon and Other Players
| Report Attributes | Details |
| Market Size in 2023 | US$ 23.15 Bn |
| Market Size by 2031 | US$ 67.01 Bn |
| CAGR | CAGR of 14.21% From 2023 to 2030 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • 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, Others) • by Components (Hardware, Software) |
| Regional Analysis/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) |
| Company Profiles | Laipac Technology Inc., Sensata Technologies Inc., CompTrackimo9, CalAmp, TELTONIKA, ORBCOMM, TomTom International BV., Geotab Inc., Verizon |
| Key Drivers | • Vehicle integration of real-time monitoring and fuel management • Concerns about safety and security in transportation services |
| Market Opportunities | • The increased use of intelligent transportation systems • The introduction of 5G into vehicle connectivity |
Ans:- The market size is expected to reach USD 49.34 billion by 2028.
Ans:- The Passenger car segment is expected to see the most significant growth.
Ans:- Vehicle integration of real-time monitoring & Concerns about safety and security are the primary market drivers for vehicle tracking system market.
Ans:- Yes.
Ans:- North American region is anticipated to be the primary driver of the market.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia War
4.3 Impact of Ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Global Vehicle Tracking System Market Segmentation, By Type
8.1 Active
8.2 Passive
9. Global Vehicle Tracking System Market Segmentation, By Vehicle Type
9.1 Passenger vehicles
9.2 LCV
9.3 HCV
10. Global Vehicle Tracking System Market Segmentation, by Application
10.1 GPS/Satellite
10.2 GPRS/Cellular Network
10.3 Dual Mode
11. Global Vehicle Tracking System Market Segmentation, by Industry Vertical
11.1 Transportation & Logistic
11.2 Construction & Manufacturing
11.3 Aviation
11.4 Retail
11.5 Government & Defense
11.6 Other
12. Global Vehicle Tracking System Market Segmentation, by Component
12.1 Hardware
12.2 Software
13. Regional Analysis
13.1 Introduction
13.2 North America
13.2.1 the USA
13.2.2 Canada
13.2.3 Mexico
13.3 Europe
13.3.1 Germany
13.3.2 the UK
13.3.3 France
13.3.4 Italy
13.3.5 Spain
13.3.6 The Netherlands
13.3.7 Rest of Europe
13.4 Asia-Pacific
13.4.1 Japan
13.4.2 South Korea
13.4.3 China
13.4.4 India
13.4.5 Australia
13.4.6 Rest of Asia-Pacific
13.5 The Middle East & Africa
13.5.1 Israel
13.5.2 UAE
13.5.3 South Africa
13.5.4 Rest
13.6 Latin America
13.6.1 Brazil
13.6.2 Argentina
13.6.3 Rest of Latin America
14. Company Profiles
14.1 Laipac Technology Inc.
14.1.1 Financial
14.1.2 Products/ Services Offered
14.1.3 SWOT Analysis
14.1.4 The SNS view
14.2 Sensata Technologies Inc.
14.3 CompTrackimo9
14.4 CalAmp
14.5 TELTONIKA
14.6 ORBCOMM
14.7 TomTom International BV.
14.8 Geotab Inc.
14.9 Verizon
15. Competitive Landscape
15.1 Competitive Benchmarking
15.2 Market Share Analysis
15.3 Recent Developments
16. Conclusion
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