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Vehicle Tracking System Market

Vehicle Tracking System Market Size, Share and 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, Others), by Components (Hardware, Software), by Regions and Global Market Forecast 2022-2028

Report Id: SNS/ICT/1758 | June 2022 | Region: Global | 130 Pages

Report Scope & Overview:

The Vehicle Tracking System Market Size was valued at USD 19.72 billion in 2021 and is expected to reach USD 49.34 billion by 2028 and grow at a CAGR of 14% over the forecast period 2022-2028.

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.

Vehicle Tracking System Market

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 cyber security 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.

KEY MARKET PLAYERS:

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

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.

Vehicle Tracking System Market

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

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

Vehicle Tracking System Market Report Scope:
Report Attributes Details
Market Size in 2021  US$ 19.72 Bn
Market Size by 2028  US$ 49.34 Bn
CAGR   CAGR of 14% From 2022 to 2028
Base Year  2021
Forecast Period  2022-2028
Historical Data  2017-2020
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 (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, 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)
Company Profiles 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
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

 


Frequently Asked Questions (FAQ) :

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:- 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 the Ukraine-Russia War

 

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 Continental AG (Germany),

14.1.1 Financial

14.1.2 Products/ Services Offered

14.1.3 SWOT Analysis

14.1.4 The SNS view

14.2 AT&T Inc. (US)

14.3 Robert Bosch GmbH (Germany)

14.4 Verizon Communications Inc. (US)

14.5 TomTom Inc.

14.6 Cartrack Holdings Limited (South Africa)

14.7 Spireon, Inc. (US)

14.8 Geotab Inc. (Canada)

14.9 US Fleet Tracking (US)

14.10 Inseego Corp. (US)

14.11 TRACK GROUP (US).

14.12 Teltonika

 

15. Competitive Landscape

15.1 Competitive Benchmarking

15.2 Market Share analysis

15.3 Recent Developments

 

16. Conclusion

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Secondary Research

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