Vehicle Tracking Systems Market: Global Size, Share, Trends, Growth and Forecast, 2022-2032
The vehicle tracking systems market size is valued at US$ 6323.87 million in 2021 and is expected to reach $19,257.5 million by 2032 growing at a CAGR of 20.3% from 2022 to 2032.
Vehicle tracking system is a very safe and reliable technology in order to track the real time movement of any vehicle. This technology is mainly used to determine location of a moving vehicle using various methods like GPS and other similar navigation systems which can be operated via satellite or via ground based stations. Most of the modern vehicle tracking systems uses GPS technology in order to monitor and locate vehicle anywhere on earth. Sometimes different type’s location technologies are also used. The tracking system is usually fitted in the car that provides near accurate real time location. The tracked data can also be stored and kept in a computer which can be beneficial for future analysis. This system is very popular among car owners having expensive cars as this system can be used as theft prevention and stolen cars can also be recovered using this system.
Vehicle Security is one of the prime concerns for all the vehicle owners. Not only the car owners but also the researchers are always looking for upgraded security systems for vehicles. There are several types of vehicle tracking systems. Passive and active are the major twp categories in which the tracking systems are divided. Passive tracking systems store speed, GPS location, and trigger events such as key on or off, or even the door is open or closed. After reaching a destination point, the device can be removed and the data can be downloaded and stored to a computer for evaluation. Active device also collects the same type of data, but it usually transmits the data in real-time to a computer or data center for evaluation.
Major driving factor for the growth of vehicle tracking systems market is increased adoption of intelligent transport systems. Other factor impacting positively on the growth forecast of the vehicle tracking systems is safety and security concerns within the transportation and automobile industry. Moreover, the raising fleet operations mainly in the emerging markets are also expected to boost the vehicle tracking systems market. Although the market has various factors that are driving the market, growing number of market players in the industry is posing potential challenges for the established market players in the industry. Vehicle tracking systems are getting smart with the technological evolutions. In addition to the technological innovations, the emergence of 5G services for automobile connectivity is expected to provide lucrative opportunities for market expansion during the forecast time period.
The vehicle tracking systems market for the analysis purpose is segmented based on vehicle type, product type, application, end use industry, and region. On the basis of vehicle type, the market is divided into passenger and commercial vehicles. In this segment passenger vehicles segmented is expected keep its dominance during the forecast period. This dominance is mainly attributed to the increase in fleet operators in emerging markets. In addition, rise in internet penetration is also a key factor contributing to the growth of the vehicle tracking industry. On the basis of product type the market is categorized into active and passive based on type. In this segment, the active segment is most lucrative segment owing to the raising preference for real-time data monitoring which showcases the future of mobility solutions. The applications segment of the vehicle tracking system market is studied across mobile tracking, satellite tracking, and cellular tracking systems. In terms of end use industry the vehicle tracking systems market is bifurcated into construction & manufacturing, transportation & logistics, aviation, government, retail, and other industry verticals. The transportation & logistics segment held the largest market share in 2019.
On the regional basis the market is mainly analyzed across North America, Europe, Asia-Pacific, and LAMEA. In this segment Asia-Pacific is anticipated to hold the largest market share in the vehicle tracking systems market share. This is majorly due to the rapid rise in GDP and high automotive sales in the Asia-Pacific. European market is in its mature phase, but still it is expected to exert considerable growth opportunities in the near future. Growth of the vehicle tracking systems market in Europe is mainly owing to the increased penetration of self-driving vehicles in the market and raising trend of shared transportation. It can be said that North America market is undergoing restructured market scenarios. Market restructuring in this region is evident from the major mergers, acquisitions, and other partnership deals witnessed in North America. Top automotive buying countries in the LAMEA are UAE, and Saudi Arabia. The increasing sales of automobiles in this region are supplementing the growth of the vehicle tracking systems market in this region.
The key market players profiled in the vehicle tracking systems market are AT&T Inc., Continental AG, Cartrack Holdings Limited, Robert Bosch GmbH, Spireon, Inc., Verizon Communications Inc., Geotab Inc., TomTom, Inc., Inseego Corp., and Teletrac Navman US Ltd.