According to the latest report by IMARC Group, titled “Vehicle Tracking System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global vehicle tracking system market size reached US$ 23.5 Billion in 2022. A vehicle tracking system is a technology that uses a global positioning system (GPS) or other tracking technologies to pinpoint and monitor the location and movement of vehicles in real-time. This system typically includes a tracking device installed in the vehicle, a central server, and software allowing the user to access the tracked data. Besides this, it also provides additional data such as speed, direction, idle time, and start/stop reports. The information is used for various purposes, such as fleet management, theft prevention, and monitoring driver behavior. In commercial settings, it assists in planning routes, improving efficiency, reducing fuel costs, and ensuring timely deliveries.
Global Vehicle Tracking System Market Trends:
The global vehicle tracking system market is primarily driven by the escalating demand for fleet management solutions in the logistics and transportation industry. These systems enable real-time tracking, route optimization, fuel monitoring, and vehicle maintenance scheduling, enhancing overall operational efficiency and cost-effectiveness. Moreover, the burgeoning e-commerce industry, with its reliance on timely deliveries and efficient logistics, is propelling the market growth. Besides this, the increasing emphasis on safety and security is contributing to the product's demand as these tracking systems help locate stolen vehicles and monitor driver behavior, thus mitigating risks and enhancing the safety of assets and personnel. In addition to this, significant advancements in technology, such as the integration of the Internet of Things (IoT), artificial intelligence (AI), and advanced telematics, have enabled the development of more sophisticated, reliable, and cost-effective tracking solutions, encouraging product adoption. Furthermore, the transition to 5G networks, the introduction of government regulations mandating the installation of tracking devices in commercial vehicles, the surge in contactless deliveries, and the need for efficient supply chain management are presenting remunerative growth opportunities for the market. Looking forward, the market value is projected to reach US$ 50.5 Billion by 2028, expanding at a CAGR of 13.2% during 2023-2028.
- On the basis of the component, the market has been divided into hardware (OBD device/tracker and standalone tracker) and software (vehicle diagnostics, performance measurement, fleet analytics and reporting, and others). Between these, software holds the largest market share.
- Based on the type, the market is bifurcated into active and passive. Presently, active represents the largest segment.
- On the basis of the vehicle type, the market has been classified into commercial and passenger vehicles. Among these, passenger vehicles account for the largest market shares.
- Based on the application, the market is categorized into mobile, cellular, and satellite tracking. Currently, satellite tracking is the biggest market segment.
- On the basis of the industry vertical, the market has been segregated into transportation and logistics, construction and manufacturing, aviation, retail, government, and others. At present, transportation and logistics dominate the market.
- On a regional basis, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa. Among these, North America enjoys the leading market position.
- The competitive landscape of the market has also been examined, with some of the key players being AT&T Inc., Cartrack, Continental AG, Geotab Inc., Inseego Corp., Orbcomm, Robert Bosch GmbH, Spireon Inc., Teletrac Navman (Vontier Corporation), TomTom N.V. and Verizon Communications Inc.
|Base Year of the Analysis
||Component, Type, Vehicle Type, Application, Industry Vertical, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||AT&T Inc., Cartrack, Continental AG, Geotab Inc., Inseego Corp., Orbcomm, Robert Bosch GmbH, Spireon Inc., Teletrac Navman (Vontier Corporation), TomTom N.V. and Verizon Communications Inc.
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