Vehicle Tracking System Market Size, Share & Trends Analysis Report 2022 - 2030

 Vehicle Tracking System Industry Overview

The global vehicle tracking system market size is valued at USD 19.38 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 13.9%% from 2022 to 2030. The rising adoption of advanced technology and growing concern for the security and safety of vehicles are factors driving the growth of the market. The rise in fleet operations in emerging nations, coupled with government regulations to install vehicle tracking devices in passenger and commercial vehicles, is fueling the growth. Furthermore, the growing adoption of car leasing and rental services has compelled rental companies to integrate tracking devices to enhance their services, further driving the growth of the market.

The increase in the number of road accidents has led fleet management companies and government authorities to make installing tracking devices in all vehicles to track their location and speed mandatory. Additionally, the rising uptake of the intelligent transport system and the emergence of 5G into vehicle connectivity are anticipated to propel market growth. The increasing demand for semi-autonomous and autonomous vehicles also contributes to the demand for advanced and standard vehicle tracking systems.

Gather more insights about the market drivers, restrains and growth of the Global Vehicle Tracking System market

 

In early 2020, the outbreak of the COVID-19 pandemic brought unprecedented challenges for industries around the world. To contain the aggressive spread of the virus, governments worldwide have to introduce lockdown and social distancing mandates. The lockdowns had forced industries such as the automotive industry to halt manufacturing, assembly, and production in Europe, America, and Asia. The lockdown also negatively impacted the demand for passenger and commercial vehicles. The production of vehicle tracking system software and hardware also experienced the impact induced by low demand for the product.

In 2021, as the lockdown mandates were lifted owing to COVID-19's subsiding effects, the demand for automobiles witnessed a surge, creating a demand for vehicle tracking system technologies. Still, the demand surge was met with a disrupted supply chain of semiconductor chips. Regardless of vehicle type, the semiconductor's chips are integral to the vehicle tracking system. The absence of semiconductor chips resulted in a production timeline delay. Therefore, the pandemic and the repeated supply chain and production disruption caused a restriction in the growth of the vehicle tracking system market.

Over time, as business and trade started expanding beyond regional boundaries, the import and export of different cargo also increased by volume. The growing volume of trade around the world has also upsurged the need for a commercial vehicle fleet dedicated to logistics. The major market participants are dedicating resources to developing products that provide seamless fleet management to companies. For instance, Geotab has developed fleet maintenance software which uses predictive analytics by analyzing data to identify potential and critical mechanical issues and prioritize repairs. The software studies and compares data from engines and other components using sensors to predict the issues which might occur.


Browse through Grand View Research's Automotive & Transportation Industry Research Reports.

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  • Leisure Boat Market - The global leisure boat market size was valued at USD 42.30 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 5.3% from 2023 to 2030. The rising disposable income of citizens and the flourishing tourism sector in emerging economies, such as Brazil and China, are some of the key factors escalating market growth.

 

Vehicle Tracking System Market Segmentation

Grand View Research has segmented the global vehicle tracking system market based on vehicle type, end use, technology type, type, component, and region:

Vehicle Tracking Systems Vehicle Type Outlook (Revenue, USD Billion, 2018 - 2030)

  • Passenger Vehicles
  • Light Commercial Vehicles
  • Heavy Commercial Vehicles

Vehicle Tracking Systems End-use Outlook (Revenue, USD Billion, 2018 - 2030)

  • Transportation & Logistic
  • Construction & Manufacturing
  • Aviation
  • Retail
  • Government & Defense
  • Other

Vehicle Tracking Systems Technology Type Outlook (Revenue, USD Billion, 2018 - 2030)

  • GPS/Satellite
  • GPRS/Cellular Network
  • Dual Mode

Vehicle Tracking Systems Type Outlook (Revenue, USD Billion, 2018 - 2030)

  • Active
  • Passive

Vehicle Tracking Systems Component Outlook (Revenue, USD Billion, 2018 - 2030)

  • Hardware
    • OBD Device/ Tracker and Advance Tracker
    • Standalone Tracker
  • Software
    • Performance Management
    • Vehicle Diagnostics
    • Fleet Analytics & Reporting
    • Driver Behavior Monitoring
    • Others

Vehicle Tracking Systems Regional Outlook (Revenue, USD Billion, 2018 - 2030)

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)

 

Key Companies profiled:

Some prominent players in the global vehicle tracking system market include:

  • Verizon
  • Geotab Inc.
  • Cartrack
  • Tom Tom International B.V.
  • CalAmp
  • Teltonika

 

Order a free sample PDF of the Vehicle Tracking System Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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