0
2021
Vehicle Tracking System Market

Vehicle Tracking System Market

by Type (Active and Passive), Vehicle Type (Passenger Cars and Commercial Vehicles), Technology (GPS/Satellite, GPRS/Cellular Networks and Dual Mode) and Component (Hardware and Software): Global Opportunity Analysis and Industry Forecast, 2021-2030

Report Code: A03510
Pages: 285
Oct 2021 | 25175 Views
Author(s) : Akshay J, Akshay J , Sonia M
Tables: 161
Charts: 86
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COVID-19

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Vehicle Tracking System Market Statistics 2030 -

The global vehicle tracking system market was valued at $17.37 billion in 2020, and is projected to reach $109.95 billion by 2030, registering a CAGR of 19.7% from 2021 to 2030.

The spread of the COVID-19 pandemic has negatively impacted the global vehicle tracking system market, owing to commute restrictions and expected weak financial performance of the market players in 2020. The economic impact of the pandemic is visible with organizations preparing strategic cost-saving plans. Organizations with vehicle assets are considering sale and leaseback options to improve cash flow. The major risk factors of the vehicle tracking system participants are supply chain execution, regulatory & policy changes, dependency on labor, working capital management, and liquidity & solvency management. Although, FMCG, retail, agriculture pharmaceuticals, and other essential services provider are not being able to dispatch the stored products owing to the fewer number of transporters. To manage and cater to the continuous supply of essentials, the demand for vehicle tracking hardware and managing software increased.

Vehicle tracking system is a system that used global positioning system (GPS) or cellular network to track and monitor the activity of vehicle. It includes vehicle tracking & monitoring remotely, vehicle maintenance, vehicle diagnostics, fuel management, route optimization, driver management and safety management. The vehicle tracking systems work in a loop of GPS, GSM/GPRS, digital maps, and special software.

Vehicle-Tracking-System-Market

A tracking module equipped in the vehicle continuously picks up the GPS coordinates that indicate the real-time location of the vehicle. Using a cellular data service, the coordinates are immediately transmitted to the user’s computers. Customers log in to the software to see their vehicles on road maps, similar to in-dash and handheld GPS-based navigation systems. There are non-real-time tracking systems in which the in-vehicle module records the coordinates, but does not relay them for real-time monitoring. The data are downloaded from the module when the vehicle is returned at the end of the trip.

The key factor that drives the growth of the global vehicle tracking systems market includes integration of real-time monitoring and fuel management in vehicles and safety & security concern within transportation services. Moreover, increase in fleet operations especially in emerging markets is expected to boost the revenue growth of the market during the forecast period. However, price concerns of fleet owners, data privacy infringement along with the cyber security threats and atmospheric inference concern is expected to hinder the market growth. Conversely, rise in adoption of intelligent transport systems, emergence of 5G into vehicle connectivity and growing adoption of mobility-as-a-service (MaaS) are anticipated to provide lucrative growth opportunities for the growth of the market.

Vehicle Tracking System Market
By Type

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Active is projected as the most lucrative segments

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The vehicle tracking systems market is segmented on the basis of type, vehicle type, technology, component, and region. By type, the market is bifurcated into active and passive. By type of vehicle, it is divided into passenger cars and commercial vehicles. By technology, it is fragmented into GPS/satellite, GPRS/cellular networks, and dual mode. In terms of component, it is segregated into hardware and software. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. 

The companies profiled in the global vehicle tracking systems industry report are CalAmp, Cartrack Holdings Limited, Continental AG, Geotab Inc., Trackimo, Teltonika, Teletrac Navman US Ltd, Tomtom, Inc., Verizon Communication Inc. and Xirgo Technologies, LLC

Vehicle Tracking System Market
By Vehicle Type

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Commercial vehicle is projected as the most lucrative segments

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Integration of real-time monitoring and fuel management in vehicles

Vehicle owner and fleet operators can track their vehicles in real-time and check if drivers are following the suggested path or if there are diversions. For such fleet management, cloud-based solutions, such as AI, IoT, and big data, are used to collect primary data. For instance, Techwave Consulting Inc. uses sensors that can be embedded in vehicles to monitor high-value goods as they connect to the cloud and transmit the data in real-time. Furthermore, activities that are crucial in vehicle tracking system include vehicle & driver tracking, asset management, two-way communication, driver safety & time management, rescheduling the delivery task, and others. Moreover, introduction of innovative products and advantages of using vehicle tracking system, such as quick access & response, wide-area coverage, and cost reduction, helps vendors to increase their productivity and efficiency, thereby escalating the demand for vehicle tracking system. Moreover, many vehicle owners and fleet operators are facing an issue to measure accurate consumption of fuel required for vehicles, owing to lack of technical know-how about fuel monitoring tools. Therefore, by leveraging the Internet of Things (IoT), fuel can be controlled. Specially designed sensors are embedded in the fuel tanks that send notifications to the user’s mobile handsets and computers about the fuel level in vehicles through the public cloud. Furthermore, vehicle tracking system helps vehicle management by identifying the driver behavior with the help of sensors embedded in the vehicle. This includes the number of hours that the driver is driving, harsh braking, slow & speed driving, consistency in the speed limit, frequent halts, and harsh acceleration. Thus, the integration of real-time monitoring and fuel management in vehicles drives the market growth.

Increase in fleet operations especially in the emerging markets

The demand for vehicle tracking system has increased to make sure vehicle safety and eliminate idle time with increased use of internet and technological developments in connectivity. Directives such as e-call services have aided the fleet owners to obtain emergency alerts. Fleet operators and logistics businesses can capitalize on the vehicle tracking technology as one of the main drivers of profitability. 

Vehicle Tracking System Market
By Technology

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GPS/Satellite is projected as the most lucrative segments

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For instance, China, Japan, and South Korea are leading Asia's electric/hybrid trend. These steps are taken to increase the number of fleet cars on road. Accordingly, fleet operations are anticipated to grow at a faster rate in emerging regions such as Asia-Pacific and Latin America.  

Data privacy infringement along with the cyber security threats

Data related to vehicle contain sensitive information, such as the vehicle make, drivers’ personal details, and routes traversed. The data can be exploited for carrying out malicious or criminal activities, including vehicle robberies and planned crime. Data privacy infringement is a major reason discouraging end customers from using vehicle tracking system, especially in North American countries and China, where regulations are stringent. Moreover, events, such as unauthorized access to multiple vehicle connectivity solutions or breaking into the in-vehicle connectivity system. The major security concern is that the hacker has access to the computer system of the vehicles as well as to the data that it collects and stores. Therefore, data privacy infringement along with the cyber security threats of vehicle tracking system is expected to hamper the growth of the market.

Vehicle Tracking System Market
By Component

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Software is projected as the most lucrative segments

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Rise in adoption of Mobility-as-a-service (MaaS)

Various companies and government authorities across the world have come up with a mobility-as-a-service model to reduce traffic and carbon emissions. They are introducing ride-hailing, carpooling, car sharing, and more options for commuters instead of using their private vehicle. Vehicle tracking system provider companies are likely to benefit from this service. The hardware device and software is expected to assist in gaining insights regarding pick-ups, drop-offs, and vehicle telematics, and payment activities. For instance, in August 2020, Zoomcar introduced 'Zoomcar Mobility Stack' (ZMS), a software stack, for corporates and fleet owners to keep track of vehicle status and drivers’ behavior in real-time to prevent rash driving and control vehicular damage. Moreover, the mobility service providers such as Lyft, Uber, Ola, DiDi and others announce their plans to introduce autonomous vehicles and robo-taxies in their fleets. Therefore, surge in adoption of Mobility-as-a-service (MaaS) offers different opportunities for market expansion. 

Covid-19 Scenario Analysis 

The spread of the COVID-19 pandemic has negatively impacted the global vehicle tracking system market, owing to commute restrictions and expected weak financial performance of the market players in 2020. The economic impact of the pandemic is visible with organizations preparing strategic cost-saving plans. Organizations with vehicle assets are considering sale and leaseback options to improve cash flow. The major risk factors of the vehicle tracking system participants are supply chain execution, regulatory & policy changes, dependency on labor, working capital management, and liquidity & solvency management. Although, FMCG, retail, agriculture pharmaceuticals, and other essential services provider are not being able to dispatch the stored products owing to the fewer number of transporters. To manage and cater to the continuous supply of essentials, the demand for vehicle tracking hardware and managing software increased.

Vehicle Tracking System Market
By Region

2030
Asia-pacific 
North America
Europe
LAMEA

LAMEA would exhibit the highest CAGR of 21.7% during 2021-2030.

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Key Benefits For Stakeholders

  • This study presents analytical depiction of the global vehicle tracking system market analysis along with current trends and future estimations to depict imminent investment pockets.
  • The overall vehicle tracking system market opportunity is determined by understanding profitable trends to gain a stronger foothold.
  • The report presents information related to the key drivers, restraints, and opportunities of the global vehicle tracking system market with a detailed impact analysis.
  • The current vehicle tracking system market is quantitatively analyzed from 2020 to 2030 to benchmark the financial competency.
  • Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.

Vehicle Tracking System Market Report Highlights

Aspects Details
By Type
  • Active
  • Passive
BY VEHICLE TYPE
  • COMMERCIAL VEHICLES
  • PASSENGER VEHICLES
BY APPLICATION
  • MOBILE TRACKING
  • CELLULAR TRACKING
  • SATELLITE TRACKING
BY INDUSTRY VERTICAL
  • Transportation and Logistics
  • Construction & Manufacturing
  • Aviation
  • Retail
  • Government
  • Other Industry Verticals
By Region
  • North America  (U.S, Canada, Mexico)
  • Europe  (Germany, France, UK, Russia, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, South Korea, Rest of Asia Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
Key Market Players AT&T Inc, Cartrack Holdings Limited, Continental AG, ROBERT BOSCH GMBH, VERIZON COMMUNICATION INC, SPIREON INC, GEOTAB INC, INSEEGO CORP, TOMTOM, INC, TELETRAC NAVMAN US LTD
 

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The vehicle tracking system market is projected to witness considerable growth, owing increase in automotive sales by aspiring Asian consumers. Moreover, there is an increase in fleet operations in this region owing to adoption of public transportation and other commercial activities.

In addition, various leading manufacturers such as Cartrack Holdings Limited and Verizon Communications Inc. occupy prominent revenue share in the vehicle tracking systems market. Key companies have focused on product development and partnership to strengthen their foothold in the market. For instance, Cartrack Holdings Limited updated its Mi-Fleet software with a thought to simplify the fleet operation with no additional cost. Verizon Communication Inc. partnered with Gravel Conveyors Inc. to implement Verizon connect REVEAL fleet management software to reduce costs and improve fleet performance. Moreover, innovative marketing and positioning strategies have influenced the expansion of the global vehicle tracking systems market.

The key factor that drives the growth of the global vehicle tracking systems market includes integration of real-time monitoring and fuel management in vehicles and safety & security concern within transportation services. Moreover, increase in fleet operations especially in emerging markets is expected to boost the revenue growth of the market during the forecast period. However, price concerns of fleet owners, data privacy infringement along with the cyber security threats and atmospheric inference concern is expected to hinder the market growth. Conversely, rise in adoption of intelligent transport systems, emergence of 5G into vehicle connectivity and growing adoption of mobility-as-a-service (MaaS) are anticipated to provide lucrative growth opportunities for the growth of the market.

Among the analyzed regions, Asia-Pacific is the highest revenue contributor, followed by Europe, North America, and LAMEA. On the basis of growth rate, LAMEA is expected to lead during the forecast period, owing to rise in GDP in African economies, adoption of telematics & Global navigation satellite system (GNSS) in a few Middle East countries, and rapid urbanization in Latin America.

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FREQUENTLY ASKED QUESTIONS?

A. There are differrent types of vehicle tracking system based on the technology such as GPS/Satellite-based, GPRS/Cellular networks-based and Dual mode, also vehicle tracking system further splits into hardware-based and software based.

A. The global vehicle tracking system market was valued at $17,378.40 million in 2020, and is projected to reach $109,953.80 million by 2030, registering a CAGR of 19.7% from 2021 to 2030.

A. The sample for global vehicle tracking system market report can be obtained on demand from the AMR website. Also, the 24*7 chat support and direct call services are provided to procure the sample report.

A. There are certain upcoming trands in vehicle tracking system industry such as growing adoption of Mobility-as-a-service (MaaS), emergence of 5G into vehicle connectivity and rise in adoption of intelligent transport systems

A. There are certain outlook in vehicle tracking system industry including ntegration of real-time monitoring and fuel management in vehicles and increase in fleet operations especially in the emerging markets

A. The company profiles of the top market players of vehicle tracking system service industry can be obtained from the company profile section mentioned in the report

A. Vehicle tracking system industry was valued at $17,378.40 million in 2020, and is projected to reach $109,953.80 million by 2030

A. Verizon Communication Inc, Continental AG, TomTom, and CalAmp are among the companies who holds the most market share in vehicle tracking system

A. Canada, UK, India and Africa are the key matured markets growing in the vehicle tracking system industry

A. There are certain known and unknown adjacencies impacting the vehicle tracking system market including atmospheric inference concern, data privacy infringement along with the cyber security threats and price concerns of fleet owners

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