According to the research report, the global vehicle tracking systems market share will increase from USD 17.56 Billion in 2020 and is expected to reach USD 41.94 Billion by 2028, with a CAGR of 13.5% during the forecast period of 2021-2028.
What is a vehicle tracking (GPS) system? How big is the vehicle tracking system industry?
A vehicle tracking system is a software system utilized by transport firms to observe truck locations and trailers. The software is linked to the vehicles through GPS providing real-time insight to companies about the geographic placement of their vehicles. The growing demand for vehicle tracking systems can be owed to the incorporation of monitoring that is real-time and fuel management in vehicles and security and safety anxieties with services of transportation. The growth in fleet functioning particularly in upcoming markets is anticipated to enhance the growth of the revenue of the market.
Growth in the adoption of a transport system that is intelligent, the arrival of 5G into connectivity, and the increased acquisition of mobility as a service (MaaS) are expected to offer growth opportunities that are lucrative for the market growth. The covid-19 has negatively influenced the vehicle tracking system market because of the restrictions on commuting and an inadequate financial performance by the players. Sales and leaseback options are being considered by organizations with vehicle assets. But the vehicle tracking hardware and managing software have increased due to the continuous supply of essentials like agriculture, pharmaceuticals, retail, and FMCG are not being able to transmit the finished products.
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What are the source, type, application, and region-wise performance of various industries?
What are the key drivers, restraints, and opportunities of the global vehicle tracking systems market?
Top Companies Profiles Covered in this Report
Laipac Technology Inc.
Robert Bosch GmbH
Teletrac Navman US Ltd
TomTom International BV.
Xirgo Technologies LLC
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Vehicle tracking system market: Growth Factors
Due to the rising penetration of online retailers and progression in digital technologies, there is a growing usage of smartphones accompanying the increasing number of internet end users globally. Momentum has been gained because of the emergence of online retailers. The emergence of online platforms by companies like eBay, Amazon, Flipkart, and Walmart has attained speedy traction amidst the consumers. Logistic services are adopted by these online retailers to efficiently deliver the goods to the consumers. Thus the demand for a vehicle tracking system is increased to offer the details regarding customer orders.
The dominant factors for the development of the market are the increasing anxiety over vehicle security and safety, the growing demand for vehicles that are electric, and increasing production and sales of passengers and commercial vehicles worldwide.
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Global Vehicle Tracking Systems Market: Report Scope
Market Size 2020 Value
USD 17.56 Billion
Market Outlook for 2028
USD 41.94 Billion
Expected CAGR Growth
CAGR 13.5% from 2021 – 2028
2021 – 2028
Top Market Players
AT&T Inc., CalAmp, Cartrack, Continental AG, Geotab Inc., Inseego Corp., Laipac Technology Inc., ORBCOMM, Robert Bosch GmbH, Spireon.com, Teletrac Navman US Ltd, TELTONICA, TomTom International BV., Trackimo Inc., Verizon, and Xirgo Technologies, LLC
By Vehicle, By End-Use, By Technology, By Component, By Region
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
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Global vehicle tracking system market: Key segmentation
Insight by type
Dependent on type, passenger vehicle is going to observe a higher CAGR in the market. Amongst the small and medium-sized businesses, passenger vehicles are popular and normally act as pool vehicles and minivans to execute their daily tasks. Thus the demand for vehicle tracking system is increased in passenger vehicles. Additionally, the developing tendency of fleet operators to provide a user experience that is enhanced and is expected to lead the growth of the segment over the forecast period.
Insight by end-use
Dependent on the industry the market is fragmented into construction, transportation, and logistics. The increasing GPS tracking usage is the reason. The largest market share was for the transportation and logistics segment and it will continue to flourish at a rate that is unprecedented. Other than that, real-time location monitoring is ensured by vehicle tracking systems. The growth of vehicle tracking systems market has grown because of lessened fuel depletion and administrative costs.
Insight by technology
This segment of the market is going to continue expanding because of the capability of GPS to collaborate with several technologies like LTE, GSM, and WiMAX coupled with the GPS to be imparted with many satellites. It is costlier than GPRS but its capacity to outline more efficient routes and offer productivity that is superior and has positively influenced the segment’s growth.
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The largest share in the market is commanded by Europe and it will maintain its position in the coming years. The bulk of the main market players is placed in Europe to oblige the increasing requirements for GPS tracking devices. In Europe, several events and conferences related to GPS tracking are held. This will additionally push the demand for the growth of the market for the European region.
The market is primarily segmented on the basis of type, end-use, technology, component, and region.
Vehicle tracking systems market: By type outlook
Vehicle tracking systems market: By end-use outlook
Transportation & Logistics
Construction & Manufacturing
Government & Defense
Vehicle tracking systems market: By technology outlook
Vehicle tracking systems market: By region outlook
North America (U.S., Canada)
Europe (Germany, UK, France, Italy, Spain, Netherlands, Austria)
Asia Pacific (China, India, Japan, South Korea, Indonesia, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, South Africa, Israel, UAE)
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