The global vehicle tracking system market is estimated to exceed US$ 170.6 billion in 2023 to US$ 848.03 billion by 2032, growing at a compound annual growth rate (CAGR) of 19.5% during the forecast period from 2024 to 2032.
A vehicle tracking system observes and monitors vehicle movements through cellular networks or GPS. It encompasses remote vehicle tracking and monitoring, vehicle maintenance, diagnosis, fuel management, route optimization, driver management, and safety management. The integration of GPS, GSM/GPRS, digital maps, and specialized software creates a self-contained system in vehicle tracking technology.
Rising Adoption of Car Leasing and Rental Services
One significant trend is the growing adoption of car leasing and rental services, leading rental companies to integrate tracking devices to enhance their offerings. This integration has driven the market's expansion.
For example, in the UK, approximately 20% to 30% of new vehicles are leased rather than purchased, translating to 1.6 million drivers leasing their cars. The lease of electric vehicles is also on the rise, with a 32% increase in EV inquiries in Q1 2023 compared to Q4 2022. Additionally, the electric vehicle market is projected to grow by 8.62% between 2024-2028.
A vehicle tracking system is primarily used to collect real-time vehicle location data through GPS and cellular networks. These systems encompass features such as telematics asset tracking, fleet route planning, and predictive fleet maintenance. These functionalities facilitate optimal resource utilization and enhanced operational flexibility. Moreover, factors like increased cost savings and improved customer experience are driving significant demand for tracking systems in various industries.
Data Privacy Infringement and Cybersecurity Threats
Vehicle-related data contains sensitive information, including the vehicle make, drivers’ personal details, and traveled routes. This data could be exploited for malicious purposes, such as vehicle theft and organized crime. Concerns about data privacy breaches significantly deter end customers from using vehicle tracking systems, particularly in North American countries and China, where regulations are stringent.
Furthermore, incidents such as unauthorized access to various vehicle connectivity solutions or infiltrating the in-vehicle connectivity system are cause for concern. According to a Parthenon survey, India ranked second in 2022 for the total number of cybercrime complaints, with 2,550 complaints, accounting for 28.8%. Canada topped the list with 5,517 complaints, followed by Australia, France, and South Africa after India.
The primary security issue is that hackers can gain access to the vehicle's computer system and the data it collects and stores. Consequently, data privacy breaches and cybersecurity threats associated with vehicle tracking systems are expected to impede the market's growth.
Adoption of Advance Technologies
Innovative technological advancements, such as the integration of GPS, the Internet of Things (IoT), cloud computing, and telematics, are creating lucrative growth opportunities for the market by improving operational efficiency. These technologies not only help users optimize routes and proactively address vehicle maintenance issues but also ensure safe and efficient vehicle operations, thereby fostering a positive market outlook.
Vehicle owners and fleet operators can track their vehicles in real time to verify if drivers are adhering to suggested routes or taking diversions. Cloud-based solutions, utilizing AI, IoT, and big data, are employed for collecting primary data in fleet management. For example, Techwave Consulting Inc. utilizes sensors embedded in vehicles to monitor high-value goods, connecting to the cloud and transmitting real-time data.
Additionally, the introduction of innovative products and the benefits of using vehicle tracking systems, such as quick access & response, wide-area coverage, and cost reduction, empower vendors to enhance their productivity and efficiency, thus driving up the demand for vehicle tracking systems.
Leveraging the Internet of Things (IoT), fuel management can be controlled through specially designed sensors embedded in fuel tanks, which send notifications about fuel levels in vehicles to users' mobile handsets and computers through the public cloud. Consequently, the integration of real-time monitoring and fuel management in vehicles propels market growth.
By End-User
The transportation and logistics segment dominated the vehicle tracking system market, boasting the highest revenue share in 2023, and is expected to exhibit the fastest Compound Annual Growth Rate (CAGR) over the forecast period. This dominance can be attributed to the increasing fleet size and fleet operators, as well as the widespread application of global positioning systems for logistics and transportation tracking on a global scale.
The vehicle tracking system offers a multitude of advantages that contribute to its positive impact on the growth of the market. These advantages include fleet management, ensuring driver and cargo safety, enhancing efficiency through real-time traffic alerts and accurate route planning, monitoring fuel levels, distance traveled, and vehicle speed, as well as managing administrative costs.
Innovative technological advancements, such as the integration of GPS, the Internet of Things (IoT), cloud computing, and telematics, are presenting lucrative growth opportunities for the market. These technologies aid in optimizing routes, proactively addressing vehicle maintenance issues, and ensuring safe and efficient vehicle operations, thereby creating a favorable outlook for the market.
By Technology
The GPS/satellite sector dominated the market in 2023 and is projected to have the highest CAGR over the forecast period. This growth is due to increased commercial vehicle sales and the adoption of cloud technology and IoT in the healthcare, automotive, logistics, and defense sectors. The integration of GPS with network technologies like WiMAX, GSM, and LTE is contributing to this trend. Additionally, advancements in the size of GPS trackers, offering longer battery life, enhanced functionality, and durability, are further driving this expansion.
Regional Analysis
In 2023, North America led the market with the highest revenue share. The growing adoption of shared mobility and commercial fleet vehicles, along with an increase in vehicle thefts in the region, is the primary driver of the vehicle tracking system industry's growth in North America.
Furthermore, the surge in retrofitting existing fleet vehicles with advanced vehicle tracking systems is expected to propel market growth in the region. The abundance of vehicles available for rental and leasing services, coupled with a substantial transportation industry, is fueling the demand for vehicle tracking systems in the U.S., consequently driving the market for vehicle tracking systems in the country.
Moreover, the rising number of fleet accidents in the U.S. is compelling companies to adopt vehicle tracking systems, thereby boosting market growth. For example, data from the Insurance Institute for Highway Safety (IIHS) and the Federal Motor Carrier Safety Administration shows that in 2019, there were 33,244 fatal motor vehicle crashes in the U.S., with 4,862 involving large trucks. These factors collectively contribute to driving the market growth in the region.
Key Companies Operating in the Global Vehicle Tracking System Market
Market Segmentation Outline
By Vehicle
By Technology
By End-Use
By Component
By Region
1 INTRODUCTION OF GLOBAL VEHICLE TRACKING SYSTEM MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: VEHICLE TRACKING SYSTEM MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL VEHICLE TRACKING SYSTEM MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL VEHICLE TRACKING SYSTEM MARKET, BY VEHICLE
5.1 OVERVIEW
5.2 PASSENGER
5.3 LIGHT COMMERCIAL
5.4 HEAVY COMMERCIAL
6 GLOBAL VEHICLE TRACKING SYSTEM MARKET, BY TECHNOLOGY
6.1 OVERVIEW
6.2 GPS/SATELLITE
6.3 GPRS/CELLULAR NETWORKS
6.4 DUAL MODE
7 GLOBAL VEHICLE TRACKING SYSTEM MARKET, BY END-USE
7.1 OVERVIEW
7.2 TRANSPORTATION & LOGISTICS
7.3 CONSTRUCTION & MANUFACTURING
7.4 AVIATION
7.5 RETAIL
7.6 GOVERNMENT & DEFENSE
7.7 OTHERS
8 GLOBAL VEHICLE TRACKING SYSTEM MARKET, BY COMPONENT
8.1 OVERVIEW
8.2 HARDWARE
8.3 SOFTWARE
9 GLOBAL VEHICLE TRACKING SYSTEM MARKET, BY GEOGRAPHY
9.1 OVERVIEW
9.2 NORTH AMERICA
9.2.1 NORTH AMERICA MARKET SNAPSHOT
9.2.2 U.S.
9.2.3 CANADA
9.2.4 MEXICO
9.3 EUROPE
9.3.1 EUROPE MARKET SNAPSHOT
9.3.2 WESTERN EUROPE
9.3.2.1 THE UK
9.3.2.2 GERMANY
9.3.2.3 FRANCE
9.3.2.4 ITALY
9.3.2.5 SPAIN
9.3.2.6 REST OF WESTERN EUROPE
9.3.3 EASTERN EUROPE
9.3.3.1 POLAND
9.3.3.2 RUSSIA
9.3.3.3 REST OF EASTERN EUROPE
9.4 ASIA PACIFIC
9.4.1 ASIA PACIFIC MARKET SNAPSHOT
9.4.2 CHINA
9.4.3 JAPAN
9.4.4 INDIA
9.4.5 AUSTRALIA & NEW ZEALAND
9.4.6 ASEAN
9.4.7 REST OF ASIA PACIFIC
9.5 MIDDLE EAST & AFRICA
9.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
9.5.2 UAE
9.5.3 SAUDI ARABIA
9.5.4 SOUTH AFRICA
9.5.5 REST OF MEA
9.6 SOUTH AMERICA
9.6.1 SOUTH AMERICA MARKET SNAPSHOT
9.6.2 BRAZIL
9.6.3 ARGENTINA
9.6.4 REST OF SOUTH AMERICA
10 GLOBAL VEHICLE TRACKING SYSTEM MARKET COMPETITIVE LANDSCAPE
10.1 OVERVIEW
10.2 COMPANY MARKET RANKING
10.3 KEY DEVELOPMENT STRATEGIES
10.4 COMPETITIVE DASHBOARD
10.5 PRODUCT MAPPING
10.6 TOP PLAYER POSITIONING, 2022
10.7 COMPETITIVE HEATMAP
10.8 TOP WINNING STRATEGIES
11 COMPANY PROFILES
11.1 AT&T CORPORATION
11.1.1 OVERVIEW
11.1.2 FINANCIAL PERFORMANCE
11.1.3 PRODUCT OUTLOOK
11.1.4 KEY DEVELOPMENTS
11.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.2 CALAMP
11.2.1 OVERVIEW
11.2.2 FINANCIAL PERFORMANCE
11.2.3 PRODUCT OUTLOOK
11.2.4 KEY DEVELOPMENTS
11.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.3 CAR TRUCK
11.3.1 OVERVIEW
11.3.2 FINANCIAL PERFORMANCE
11.3.3 PRODUCT OUTLOOK
11.3.4 KEY DEVELOPMENTS
11.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.4 CONTINENTAL AG
11.4.1 OVERVIEW
11.4.2 FINANCIAL PERFORMANCE
11.4.3 PRODUCT OUTLOOK
11.4.4 KEY DEVELOPMENTS
11.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.5 GEOTAB INC.
11.5.1 OVERVIEW
11.5.2 FINANCIAL PERFORMANCE
11.5.3 PRODUCT OUTLOOK
11.5.4 KEY DEVELOPMENTS
11.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.6 INSEEGO INC.
11.6.1 OVERVIEW
11.6.2 FINANCIAL PERFORMANCE
11.6.3 PRODUCT OUTLOOK
11.6.4 KEY DEVELOPMENTS
11.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.7 LIPAC TECHNOLOGY
11.7.1 OVERVIEW
11.7.2 FINANCIAL PERFORMANCE
11.7.3 PRODUCT OUTLOOK
11.7.4 KEY DEVELOPMENTS
11.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.8 ORBCOMM INC.
11.8.1 OVERVIEW
11.8.2 FINANCIAL PERFORMANCE
11.8.3 PRODUCT OUTLOOK
11.8.4 KEY DEVELOPMENTS
11.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.9 ROBERT BOSSI
11.9.1 OVERVIEW
11.9.2 FINANCIAL PERFORMANCE
11.9.3 PRODUCT OUTLOOK
11.9.4 KEY DEVELOPMENTS
11.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.10 SPIREON.COM
11.10.1 OVERVIEW
11.10.2 FINANCIAL PERFORMANCE
11.10.3 PRODUCT OUTLOOK
11.10.4 KEY DEVELOPMENTS
11.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.11 TELETRAC NAVMAN USA
10.11.1 OVERVIEW
10.11.2 FINANCIAL PERFORMANCE
10.11.3 PRODUCT OUTLOOK
10.11.4 KEY DEVELOPMENTS
10.11.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.12 TETRENICA NETWORKS
10.12.1 OVERVIEW
10.12.2 FINANCIAL PERFORMANCE
10.12.3 PRODUCT OUTLOOK
10.12.4 KEY DEVELOPMENTS
10.12.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.13 TOMTOM INTERNATIONAL BV.
10.13.1 OVERVIEW
10.13.2 FINANCIAL PERFORMANCE
10.13.3 PRODUCT OUTLOOK
10.13.4 KEY DEVELOPMENTS
10.13.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.14 TRUCK IMO CO., LTD.
10.14.1 OVERVIEW
10.14.2 FINANCIAL PERFORMANCE
10.14.3 PRODUCT OUTLOOK
10.14.4 KEY DEVELOPMENTS
10.14.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.15 VERIZON COMMUNICATIONS INC.
10.15.1 OVERVIEW
10.15.2 FINANCIAL PERFORMANCE
10.15.3 PRODUCT OUTLOOK
10.15.4 KEY DEVELOPMENTS
10.15.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.16 SILGO TECHNOLOGIES
10.16.1 OVERVIEW
10.16.2 FINANCIAL PERFORMANCE
10.16.3 PRODUCT OUTLOOK
10.16.4 KEY DEVELOPMENTS
10.16.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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