Increased Use of GPS Monitoring Device in Supply Chain and Logistics to Steer Vehicle Tracking System Sales by US$ 78.35 Billion by 2032
Fact.MR’s latest report on the vehicle tracking system market investigates major growth variables that influence sales. The report continues by describing key market aspects such as market drivers, challenges, and opportunities. To present the information in a vivid way, the report has been segmented into vehicle type, end-use, type, technology type, component, and region.
NEW YORK, Sept. 9, 2022 /PRNewswire/ — The global vehicle tracking system market size is estimated to be valued at US$ 21.7 billion in 2022. Furthermore, with growing need for improving the safety of passengers and increasing use of intelligent transportation systems, the overall demand for vehicle tracking systems is projected to grow at a CAGR of 13.7% between 2022-2032, totaling a valuation of US$ 78.35 billion by 2032.
Vehicle tracking systems are software systems that allow tracking and controlling of vehicles. These systems have gained immense traction during the last few years. They are commonly used by fleet operators for fleet management functions such as fleet tracking, dispatching, routing, monitoring driver behavior, accessing on-board information and security.
Rise in traffic accidents across the world along with growing popularity of connected devices is likely to boost the demand for vehicle tracking systems during the forecast period. Vehicle tracking systems have the potential to reduce traffic crashes and save thousands of lives each year. As a result, numerous fleet management businesses and government agencies have made installing monitoring devices in all cars to track their location and speed essential.
Similarly, increasing acceptance of car leasing and rental services will continue to encourage rental companies to incorporate vehicle tracking systems for improving their services
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With advancement in technology, the application area of vehicle tracking systems is gradually widening. These systems are now being used in sectors like aviation. Driven by this, sales of vehicle tracking systems are slated to rise at a stupendous pace during the next ten years.
Additionally, a tracking device in commercial trucks aids in the timely conveyance of other materials and the tracking of product shipments. The supply chain and logistics industries are increasingly using GPS monitoring devices, which will help the market expand in the years to come.
Key Takeaways:
- By vehicle type, passenger vehicle tracking system segment is likely to grow at the fastest CAGR of 13.5% during the forecast period.
- Based on end use, the transportation and logistics segment is expected to have a significant market share of 26% in 2022.
- By technology type, the GPS/satellite category is predicted to expand at the highest CAGR of 13.6% throughout the forecast period.
- North America will hold the greatest market share of 32.5% in the global vehicle tracking system market in 2022.
- With booming automotive industry, Asia Pacific vehicle tracking system market is expected to expand 13.4% CAGR through 2032.
- Europe vehicle tracking systems market is anticipated to grow 9% CAGR throughout the forecast period.
Growth Drivers:
- Rising focus towards improving passenger safety along with implementation of stringent regulations is expected to propel sales of vehicle tracking systems
- Increasing adoption of intelligent transportation systems and the deployment of 5G in vehicle connectivity will accelerate market growth during the next ten years.
- Growing demand for autonomous and semi-autonomous cars across the world is anticipated to bolster growth of vehicle tracking systems in future.
Restraints:
- Violation of data privacy along with surge in cyberattacks is a key factor discouraging end users from utilizing vehicle tracking systems.
- High cost of highly advanced vehicles tracking systems is also expected to limit market growth during the forecast period.
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Competitive Landscape:
With increasing penetration of various domestic and regional players, the global vehicle tracking system market is becoming highly competitive and fragmented in nature. In order to capitalize, key players are focusing on launching advanced vehicle tracking systems. Besides this, they are investing in research and development as well as forming partnerships and collaborations with other companies.
For instance,
- In June 2019, A Class B vessel tracking technology was created by Orbocomm Inc. in association with Pole Star Space Applications Limited and Weatherdock AG. This state-of-the-art method uses untouchable electronics to continually track and monitor the whereabouts of the automobile.
- In 2022, Verizon Connect unveiled its advanced Artificial Intelligence (AI) Dashcam to enable real-time detection of potentially dangerous events and promote driver safety.
Key Companies Profiled by Fact.MR
- Verizon
- Cartrack
- Geotab Inc.
- CalAmp
- Tom Tom International B.V.
- Teltonika
- ORBCOMM Inc.
- Xirgo Technologies Inc.
More Valuable Insights on Vehicle Tracking System Market
In the latest study, Fact.MR offers a detailed study on global vehicle tracking system market for the forecast period of 2022 to 2032. This study also highlights key drivers promoting the sales of vehicle tracking system through detailed segmentation as follows:
By Vehicle Type:
- Passenger Vehicle Tracking System
- Light Commercial Vehicle Tracking System
- Heavy Commercial Vehicle Tracking System
By End Use:
- Transportation & Logistics
- Construction & Manufacturing
- Aviation
- Retail
- Government & Defence
By Technology Type:
- GPS/Satellite
- GPRS/Cellular Network
- Dual Modes
By Type:
- Active Vehicle Tracking System
- Passive Vehicle Tracking System
By Component:
- Vehicle Tracking System Hardware
- OBD Device/Tracker and Advance Tracker
- Standalone Tracker
- Vehicle Tracking System Software
- Performance Management
- Vehicle Diagnostics
- Fleet Analytics & Reporting
- Driver Behavior Monitoring
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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Key Questions Covered in the Vehicle Tracking System Market Report
- What is the projected value of the vehicle tracking system market in 2022?
- At what rate will the global vehicle tracking system market grow until 2032?
- Which are the factors hampering the growth in the vehicle tracking system market?
- Which region is expected to lead in the global vehicle tracking system market during 2022-2032?
- Which are the factors driving the vehicle tracking system market during the forecast period?
- What is the expected market value of the vehicle tracking system market during the forecast period?
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