Vehicle Tracking Systems Market Developments, Trends, and Forecast by 2031

The vehicle tracking systems market was valued at US$ 13.67 billion in 2021 and it is expected to grow at a CAGR of 8.7% from 2022 to 2031.

A vehicle tracking system enables real-time tracking and controlling of vehicles via an online computer, smart phone, or tablet with the help of the Global Positioning System (GPS) satellites. Vehicle tracking systems control vehicle speeds, followed route, stopping points, idling times and other reports with the assistance of various tracking systems such as GPS, General Packet Radio Services (GPRS), digital maps, and special software. Vehicles are mounted with mobile data devices to transmit information from satellites such as temperature and communication centers via the GSM/GPRS network. This received information is then processed by the software and recorded in a databank on servers. This information helps to track vehicles based on their instantaneous and history records, making it possible to visualize all information from vehicles, and to modify program statuses of vehicles. Growing automobile sales and advancements in the modern vehicle tracking technologies is anticipated to propel the global vehicle tracking systems market

Market Dynamics

The global vehicle tracking systems market is witnessing unprecedented levels of technological advancements, policy and legislative frameworks and latest trends in mobility development. A few of the recent trends in the vehicle tracking systems market includes satellite-based navigation such as GPS. Companies operating in the market are directing their efforts toward GPS integration, considering the growing advancements in the mobility industry. The GPS system was introduced for military purposes; however, it is now being used for civil use, including vehicle tracking systems, navigation systems, mapping. Such trends are anticipated to propel the growth of the global vehicle tracking systems market.

MARKET SCOPE

The "Global Vehicle Tracking Systems Market Analysis to 2031" report aims to provide an overview of vehicle tracking systems market with detailed market segmentation based on type, vehicle type, application, and industry vertical. The report provides key market statistics based on the performances of leading players. It offers key trends and opportunities in the vehicle tracking systems market.

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Vehicle Tracking Systems Market: Strategic Insights

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MARKET SEGMENTATION

The global vehicle tracking systems market is segmented into type, vehicle type, application, and industry vertical. Based on type, the market is bifurcated into active and passive. Based on vehicle type, the market is bifurcated into commercial vehicles and passenger vehicles. Further, based on application, the market is segmented into mobile tracking, cellular tracking, and satellite tracking. Based on industry vertical, the market is segmented into transportation & logistics, construction & manufacturing, aviation, retail, government, and others.

REGIONAL FRAMEWORK

The global vehicle tracking systems market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America. The report covers analysis and forecast of 18 countries globally, along with current trend and opportunities prevailing in these regions.

North America is held a prominent share in the global vehicle tracking systems market in 2021. The market growth is majorly attributed to the presence of many vehicle manufacturers and OEM vendors. These suppliers witness constant demand from vehicle manufacturers in the region.

The below figure showcases the revenue growth trend in the global vehicle tracking systems market.

The report analyses factors, such as drivers, restraints, opportunities, and future trends, which are affecting the vehicle tracking systems market. It also provides exhaustive Porter's five forces analysis of the factors affecting the vehicle tracking systems market in these regions.

IMPACT OF COVID-19 PANDEMIC

Restrictions on the trade & commerce industry and the proclaimed lockdowns hampered the business of vendors, thereby slightly hindering the growth of the global vehicle tracking systems market. The impacts of COVID-19 pandemic severely affected the trucking industry in the US. The US trucking industry generates over 700 billion in annual revenue and transports 72.5% of North American freight. Stay-at-home orders and restrictions resulted in discontinuation of business operations and truck activities, which hampered the demand vehicle tracking systems in the region. Further, according to a Tradeshift report, global trade decreased by 14.8% in the second quarter of 2021; however, trade activity increased in 2021 as global economies started recovering from the initial effects of the pandemic. Moreover, cargo vessels, tankers, tugs, and other commercial vehicles are equipped with satellite navigation devices that can receive information from GNSS satellites and compute precise location and time. Maritime tracking insights obtained via GNSS/GPS signals also assisted the market players in measuring the impact of the pandemic on trade business. Thus, the vehicle tracking systems market is anticipated to observe a significant growth during the forecast period.

MARKET PLAYERS

The reports cover key developments in the vehicle tracking systems market. Various companies are focusing on organic growth strategies such as product launches, product approvals, patents, and events. Inorganic growth strategies activities, such as acquisitions, partnerships, and collaborations, have encouraged the expansion of business and customer base of market players. Players operating in the vehicle tracking systems market are anticipated to experience lucrative growth opportunities in the coming years with the rising demand for vehicle tracking systems.

The report includes the key profiles of companies operating in the vehicle tracking systems market companies, along with their SWOT analysis and market strategies. It also focuses on leading industry players with information such as company profiles, components and services offered, financial information of the last three years, and key development in the past five years. The list of a few companies engaged in the vehicle tracking systems market is mentioned below.

• AT&T Inc.
• Cartrack Holdings Limited
• Continental AG
• Geotab Inc.
• Inseego Corp.
• Robert Bosch GmbH
• Spireon, Inc.
• Teletrac Navman US Ltd
• TomTom Telematics BV.
• Verizon Communications Inc.

The Insight Partner's dedicated research and analysis team consists of experienced professionals with advanced statistical expertise and offers various customization options in the existing study.

Report Scope

Vehicle Tracking Systems Market Regional Insights

The regional trends and factors influencing the Vehicle Tracking Systems Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Vehicle Tracking Systems Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Vehicle Tracking Systems Market Report Scope

Vehicle Tracking Systems Market Players Density: Understanding Its Impact on Business Dynamics

The Vehicle Tracking Systems Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Vehicle Tracking Systems Market are:

1. ATT Inc.
2. Cartrack Holdings Limited
3. Continental AG
4. Geotab Inc.
5. Inseego Corp.

Disclaimer: The companies listed above are not ranked in any particular order.