The global Vehicle Tracking Systems market size is expected to be worth around US$ 52.7 billion by 2028, according to a new report by Vision Research Reports.
The global Vehicle Tracking Systems market size was valued at US$ 18.7 billion in 2020 and is anticipated to grow at a CAGR of 14.01% during forecast period 2021 to 2028.
Growth Factors
The vehicle tracking system is a technology, which combines the tracking location of a vehicle with a software interface that further displays the vehicle data. Such a system is a subset of the overall fleet management industry. Several factors, such as growing traffic congestion, concerns regarding vehicle safety & security, and the need for higher operational efficiency, are anticipated to drive the market growth.
The introduction of disruptive technologies, such as (IoT), automation, robotics, and mobility solutions, in the vehicle tracking industry, has not only enabled fleet operators to gain better control over their costs but has also ensured real-time vehicular data collection. Mobile-connected services and the availability of real-time information owing to the implementation of smart technologies has improved the quality of decision-making and productivity for numerous fleet owners. Thus, it has now become easy for fleet operators to achieve higher profitability.
These systems offer vehicle tracking in case of theft, navigation, real-time diagnostics, and predictive maintenance, which is also anticipated to drive the market growth. Furthermore, the implementation of these systems contributes to a reduction in traffic congestions owing to optimized route planning. Such factors are expected to boost product demand. Moreover, technological advancements and increased digitalization resulted in easy tracking of vehicle performance. Furthermore, the deployment of a vehicle tracking system has helped several end-use industries to monitor vehicle usage trends and ensure vehicle and driver safety & security.
In addition, cost benefits, owing to improved vehicle performance, and innovative features, such as driver monitoring, fuel management, and fleet analytics, are estimated to drive the market over the forecast period. The advancement of networking infrastructure and the adoption of mobility services owing to the increasing regulatory and compliance mandates in developing countries, such as China, Japan, India, and Brazil, are expected to support the market growth. Moreover, the strong presence of key industry players and various regulatory and compliance mandates for vehicular safety have encouraged the use of such systems in these regions.
Report Highlights
Passenger vehicles held the largest market share of 39.8% in 2019 and will expand further at the fastest CAGR from 2020 to 2027. This is attributed to the rising number of fleet operators in several developing regions. In addition, the rising inclination of fleet operators to provide enhanced user experience at varied price points is anticipated to boost the market growth in the passenger vehicles segment. Furthermore, passenger vehicles are also popular among medium- and small-size businesses since they usually serve the purpose of minivans or pool vehicles to complete everyday jobs of businesses, thereby resulting in the increased demand for a vehicle tracking system in passenger vehicles.
This is attributed to several factors, such as accurate budgets, monitoring engine runtime, locating stolen equipment, field service management, saving on insurance, monitor PTO events, and prevent vehicle misuse, among others. Furthermore, the aviation segment is anticipated to witness significant growth over the forecast period. GPS tracking in aircraft ensures location tracking in case of an accident or any casualty. For instance, according to the Federal Aviation Administration of the U.S. Department of Transportation, all aircraft are supposed to be integrated with air traffic controllers, which will ensure efficient tracking of aircraft and will also provide more insights to the pilots in the cockpit. This upgrade in technology and infrastructure is expected to be a step closer to the next-generation air transportation system.
The dual-mode segment is estimated to grow at a significant rate from 2020 to 2027. This is attributed to the presence of several companies that offer both GPRS- and GPS-based vehicle tracking systems. For instance, Calamp Corp. is engaged in offering both Cellular and GPS-based devices. The dual-mode devices are easy to install, cheap in price, and are the reliable links between the application servers and tracking devices.
The active segment held the largest market share of more than 82% in 2019. This is attributed to its ability to track real-time data via both satellite and cellular networks. Furthermore, even though the system is complex in nature it offers enhanced benefits as compared to its counterpart.
The software segment held the highest share of 65.% in 2019 and will register the fastest CAGR from 2020 to 2027. This is due to the rising number of companies offering software-based systems for vehicle tracking, wherein the system can be directly installed on the user’s machine thereby eliminating the need for hardware. Furthermore, the fact that the software provides several benefits, such as driver behavior monitoring, fleet analytics, and reporting, vehicle diagnostics, and performance measurement, will support segment growth. Rising consumer inclination and requirement primarily for vehicle diagnostics, fleet analytics, and reporting, and driver behavior monitoring is anticipated to drive the segment growth.
North America held the largest market share of 31.87% in 2019 and will register steady growth over the forecast period. The growing concerns of vehicle safety, security, and emission have strongly influenced the transportation industry. Governments of various developed nations have acknowledged these concerns and subsequently developed safety programs and introduced stringent norms. For instance, the U.S. government developed a ‘National Safety Program’ for its General Services Administration (GSA) fleet. Additionally, in 2015, it announced a tactical plan to develop (ITS) over a period of five years. Such active initiatives promoted the widespread adoption of smart technologies in the field of fleet management.
Key Players
Verizon Communications, Inc.
Sierra Wireless, Inc.
TomTom International B.V.
Geotab Inc.
Cartrack (Pty) Ltd.
Calamp Corp
ORBCOMM INC.
Market Segmentation
Vehicle Type Outlook
Passenger Vehicles
Light Commercial Vehicles
Heavy Commercial Vehicles
End-use Outlook
Transportation & Logistics
Construction & Manufacturing
Aviation
Retail
Government & Defense
Others
Technology Outlook
GPS/Satellite
GPRS/Cellular Networks
Dual Mode
Type Outlook
Active
Passive
Component Outlook
Hardware
OBD Device/tracker & advance tracker
Standalone Tracker
Software
Performance Measurement
Vehicle Diagnostics
Fleet Analytics and Reporting
Driver Behavior Monitoring
Others
Regional Outlook
North America
The U.S.
Canada
Europe
The U.K.
Germany
France
Asia Pacific
China
India
Japan
Latin America
Brazil
Mexico
Middle East & Africa
The Vehicle Tracking Systems market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Vehicle Tracking Systems market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Vehicle Tracking Systems market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Vehicle Tracking Systems market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Vehicle Tracking Systems market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Vehicle Tracking Systems capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Vehicle Tracking Systems by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Vehicle Tracking Systems market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Vehicle Tracking Systems market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Vehicle Tracking Systems market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Vehicle Tracking Systems industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Vehicle Tracking Systems market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Vehicle Tracking Systems market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Vehicle Tracking Systems market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Vehicle Tracking Systems market. These factors have benefited the growth of the global market for Vehicle Tracking Systems. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Vehicle Tracking Systems. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Vehicle Tracking Systems are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
Research Methodology:
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
Primary Sources
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers