Report ID:
SQMIG45E2260 |
Region:
Global |
Published Date: November, 2024
Pages:
186
|Tables:
0
|Figures:
0
Global Vehicle Tracking System Market size was valued at USD 24.58 Billion in 2022 and is poised to grow from USD 28.04 Billion in 2023 to USD 70.60 Billion by 2031, growing at a CAGR of 14.1% in the forecast period (2024-2031).
Vehicle tracking system market is witnessing considerable transformation and growth, impacted by evolving business needs and technological improvements like incorporation of GPS and IoT. The market is progressing substantially owing to factors like rising demand for fleet management, advancements in technology, and security and safety concerns. Businesses are actively implementing vehicle tracking systems to improve fleet management, reduce the consumption of fuel, optimize routes, and enhance overall operational efficiency. Moreover, the incorporation of GPS, IoT and telematics has given rise to well-developed tracking solutions that deliver data analytics in real-time, improve driver behavior monitoring, and predictive maintenance. Furthermore, the market is also impacted by the growing cases of theft of vehicles and demand for advanced safety standards that trigger businesses and consumers to spend in tracking systems and recovery issues.
However, the global vehicle tracking system market is negatively impacted by the significant initial cost associated with the implementation thatof software and hardware. This could prevent the smaller and medium companies from adopting and availing benefits, thus hindering market growth. Furthermore, rising awareness regarding data security and privacy may also refrain businesses from adopting vehicle tracking solutions due to risk of misuse and data breaches. Yet, the market is projected to be fueled by opportunities like growing urbanization, integration with improved technologies like big data analytics, ML, and AI, and emphasis on sustainability practices.
Global Market Size
Largest Segment
Fastest Growth
Growth Rate
CAGR
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The global vehicle tracking system market is segmented based on Type, Vehicle Type, Component, and Region. Based on Type, the market is divided into Active and Passive. Based on Vehicle Type, the market is segmented as Passenger Cars, Commercial Vehicles, Heavy Commercial Vehicles. Based on Component, the market is categorized into Hardware, Software. Based on region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
Analysis by Type
Based on type, the vehicle tracking system market is categorized into active and passive. The active segment held a notable share of the market in the previous years and is expected to lead over the forecast period as well owing to real-time tracking, enhanced fleet management, and improved security. Active tracking systems offer real-time location details that enable fleet managers to continuously monitor vehicles. This option enhances responsiveness and decision making. Real-time insights also help companies to reduce free time, optimize routes, and manage resources with more efficacy. This leads to major cost savings and enhanced delivery of service. Active systems also help to recover theft vehicles and track driver behavior, thus enhancing safety and overall security.
On the other hand, the passive segment is projected to grow considerably over the forecast period owing to cost-effectiveness, data collection for analysis, and ease of use. Passive tracking systems usually are cost-effective since they have low upfront costs in comparison with active systems. This increases their accessibility for medium and small companies, thus impacting the segment’s growth. They store information for later use, enabling companies to study past performance, make wise decisions, and optimize routes without needing constant monitoring. These systems have simplified installation procedures, which attracts a large consumer base that demands fundamental tracking solutions with no extra or advanced attributes.
Analysis by Component
Based on components, the market is segmented into hardware and software. The software segment held a notable market share in the previous years and is expected to continue dominance over the forecast period as well owing to data management analytics and management, user-friendly interface, and integration competencies. Software solutions allow exhaustive data collection, reporting, analysis, offering useful visions in driver behavior, fleet performance, and operational efficiency. Improved software presents attributes like mobile accessibility and spontaneous dashboards that streamline real-time management and monitoring for fleet managers. Software can smoothly integrate with other systems like CRM, ERP, and more improving data usage and overall operational workforce.
On the other hand, the hardware segment will hold a remarkable market share in the coming years owing to factors like significance for tracking, accuracy and reliability, and advancement in technologies like accuracy of GPS. Hardware components like sensors and GPS devices are vital for basic functionality needed by vehicle tracking systems. This makes them the core and basic components, thus the segment’s growth. Superior quality hardware confirms accuracy and reliability of location details, which is important for operational efficacy and efficient fleet management. Furthermore, modernizations in hardware like compact designs and improved GPS accuracy, and enhanced durability is fueling the need for novel tracking devices.
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Geographically, North America dominated the market in the previous years and is expected to lead over the forecast period owing to the growing technological improvements in telematics and GPS, increasing demand for fleet management, and regulatory compliance. North America is home to numerous technology companies that are engaged in advancements and innovations in telematics and global positioning systems. This improves the capabilities of vehicle tracking systems. Strong transportation and logistics also impact the demand for effective and reliable fleet management services that majorly are dependent on vehicle tracking systems. Stringent regulations for vehicle safety, driver behavior, and emissions in the region motivate organizations to implement vehicle tracking systems for better compliance. The key players profiled in the region include Verizon Connect, Geotab, Samsara, Teletrac Navman, Fleet Complete, GPS Trackit, and more.
Asia-Pacific is the fastest-growing region in this market due to speedy urbanization, rise of e-commerce, and growing technological adoption. Speedy urbanization and increasing vehicle ownership in key nations like India and China are considerably fueling the demand for efficient fleet management solutions. Also, the progressing e-commerce industry triggers the need for effective logistics and delivery systems. This ultimately increases the demand for vehicle tracking systems to enhance operations. Furthermore, rising penetration of the internet and improvements in IoT technology is streamlining the adoption of vehicle tracking technologies, thus driving the market growth in the region. Regional growth is also impacted by favorable government initiatives and competitive pricing of tracking solutions.
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Drivers
Rise of Logistics and E-Commerce
Mounting Demand for Fleet Management Solutions
Restraints
Growing Market Competition to Restrain Market Growth
Reliance on Technology may Hamper Growth
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The highly competitive global vehicle tracking system market is distinguished by the combination of many prominent players who are engaged in the development of novel products and enhance consumer experience and satisfaction. The leading market vendors like Geotab, Verizon Connect, and Samsara are dominating the global market with strong brand names and extensive consumer bases. Most other companies operating in the market are incorporating advanced technologies like AI, IoT, and big data analytics to improve fleet management, advance tracking capabilities, and provide predictive maintenance. Companies are also focused on strategic partnerships to enhance competencies and expand service offerings. Overall, the market is speedily evolving with consumer-centric technologies and innovations to improve tracking.
Top Player’s Company Profiles
Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the vehicle tracking system market is considerably progressing due to mounting demand for fleet management solutions, growing integration of telematics and IoT, growing security concerns and safety, and strict government regulations. The market is also notably fueled by the growing vehicle ownership and urbanization. However, the market is hampered by technical challenges like connectivity issues and challenges with integration and heavy reliance on technology. North America is anticipated to lead the market due to heavy demand for fleet management and strict regulations for the safety of vehicles. Nonetheless, a few opportunities for the growth of the vehicle tracking system market include the growing eco-friendly practices and sustainability initiatives, collaborations with telecommunication companies, and the focus on offering scalable and customized solutions.
Report Metric | Details |
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Market size value in 2022 | USD 24.58 Billion |
Market size value in 2031 | USD 70.60 Billion |
Growth Rate | 14.1% |
Base year | 2023 |
Forecast period | (2024-2031) |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Vehicle Tracking System Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Vehicle Tracking System Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Vehicle Tracking System Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Vehicle Tracking System Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG45E2260
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