Global Vehicle Tracking System Market Report and Forecast 2024-2032

Global Vehicle Tracking System Market Report and Forecast 2024-2032

Global Vehicle Tracking System Market Report and Forecast 2024-2032

Market Outlook

According to the report by Expert Market Research (EMR), the global vehicle tracking system market size reached a value of USD 24.10 billion in 2023. Aided by the increasing demand for real-time monitoring, fleet optimisation, and regulatory compliance, the market is projected to further grow at a CAGR of 12% between 2024 and 2032 to reach a value of USD 67.02 billion by 2032.

Vehicle tracking systems, also known as GPS tracking systems, comprise hardware and software solutions designed to monitor and track the location, movement, and status of vehicles in real-time. Leveraging satellite and cellular networks, these advanced tracking systems enable fleet managers, logistics companies, and transportation providers to optimize routes, enhance fuel efficiency, improve driver safety, and streamline operations.

The exponential growth of e-commerce, rapid urbanisation, and globalisation has fuelled the demand for efficient and reliable transportation and logistics solutions, driving the adoption of vehicle tracking systems worldwide. As businesses strive to meet evolving customer expectations for faster deliveries, greater visibility, and transparency in supply chains, vehicle tracking systems emerge as indispensable tools for enhancing operational efficiency and customer satisfaction, leading to vehicle tracking system market growth.

Furthermore, stringent regulations governing road safety, driver behaviour, and emissions standards are driving the adoption of vehicle tracking systems among fleet operators and transportation companies. By providing real-time monitoring and analytics capabilities, these systems enable compliance with regulatory requirements, mitigate risks, and improve overall fleet management practices.

The rise of ridesharing companies such as Ola and Uber, along with packaging and moving companies like Porter and HCL, has placed a greater emphasis on passenger safety and choosing the optimal route. As a result, there is a growing need for smart vehicles that are equipped with GPS and other real-time location-sharing capabilities. This increased demand is projected to drive the market for vehicle tracking systems in the foreseeable future, consequently driving up the vehicle tracking system market share.

Moreover, the rising incidence of vehicle theft, unauthorised use, and asset mismanagement has underscored the importance of robust security and anti-theft measures in the transportation sector. Vehicle tracking systems offer enhanced security features such as geofencing, remote immobilisation, and tamper alerts, enabling businesses to safeguard assets, prevent unauthorised access, and recover stolen vehicles efficiently.

As per the vehicle tracking system market analysis, the transportation and logistics sector holds a considerable portion of the market share, mainly because of the rise of local ridesharing and carpooling companies in various countries. Vehicle tracking devices are extensively employed to oversee fuel usage and vehicle safety, guaranteeing a secure travel environment for passengers. With technological progress, the adoption of vehicle tracking systems by logistics and transportation firms for vehicle tracking, resource optimisation, service quality assurance, and driver performance improvement is expected to increase in the future.

Geographically, North America, including the United States and Canada, emerges as a key market for vehicle tracking systems, driven by the region's advanced transportation infrastructure, high adoption of telematics solutions, and stringent regulatory environment.

Meanwhile, Europe presents lucrative growth opportunities for the vehicle tracking system market, fuelled by the region's focus on road safety initiatives, environmental sustainability, and digitalisation of transportation and logistics operations.

Moreover, the Asia-Pacific region, encompassing countries such as China, India, Japan, and Australia, showcases immense potential for vehicle tracking system market expansion, propelled by rapid urbanization, economic growth, and increasing investments in transportation infrastructure and smart city initiatives.

Market Segmentation

The market can be divided based on the component, type, vehicle type, technology, end use, and region

Market Breakup by Component

• Hardware
• Software

Market Breakup by Type

• Active
• Passive

Market Breakup by Vehicle Type

• Passenger Cars
• Light Commercial Vehicles
• Heavy Commercial Vehicles

Market Breakup by Technology

• GPRS/Cellular Networks
• GPS/Satellite
• Dual Mode

Market Breakup by End Use

• Transportation and Logistic
• Construction and Manufacturing
• Aviation
• Retail
• Government and Defence
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in global vehicle tracking system market. Some of the major players explored in the report by Expert Market Research are as follows:

• Verizon Communication Inc.
• Karooooo Limited (Cartrack)
• CalAmp Corp.
• Trackimo Inc.
• Geotab Inc.
• TELTONIKA IoT Group
• Tom Tom International BV
• Xirgo Technologies LLC (Sensata Technologies, Inc.)
• Vontier Corporation
• Laipac Technologies Inc.
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.