Global Vehicle Tracking System Market 2023-2030

Global Vehicle Tracking System Market 2023-2030

Global Vehicle Tracking System Market Size, Share & Trends Analysis Report by Component (Hardware and Software), by Vehicle Type (Passenger Vehicles, Light Commercial Vehicles, and Heavy Commercial Vehicles), and by Technology (GPS/Satellite, GPRS/Cellular Network and Dual Mode),by End-Users (Transportation & Logistic, Aviation, Retail, Government & Defense, and Other), Forecast Period (2024-2031)

The global vehicle tracking system market is anticipated to grow at a CAGR of 9.2% during the forecast period (2024-2031). The growing adoption of advance vehicle tracking technology with improving security is the key factor supporting the growth of the market globally.As the number of luxury vehicles stolen has increased significantly in recent years as car thieves deploy ever-more sophisticated technology. The market players are also focusing on introducing advance vehicle tracking system solutions that further bolster the market growth. For instance, in July 2023, Chubb Partnered with Global Telemetric and launched a vehicle tracker in the UK to help protect the insurer's customers from car theft. A stolen vehicle recovery and billing platform, available to customers Chubb's UK Personal Risk Services (PRS).

Segmental Outlook

The global vehicle tracking system market is segmented on the components, vehicle type, technology, and end users. Based on the component, the market is sub-segmented into hardware (OBD device/ tracker and advance tracker and standalone tracker) and software (performance management, vehicle diagnostics, fleet analytics & reporting and driver behavior monitoring). Based on the vehicle type, the market is sub-segmented into passenger vehicles, light commercial vehicles and heavy commercial vehicles. Based on the technology, the market is sub-segmented into GPS/satellite, GPRS/cellular network and dual mode. Further, on the basis of end users, the market is sub-segmented into transportation & logistic, aviation, retail, government & defense and other (construction & manufacturing). Among the technology, the GPS/satellite sub-segment is anticipated to hold a considerable share of the market owing to the increase in adoption of GPS/satellite navigation in telematics by providing accurate and reliable location data for vehicles.

The Software Sub-Segment is Anticipated to Hold a Considerable Share of the Global Vehicle Tracking System Market

Among the components, the software sub-segment is expected to hold a considerable share of the global vehicle tracking system market. The segmental growth is attributed to the growing influence of the real-time vehicle tracking, which is provided by software using an online global positioning system (GPS) and sensors that follow the locations of the units along any given route. Speed, fuel, and temperature statistics are also monitored. Market players focused on M2M plans with features including sensors that track unit positions on any given route and real-time vehicle tracking via an online GPS. For instance, in July 2020, Kuwait Telecommunications Company STC launched a new IoT strategy, M2M plans, and advanced fleet management solutions. The software features real-time vehicle tracking through an online GPS and sensors that track unit locations on any specified route, monitoring speed, fuel and temperature statistics.

Regional Outlook

The global vehicle tracking system market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, Asia-Pacific is anticipated to hold a prominent share of the market across the globe, owing to the rising adoption of fleet management solutions and government regulations for installing tracking devices in all vehicles to track their location and speed.

The North America Region is Expected to Grow at a Significant CAGR in the Global Vehicle Tracking System Market

Among all regions, North America region is anticipated to grow at a considerable CAGR over the forecast period. Regional growth is attributed to the growing adoption of sustainable fleet management solution.Sustainable fleet management solution is designed to support Commercial fleet electrification with increased regulatory incentives and reporting requirements.For instance, in April 2023, Samsara Inc. launched a sustainable fleet management solution to help customers advance toward sustainability goals. Sustainable operations are influencing leaders to better track and report on their progress toward these milestones.

Market Players Outlook

The major companies serving the vehicle tracking system market include Garmin Ltd., ORBCOMM Inc., Quartix Inc., Queclink Wireless Solutions Co., Ltd. , Samsara Inc., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market.For instance, in January 2024, CerebrumX Labs Inc. partnership with HD Fleet for vehicle safety by integrating GPS tracking and video monitoring solutions using dashcams with embedded vehicle data to deliver more comprehensive driver and vehicle insights. .

The Report Covers

Market value data analysis of 2023 and forecast to 2031.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global vehicle tracking system market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.