Global Vehicle Tracking Software Market Report Size, Trends & Growth Opportunity, By Industry Vertical (Transportation & Logistics, Construction & Manufacturing, Aviation, Retail, Government, Others), By Application (Mobile Tracking, Cellular Tracking, Sa

Global Vehicle Tracking Software Market Report Size, Trends & Growth Opportunity, By Industry Vertical (Transportation & Logistics, Construction & Manufacturing, Aviation, Retail, Government,

Others), By Application (Mobile Tracking, Cellular Tracking, Satellite Tracking), By Vehicle Type (Commercial Vehicles, Passenger Vehicles), By Type (Active, Passive), By Region (North America, Europe, Asia Pacific, Latin America, Middle East) And Forecast Till 2027.

Global Vehicle Tracking Software Market

Global Vehicle Tracking Software was valued at US$ 13,670.00 Million in 2021, estimated to reach US$ 22,700.00 Million in 2027, with a CAGR 7.03% from 2022-2027.

A system used by transport companies to monitor the location of trucks, trailers and other vehicles is referred as vehicle tracking software. This software is connected to the vehicles via GPS, giving companies real-time insight into the geographic position of their vehicles.

Market Drivers

The growing need for vehicle telematics solutions in the logistics and transportation industries is driving growth in the global market for vehicle tracking software.

Several governmental organisations have imposed limitations on the installation of monitoring equipment in both passenger and commercial cars in order to protect the safety of drivers and passengers.

The rising demand for car rental and leasing services in developing countries is another factor encouraging rental companies to install trackers in their fleets.

Cellular vehicle-to-everything (C-V2X) and autonomous vehicle technologies rely significantly on GPS-based location trackers for reliable findings.

The usage of vehicle tracking systems is being fuelled by these factors worldwide.

Market Restraints

Environmental factors often lead to unclear communication, further resulting in poor user experience. This, in turn, limits the adoption of vehicle tracking systems, thus hampering the market growth. These systems use GPS to track vehicle location and route.

Moreover, they require a direct line of sight between the satellite and the receiver. If any object lies within the direct path, it can diverge the signal of GPS and result in a poor connection. Numerous environment factors, such as steep hillsides, dense trees, tall buildings, or even heavy cloud coverage, can weaken GPS signals.

Thus, many times, these devices give delayed results due to geographical limitations. This factor constrains the growth of the Vehicle Tracking Software Market.

Market Segmentation

Vehicle Tracking Software Market is segmented into major 4 categories. Based on Industry Vertical, the market is segmented into Compounds, Metals, Zeolites, Others. Based on Application, the market is divided into Chemical Synthesis, Petroleum Refining, Polymers and Petrochemicals, Environmental. Based on Process, the market is segmented into Recycling, Regeneration, Rejuvenation. Based on Type, the market is segmented into Heterogeneous Catalyst, Homogeneous Catalyst. Based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East.

Regional Analysis

North America region dominates the Vehicle Tracking Software market across the world with CAGR 7.09% owing to the emergence of intelligent systems has led to the adoption of technologies for fleet management.

Asia Pacific occupied the second-highest market portion after the North America and is anticipated to grow at a significant CAGR throughout the forecast period owing to the technological iteration in networking, a surge in the sales of commercial and passenger vehicle sales, stringent government mandates and the growing popularity of the e-commerce sector in the region, and increasing trade activities are driving the market growth.

Market Key Players

Some of the key players operating in Global Vehicle Tracking Software Market are 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.

Industry development

In April 2022, Frankfurt am Main – “Working together for greater road safety” – this is the motto of the collaboration between Bosch Service Solutions, a provider of technologybased services, and the two US-based companies, Sfara, developers of appbased solutions for detecting accidents, and eDriving, a global provider of digital solutions for driver risk management.

In June 2021, Geotab, a global leader in IoT and connected transportation, and Xtract, a global leader and pioneer of digital First Notice of Loss (eFNOL) and real-time collision reconstruction analytics, announced the availability of the Xtract analytics platform on the Geotab Marketplace, a go-to source for top organizations seeking to better manage their fleets.

In April 2021, Cartrack became a privately owned company by publicly listed company Karooooo Ltd.