Vehicle Tracking Device Market
Vehicle Tracking Device Market Forecasts to 2030 - Global Analysis By Component (Hardware, Software, Communication Components, User Interfaces and Other Components), Deployment Type, Technology, Application, End User and By Geography
|
Years Covered |
2022-2030 |
|
Estimated Year Value (2024) |
US $24.86 BN |
|
Projected Year Value (2030) |
US $75.34 BN |
|
CAGR (2024 - 2030) |
16.2% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
Asia Pacific |
|
Highest Growing Market |
North America |
According to Stratistics MRC, the Global Vehicle Tracking Device Market is accounted for $24.86 billion in 2024 and is expected to reach $75.34 billion by 2030 growing at a CAGR of 16.2% during the forecast period. A vehicle tracking device is an electronic system that enables the real-time monitoring and management of a vehicle's location and movements. Typically equipped with Global Positioning System (GPS) technology, these devices transmit location data to a central server, which can be accessed via web-based or mobile applications. They improve fleet management by optimizing routes, leading to lower fuel costs and increased efficiency.
According to the National Insurance Crime Bureau (NICB), more than one million vehicles were found stolen in 2022, marking a 7% rise from 2021 and exceeding one million marks for the first time since 2008.
Market Dynamics:
Driver:
Rising demand for fleet management
Companies seek advanced tracking solutions to optimize routes, monitor vehicle performance, and manage driver behaviour, leading to enhanced operational efficiency. Real-time tracking capabilities allow fleet managers to make informed decisions, reducing idle time and fuel consumption. Additionally, the need for compliance with regulations and improved accountability drives adoption. As businesses increasingly recognize the importance of effective fleet management in gaining competitive advantages, the demand for vehicle tracking devices continues to grow, fostering market expansion.
Restraint:
Technical challenges
Technical challenges in vehicle tracking devices include installation complexities, connectivity issues, and device compatibility. Difficulties in integrating tracking systems with existing fleet management software may deter potential users. Additionally, inconsistent GPS signals in remote areas can affect the accuracy and reliability of tracking data, leading to user dissatisfaction. Maintenance and troubleshooting requirements can also pose challenges, resulting in higher operational costs. These barriers can limit adoption rates and slow down the overall growth of the vehicle tracking device market.
Opportunity:
Increased security concerns
Rising incidents of vehicle theft and unauthorized usage have heightened awareness of the importance of real-time monitoring. Vehicle tracking devices provide peace of mind by enabling owners to locate their vehicles instantly, recover stolen assets, and deter potential theft through alerts and geofencing features. Moreover, fleet operators prioritize security to protect valuable cargo and ensure driver safety. This growing demand for security-driven solutions drives innovation and investment in advanced tracking technologies, ultimately expanding the market.
Threat:
High initial costs
High initial costs associated with vehicle tracking devices often stem from advanced technologies, installation expenses, and subscription fees for data services. The perception of tracking devices as a significant financial burden may lead potential customers to forgo their benefits, such as improved efficiency and security. This reluctance can hinder overall market growth, as companies may struggle to justify the investment against potential returns, slowing the adoption rate of these valuable technologies.
Covid-19 Impact
The covid-19 pandemic significantly impacted the vehicle tracking device market by disrupting supply chains and manufacturing operations, leading to delays in production and distribution. Additionally, the temporary decline in vehicle usage due to lockdowns resulted in reduced demand for tracking solutions. However, the increased emphasis on fleet management efficiency and safety during the pandemic has led to resurgence in interest for tracking devices, particularly in logistics and transportation sectors adapting to new operational challenges and ensuring compliance with health guidelines.
The cloud-based segment is expected to be the largest during the forecast period
The cloud-based segment is predicted to secure the largest market share throughout the forecast period. Cloud-based deployment for vehicle tracking devices offers scalable and efficient solutions for data management and accessibility. By leveraging cloud technology, users can access real-time tracking information, historical data, and analytics from any internet-enabled device. This model reduces the need for extensive on-premises infrastructure, lowering operational costs. It also facilitates seamless updates and integration with other software applications, enhancing overall functionality.
The real-time tracking segment is expected to have the highest CAGR during the forecast period
The real-time tracking segment is anticipated to witness the highest CAGR during the forecast period. Real-time tracking applications for vehicle tracking devices enable users to monitor the precise location and movement of vehicles as they happen. Utilizing GPS and cellular technology, these applications provide instant updates, allowing fleet managers and vehicle owners to make informed decisions based on live data. These applications are vital for logistics and transportation industries, ensuring timely deliveries and improving customer satisfaction by providing accurate ETAs and tracking information.
Region with largest share:
Asia Pacific is expected to register the largest market share during the forecast period driven by increasing demand for fleet management and logistics optimization. Countries like China, India, and Japan are at the forefront, fuelled by advancements in GPS and IoT technologies. Government initiatives promoting smart transportation and urban mobility enhance market potential. Moreover, the expanding e-commerce sector necessitates efficient delivery systems, creating opportunities for tracking solutions.
Region with highest CAGR:
North America is projected to witness the highest CAGR over the forecast period determined by robust demand for fleet management solutions and enhanced vehicle security. The region benefits from advanced technological infrastructure, with companies increasingly adopting GPS and IoT technologies to optimize logistics and improve operational efficiency. Additionally, the rise of e-commerce and delivery services boosts the need for reliable tracking solutions, positioning North America as a key player in the global market.
Key players in the market
Some of the key players profiled in the Vehicle Tracking Device Market include Geotab, Teletrac Navman, Verizon Connect, Fleet Complete, TomTom Telematics, LoJack, Zubie, Trackimo, Samsara, Inseego, CalAmp, MiX Telematics, Gurtam, Navman Wireless, Blackline Safety and Netstar.
Key Developments:
In October 2024, The Geotab launched GO9, a cutting-edge vehicle tracking device designed to enhance fleet management and improve operational efficiency. This device offers real-time diagnostics, allowing fleet managers to monitor vehicle health, including engine and battery assessments, to pre-emptively address maintenance issues.
In September 2024, The Netstar Company launched STARtag that represents a significant advancement in vehicle tracking and asset recovery technology. This device is particularly designed for stolen vehicle recovery (SVR) and broader asset tracking purposes, making it versatile for both motorized and non-motorized assets.
Components Covered:
• Hardware
• Software
• Communication Components
• User Interfaces
• Other Components
Deployment Types Covered:
• On-premise
• Cloud-based
Technologies Covered:
• Global Positioning System (GPS) Tracking Devices
• Radio Frequency Identification (RFID) Tracking Devices
• Global System for Mobile Communications (GSM) Tracking Devices
• Zigbee Technology
• Wi-Fi Tracking Devices
• Bluetooth Tracking Devices
• Cellular Network Tracking Devices
• Other Technologies
Applications Covered:
• Fleet Management
• Real-time Tracking
• Geofencing
• Route Optimization
• Driver Behaviour Monitoring
• Emergency Alert Systems
• Other Applications
End Users Covered:
• Commercial
• Government
• Individual Consumers
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Technology Analysis
3.7 Application Analysis
3.8 End User Analysis
3.9 Emerging Markets
3.10 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Vehicle Tracking Device Market, By Component
5.1 Introduction
5.2 Hardware
5.2.1 On-Board Diagnostics (OBD) Devices
5.2.2 Telematics Units
5.2.3 Sensors
5.2.4 Power Supply Units
5.3 Software
5.3.1 Mobile Applications
5.3.2 Analytics & Reporting Tools
5.4 Communication Components
5.5 User Interfaces
5.6 Other Components
6 Global Vehicle Tracking Device Market, By Deployment Type
6.1 Introduction
6.2 On-premise
6.3 Cloud-based
7 Global Vehicle Tracking Device Market, By Technology
7.1 Introduction
7.2 Global Positioning System (GPS) Tracking Devices
7.3 Radio Frequency Identification (RFID) Tracking Devices
7.4 Global System for Mobile Communications (GSM) Tracking Devices
7.5 Zigbee Technology
7.6 Wi-Fi Tracking Devices
7.7 Bluetooth Tracking Devices
7.8 Cellular Network Tracking Devices
7.9 Other Technologies
8 Global Vehicle Tracking Device Market, By Application
8.1 Introduction
8.2 Fleet Management
8.3 Real-time Tracking
8.4 Geofencing
8.5 Route Optimization
8.6 Driver Behaviour Monitoring
8.7 Emergency Alert Systems
8.8 Other Applications
9 Global Vehicle Tracking Device Market, By End User
9.1 Introduction
9.2 Commercial
9.2.1 Transportation & Logistics Companies
9.2.2 Delivery Services
9.2.3 Rental Companies
9.3 Government
9.3.1 Law Enforcement Agencies
9.3.2 Public Transport Authorities
9.4 Individual Consumers
9.5 Other End Users
10 Global Vehicle Tracking Device Market, By Geography
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 Italy
10.3.4 France
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 Japan
10.4.2 China
10.4.3 India
10.4.4 Australia
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.1 Argentina
10.5.2 Brazil
10.5.3 Chile
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 Qatar
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa
11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.4 Expansions
11.5 Other Key Strategies
12 Company Profiling
12.1 Geotab
12.2 Teletrac Navman
12.3 Verizon Connect
12.4 Fleet Complete
12.5 TomTom Telematics
12.6 LoJack
12.7 Zubie
12.8 Trackimo
12.9 Samsara
12.10 Inseego
12.11 CalAmp
12.12 MiX Telematics
12.13 Gurtam
12.14 Navman Wireless
12.15 Blackline Safety
12.16 Netstar
List of Tables
1 Global Vehicle Tracking Device Market Outlook, By Region (2022-2030) ($MN)
2 Global Vehicle Tracking Device Market Outlook, By Component (2022-2030) ($MN)
3 Global Vehicle Tracking Device Market Outlook, By Hardware (2022-2030) ($MN)
4 Global Vehicle Tracking Device Market Outlook, By On-Board Diagnostics (OBD) Devices (2022-2030) ($MN)
5 Global Vehicle Tracking Device Market Outlook, By Telematics Units (2022-2030) ($MN)
6 Global Vehicle Tracking Device Market Outlook, By Sensors (2022-2030) ($MN)
7 Global Vehicle Tracking Device Market Outlook, By Power Supply Units (2022-2030) ($MN)
8 Global Vehicle Tracking Device Market Outlook, By Software (2022-2030) ($MN)
9 Global Vehicle Tracking Device Market Outlook, By Mobile Applications (2022-2030) ($MN)
10 Global Vehicle Tracking Device Market Outlook, By Analytics & Reporting Tools (2022-2030) ($MN)
11 Global Vehicle Tracking Device Market Outlook, By Communication Components (2022-2030) ($MN)
12 Global Vehicle Tracking Device Market Outlook, By User Interfaces (2022-2030) ($MN)
13 Global Vehicle Tracking Device Market Outlook, By Other Components (2022-2030) ($MN)
14 Global Vehicle Tracking Device Market Outlook, By Deployment Type (2022-2030) ($MN)
15 Global Vehicle Tracking Device Market Outlook, By On-premise (2022-2030) ($MN)
16 Global Vehicle Tracking Device Market Outlook, By Cloud-based (2022-2030) ($MN)
17 Global Vehicle Tracking Device Market Outlook, By Technology (2022-2030) ($MN)
18 Global Vehicle Tracking Device Market Outlook, By Global Positioning System (GPS) Tracking Devices (2022-2030) ($MN)
19 Global Vehicle Tracking Device Market Outlook, By Radio Frequency Identification (RFID) Tracking Devices (2022-2030) ($MN)
20 Global Vehicle Tracking Device Market Outlook, By Global System for Mobile Communications (GSM) Tracking Devices (2022-2030) ($MN)
21 Global Vehicle Tracking Device Market Outlook, By Zigbee Technology (2022-2030) ($MN)
22 Global Vehicle Tracking Device Market Outlook, By Wi-Fi Tracking Devices (2022-2030) ($MN)
23 Global Vehicle Tracking Device Market Outlook, By Bluetooth Tracking Devices (2022-2030) ($MN)
24 Global Vehicle Tracking Device Market Outlook, By Cellular Network Tracking Devices (2022-2030) ($MN)
25 Global Vehicle Tracking Device Market Outlook, By Other Technologies (2022-2030) ($MN)
26 Global Vehicle Tracking Device Market Outlook, By Application (2022-2030) ($MN)
27 Global Vehicle Tracking Device Market Outlook, By Fleet Management (2022-2030) ($MN)
28 Global Vehicle Tracking Device Market Outlook, By Real-time Tracking (2022-2030) ($MN)
29 Global Vehicle Tracking Device Market Outlook, By Geofencing (2022-2030) ($MN)
30 Global Vehicle Tracking Device Market Outlook, By Route Optimization (2022-2030) ($MN)
31 Global Vehicle Tracking Device Market Outlook, By Driver Behaviour Monitoring (2022-2030) ($MN)
32 Global Vehicle Tracking Device Market Outlook, By Emergency Alert Systems (2022-2030) ($MN)
33 Global Vehicle Tracking Device Market Outlook, By Other Applications (2022-2030) ($MN)
34 Global Vehicle Tracking Device Market Outlook, By End User (2022-2030) ($MN)
35 Global Vehicle Tracking Device Market Outlook, By Commercial (2022-2030) ($MN)
36 Global Vehicle Tracking Device Market Outlook, By Transportation & Logistics Companies (2022-2030) ($MN)
37 Global Vehicle Tracking Device Market Outlook, By Delivery Services (2022-2030) ($MN)
38 Global Vehicle Tracking Device Market Outlook, By Rental Companies (2022-2030) ($MN)
39 Global Vehicle Tracking Device Market Outlook, By Government (2022-2030) ($MN)
40 Global Vehicle Tracking Device Market Outlook, By Law Enforcement Agencies (2022-2030) ($MN)
41 Global Vehicle Tracking Device Market Outlook, By Public Transport Authorities (2022-2030) ($MN)
42 Global Vehicle Tracking Device Market Outlook, By Individual Consumers (2022-2030) ($MN)
43 Global Vehicle Tracking Device Market Outlook, By Other End Users (2022-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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