Vehicle Tracking System Market

According to Stratistics MRC, the Global Vehicle Tracking System Market is accounted for $25.3 billion in 2022 and is expected to reach $78.24 billion by 2028 growing at a CAGR of 20.7% during the forecast period. a vehicle tracking system is the system that allows tracking and controlling of vehicles via an online computer, smart phone, tablet, etc. on a 24/7 basis thanks to GPS satellites.

According to the ICCT, 40% to50% of trucking fleets in Canada is currently using telematics systems. The electronic logging device (ELD) mandates in the United States and Canada have created a ripe market for the adoption of telematics systems. In the United States. According to the U.S. Department of Transportation (DOT) National Highway Traffic Safety Administration, 37,133 people died in motor vehicle crashes; due to this government made compulsion to install tracking devices in all transport vehicles to track speed, location, and others. Further, in 2017 China government made compulsion to install tracking devices in all commercial and passenger vehicles.

Market Dynamics:

Driver:

Increased efficiency for the fleet management solutions

This system will alert fleet management anytime a vehicle necessitates maintenance. This promises that all automobile refurbishing necessities are met and reduces unplanned costs and problems. It also watches not only the vehicle but also the driver. The system gives a live map that is virtually instantaneously updated. With current tracking software, the consumer can also receive notifications whenever your employee or driver engages in any non-compliant behaviour such as abrupt braking, speeding, swerving, and so on. With such accurate data, it is simple to keep track of each driver and how carefully they adhere to company rules and road restrictions.

Restraint:

Location inexactness & drifting

GPS receivers rely on signals from at least four satellites. If they only connect with three, the positioning is not entirely accurate. When obstacles such as walls, buildings, skyscrapers, and trees obstruct a signal, problems can arise. Geomagnetic storms and other extreme atmospheric conditions can also cause problems. Moreover, the mapping technology used in conjunction with the GPS may be inaccurate or out of date, resulting in navigational errors. These are few factors hampering the market growth.

Opportunity:

Improve safety and security for vehicles

With the rising practice of the internet and technical advancements in connectivity, the demand for it has increased to guarantee vehicle safety and decline idle time. Several fleet owners have been using E-call services, for example, that have advanced fleet owners in getting emergency alerts. Hence, vehicle tracking technology can be used by fleet operators and logistics companies to increase profitability. The real-time position of a company car can be competently used to determine if it is in a secure place or not. Several vehicle GPS tracking systems have an SOS feature that the driver can use if they become stranded and want assistance. The button quickly sends a notification to the fleet manager, who may then dispatch help as soon as feasible. If the manager knows the car's actual position, they will know which vehicle to dispatch to the emergency task. Such variables would hasten the demand for these systems in the global market.

Threat:

Privacy & data concerns

Without their knowledge, GPS devices can be used to track people. A device, for example, can be installed in a car to track the victim’s location at all times. This method can also be used to help in nefarious and criminal activities such as stalking, breaking and entering kidnapping, and even murder.

Impact of Covid- 19

The outbreak of the COVID-19 pandemic brought unprecedented challenges for industries around the world. To contain the aggressive spread of the virus, governments worldwide have to introduce lockdown and social distancing mandates. The lockdowns had forced industries such as the automotive industry to halt manufacturing, assembly, and production in Europe, America, and Asia. The lockdown also negatively impacted the demand for passenger and commercial vehicles. The production of vehicle tracking system software and hardware also experienced the impact induced by low demand for the product.

The passenger vehicle segment is expected to be the largest during the forecast period

The passenger vehicle segment is expected to be the largest during the forecast period. The use of a tracking system by app-based transportation car leasing and renting businesses such as Ola, Uber, Careem; and Lyft, Inc., for smooth operational control is motivating the growth of the segment. The tracking system permits the companies to gather data such as average speed and distance travelled number of rides per day, and idle time to progress operational competence and effectiveness.

The retail segment is expected to have the highest CAGR during the forecast period

The retail segment is expected to have the highest CAGR during the forecast period. The ever-rising influence and dependency on e-commerce have encouraged retail companies to enlarge their delivery services and deliver fleets based on their delivery province parameter. The e-commerce delivery companies use the tracking system to gather data for creating delivery timelines; operation cost optimization, and enhanced productivity.

Region with highest share:

North America is projected to hold the largest market share during the forecast period. The development of intelligent systems has led to the implementation of technologies for fleet management. Moreover, increasing concerns over carbon emissions and rising awareness of vehicle fleet and cargo technology. The mandatory norms over safety norms by the government are also motivating the market growth.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period, Factors such as technological repetition 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 province, and growing trade activities are motivating the market growth.

Key players in the market

Some of the key players profiled in the Vehicle Tracking System Market include AT&T Inc., Cartrack Holdings Limited, Continental AG, Robert Bosch GmbH, Verizon Communications Inc. , Spireon Inc., Geotab Inc. , Inseego Corp, US Fleet Tracking , TRACK GROUP, Orbocomm Inc.

Key Developments:

In June 2019: Orbocomm Inc. collaborated with Pole Star Space Applications Limited and Weatherdock AG to develop a Class B vessel tracking solution. This cutting-edge technology employs untamperable electronics to continuously monitor and track the location of car..

In August 2022: Verizon Connect unveiled its advanced Artificial Intelligence (AI) Dashcam to enable real-time detection of potentially dangerous events and promote driver safety.

Types Covered:
• Active
• Passive

Vehicle Types Covered:
• Passenger Vehicles
• Light Commercial Vehicles
• Heavy Commercial Vehicles

Technology’s Covered:
• General Packet Radio Services (GPRS)
• Dual Mode
• Global Navigation Satellite System (GLONASS)
• Global Positioning System (GPS)/Satellite

Propulsions Covered:
• Internal Combustion Engine (ICE)
• Electric Vehicle

Components Covered:
• Hardware
• Software

Applications Covered:
• Cellular Tracking
• Mobile Tracking
• Satellite Tracking

End Users Covered:
• Utility
• Transportation & Logistic
• Retail
• Metals and Mining
• Government & Defense
• Government
• Energy
• Construction & Manufacturing
• Aviation

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 2020, 2021, 2022, 2025 and 2028
- 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