Vehicle Tracking Systems Global Market Report 2024

A vehicle tracking system is a technology that allows for the monitoring and management of vehicles through an online computer, smartphone, tablet, or other devices, utilizing GPS satellites for accurate location information.

The main types of vehicle tracking systems are active and passive. Active tracking systems collect information similar to passive systems but differ in that they send this information in real-time to a computer or data center for processing, utilizing cellular or satellite networks. Various types of vehicles, including commercial and passenger vehicles, can be tracked using these systems, which find applications in mobile tracking, cellular tracking, and satellite tracking. Vehicle tracking systems are implemented across different sectors, including transportation and logistics, construction and manufacturing, aviation, retail, government, and others.

The vehicle tracking system market research report is one of a series of new reports that provides vehicle tracking system market statistics, including global market size, regional shares, competitors with a vehicle tracking system market share, detailed vehicle tracking system market segments, market trends and opportunities, and any further data you may need to thrive in the vehicle tracking system industry. This vehicle tracking system market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The vehicle tracking systems market size has grown rapidly in recent years. It will grow from $19.76 billion in 2023 to $23.17 billion in 2024 at a compound annual growth rate (CAGR) of 17.3%. The expansion observed in the historical period can be attributed to several factors, including the increasing demand for fleet management solutions, a growing need for fuel efficiency in vehicle operations, the widespread adoption of GPS technology for accurate tracking, rising concerns over vehicle theft prompting the use of tracking systems, and a growing demand for real-time monitoring capabilities.

The vehicle tracking systems market size is expected to see rapid growth in the next few years. It will grow to $43.23 billion in 2028 at a compound annual growth rate (CAGR) of 16.9%. The anticipated growth in the forecast period can be attributed to several factors, including the increasing adoption of electric vehicles, a growing demand for advanced telematics solutions, an increasing emphasis on safety and security in transportation services, the rising adoption of IoT and cloud-based solutions in vehicle tracking, and an increasing demand for real-time surveillance capabilities. Key trends expected in the forecast period encompass the development of mobile-based vehicle tracking applications, the use of geofencing for enhanced location-based control, the integration of augmented reality (AR) in vehicle tracking systems, a focus on eco-friendly and sustainable tracking solutions, and the implementation of blockchain for secure and transparent tracking systems.

The vehicle tracking systems market is expected to experience growth driven by the increasing demand for car rental and leasing services. With consumers favoring automobile rentals over public transportation due to the desire for individual mobility and the adherence to social distancing norms amid the global pandemic, there is a growing inclination towards investing in vehicle tracking systems among car owners. According to Enterprise Apps Today in February 2023, the global rented car count was 29.2 million in 2021, and projections suggest an increase to 602.2 million by 2026. This surge in car rental and leasing services is anticipated to propel the growth of the vehicle tracking system market.

The rising number of road accidents is also poised to contribute to the growth of the vehicle tracking system market. Road accidents, involving vehicles, pedestrians, cyclists, or other road users, can be mitigated through vehicle tracking systems that offer real-time monitoring of a vehicle's location, speed, and driving behavior. Equipped with features such as emergency buttons and automatic crash detection, these systems play a crucial role in enhancing road safety. According to the World Health Organization in June 2022, approximately 1.3 million people die annually from road accidents. The increasing frequency of road accidents is, therefore, a significant driver for the growth of the vehicle tracking system market.

The integration of 5G technology into vehicle tracking systems is shaping the market by providing enhanced connectivity and monitoring capabilities. With faster data transfer and improved vehicle communication, 5G technology presents significant opportunities for in-vehicle connectivity. Companies in the market are investing in the development of GPS tracking solutions integrated with 5G technology. For example, Forward-Thinking Systems, in collaboration with Cradlepoint, introduced the R1900 router, the market's first 5G vehicle telematics solution in April 2021. Supporting multiple 5G connections and designed to withstand harsh environments, the R1900 ensures continuous connectivity for fleet vehicles.

Major companies in the vehicle tracking system market are emphasizing technological innovation, particularly in products like car GPS trackers, to deliver reliable services to customers. Car GPS trackers are devices installed in vehicles to monitor their location and provide data such as driving patterns, speed, and overall health. Qubo, a subsidiary of Hero Electronix Private Limited, launched car GPS trackers in September 2023. These trackers offer intelligent features like live location tracking, accident alerts, and geofence alerts, providing enhanced safety features. Easy to install, the car GPS trackers are equipped with anti-theft and towing alerts to ensure the security of vehicles.

In December 2021, Brisa, a Turkey-based tire manufacturing company, acquired Arvento Mobile Systems for $10.28 million (291 million TL). This strategic acquisition aims to support Brisa's growth strategy in sustainable mobility solutions and complement its existing tire products and service network. Arvento Mobile Systems, a Turkey-based provider of vehicle tracking systems, aligns with Brisa's focus on advancing its position in the market.

Major companies operating in the in the vehicle tracking systems market report are Verizon Communications Inc., Spireon Inc., Geotab Inc., TomTom International B. V., Teletrac Navman, Cartrack Pty. Ltd., Calamp Corp., Teltonika Networks, ORBCOMM Inc., Xirgo Technologies, Laipac Technology Inc., Trackimo Inc., AirIQ Inc., Verizon Connect, MiX Telematics, Trimble Inc., Actsoft Inc., Ctrack, Masternaut Limited, Sierra Wireless Inc., AT&T Inc., FleetUp, Omnitracs LLC, Zonar Systems Inc., Fleetistics Inc., Azuga Inc., Onfleet Inc., Samsara Networks Inc., KeepTruckin Inc., Global Tracking Communications Inc., Fleetio Inc., NexTraq LLC, FleetLocate by Spireon Inc., FleetMind Solutions Inc.

North America was the largest region in the vehicle tracking system market in 2023. The regions covered in the vehicle tracking systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the vehicle tracking systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The vehicle tracking systems market includes revenues earned by entities by offering such as fleet management, vehicle maintenance, managing driving behavior, and fuel consumption. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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