Vehicle Tracking Systems Market Size, Share & Trends Analysis Report By Vehicle Type, By End Use (Transportation & Logistics, Retail), By Technology Type, By Type, By Component- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2021-2027
The global Vehicle Tracking Systems market gathered revenue around USD 17.59 Billion in 2020 and market is set to grow USD 45.93 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 13.0% during the prediction period 2021 to 2027.
The vehicle tracking system is also known as GPS tracking. The need for achieving improved operational efficiency, productivity, and profitability at reduced costs coupled with the digitalization of vehicles is anticipated to act as a key driving factor for the market growth. These systems include features such as predictive fleet maintenance, telematics asset tracking, and fleet route planning. These features facilitate optimum utilization of resources and flexibility in operations. Additionally, factors such as increased cost savings and enhanced customer experience are further contributing to the market demand.
Technological advancements and digitization in the automotive industry coupled with the expanding global transportation and logistics industry are anticipated to drive the demand for vehicle tracking systems. Moreover, increasing sales of light and heavy commercial vehicles are also expected to drive the market growth over the forecast period.
Meanwhile, the high cost associated with the vehicle tracking system coupled with its complex design is expected to hamper the market's growth over the forecast period. Besides, the COVID-19 pandemic has negatively impacted the demand for vehicle tracking systems in 2020. The pandemic has resulted in lockdowns and social distancing globally, subsequently leading to losses for industries such as manufacturing, automobile, transportation and logistics, retail, and hospitality. This slumped business scenario is anticipated to negatively impact automotive production and demand for vehicle tracking systems. However, as governments begin to gradually relax the lockdown norms and allow businesses to operate with mandates of social distancing; the market is likely to witness significant growth over the forecast period.
Improved connectivity services and technological proliferation have resulted in the augmented adoption of connected vehicle tracking systems. The sensor nodes embedded in a vehicle are used to transmit real-time data and collect information on vehicle location, speed, distance traveled, fuel consumption, and air pressure. Cloud computing provides computation, software, storage, and data access resources without the need for vehicle owner’s information. Thus, the emergence of cloud computing is anticipated to create significant growth opportunities in the market.
This research report purposes at stressing the most lucrative growth prospects. The aim of the research report is to provide an inclusive valuation of the Vehicle Tracking Systems market and it encompasses thoughtful visions, actualities, industry-validated market findings, historic data, and prognoses by means of appropriate set of assumptions and practice. Global Vehicle Tracking Systems market report aids in comprehending market structure and dynamics by recognizing and scrutinizing the market sectors and predicted the global market outlook.
|Market Size||USD 45.93 Billion by 2027|
|Growth Rate||CAGR of 13.0% From 2021 to 2027|
|Forecast Period||2021 to 2027|
|Historic Data||2017 to 2020|
|Report coverage||Growth Factors, Revenue Status, Competitive Landscape, and Future Trends|
|Segments Covered||Vehicle type, end use, technology type, type, component and Region
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)|
|Companies Mentioned||AT&T Inc, Cartrack Holdings Limited, Continental AG , ROBERT BOSCH GMBH, VERIZON COMMUNICATION INC, SPIREON INC , GEOTAB INC, INSEEGO CORP, TOMTOM, INC, TELETRAC NAVMAN US LTD.|
COVID-19 Impact Assessment on Market Landscape
The report comprises the scrutiny of COVID-19 lock-down impact on the income of market leaders, disrupters and followers. Since lock down was instigated differently in diverse regions and nations, influence of same is also dissimilar across various industry verticals. The research report offers present short-term and long-term influence on the market to assist market participants across value chain makers to formulate the framework for short term and long-lasting tactics for recovery and by region.
Vehicle Tracking Systems market Report empowers readers with all-inclusive market intelligence and offers a granular outline of the market they are operational in. Further this research study delivers exceptional combination of tangible perceptions and qualitative scrutiny to aid companies accomplishes sustainable growth. This report employs industry-leading research practices and tools to assemble all-inclusive market studies, intermingled with pertinent data. Additionally, this report also emphases on the competitive examination of crucial players by analyzing their product portfolio, pricing, gross margins, financial position, growth approaches, and regional occurrence.
Vehicle Type analysis:
The passenger vehicles segment accounted for the dominant share of over 41.2% in 2020. The segment is estimated to expand at the highest CAGR from 2021 to 2027 owing to the rising number of fleet operators across the developed and emerging economies. Besides, passenger vehicles are also popular among small and medium-sized businesses. They usually serve the purpose of the pool vehicles or minivans to finish the daily jobs of businesses. This has resulted in increased demand for vehicle tracking systems in passenger vehicles. Moreover, the growing inclination of fleet operators to offer enhanced user experience is anticipated to lead to segment growth over the forecast period.
The light commercial vehicles segment is projected to expand at the second-highest CAGR of 11.8% from 2021 to 2027. The growth can be attributed to the increasing demand for light commercial vehicles across the logistics and transportation sectors. Moreover, the rising penetration of the e-commerce industry is also expected to surge the demand for vehicle tracking systems in light commercial vehicles. Light commercial vehicles such as pickup trucks and minivans are generally used in trade & courier services, plumbing and HVAC services, and delivery services. Companies offering these services can send the best route to the delivery team, provide invoices, and monitor proof of delivery with vehicle tracking systems
North America accounted for the largest revenue share of over 30% in 2020 and is estimated to register a steady growth rate over the forecast period. The growing concerns of vehicle emission, security, and safety have strongly influenced the transportation industry. Governments across the developed nations have acknowledged these concerns and subsequently introduced stringent norms and developed safety programs. For instance, the U.S. government developed a ‘National Safety Program’ for its General Services Administration (GSA) fleet. Besides, increasing development in Intelligent Transportation Systems has promoted the widespread adoption of smart technologies in fleet management.
The Asia Pacific vehicle tracking system market is projected to expand at the highest CAGR of 18.0% over the forecast period. The rapid expansion of the e-commerce sector, rising advancements in networking technologies, strict regulatory mandates, and increasing commercial and passenger vehicle sales are some of the key factors driving the regional market growth. Besides, the growing adoption of advanced technologies such as autonomous vehicles, IoT, and cloud in the region is further anticipated to bolster the market growth.
Foremost players in the market are attentive on adopting corporation strategies to enhance their market share. Some of the prominent tactics undertaken by leading market participants in order to sustain the fierce market completion include collaborations, acquisitions, substantial spending in R&D and the improvement of new-fangled products or reforms among others.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
- Company Overview
- Company Market Share/Positioning Analysis
- Product Offerings
- Financial Performance
- Recent Initiatives
- Key Strategies Adopted by Players
- Vendor Landscape
- List of Suppliers
- List of Buyers
Some of the prominent players in the Vehicle Tracking Systems Market include: AT&T Inc, Cartrack Holdings Limited, Continental AG , ROBERT BOSCH GMBH, VERIZON COMMUNICATION INC, SPIREON INC , GEOTAB INC, INSEEGO CORP, TOMTOM, INC, TELETRAC NAVMAN US LTD
Segments Covered in the Report
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2027 and covers subsequent region in its scope:
- By Vehicle Type
- Passenger Vehicles
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- By End-use
- Transportation & Logistics
- Construction & Manufacturing
- Government & Defense
- By Technology Type
- GPRS/Cellular Networks
- Dual Mode
- By Type
- By Component
- OBD Device/tracker & advance tracker
- Standalone Tracker
- Performance Measurement
- Vehicle Diagnostics
- Fleet Analytics and Reporting
- Driver Behavior Monitoring
- United Kingdom
- Rest of Europe
- Southeast Asia
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa (MEA)
- North Africa
- South Africa
- Rest of Middle East & Africa
Highlights of the Report:
- Market Penetration: Comprehensive information on the product portfolios of the top players in the market.
- Product Development/Innovation: Detailed insights on the upcoming technologies, R&D activities, and product launches in the market
- Competitive Assessment: In-depth assessment of the market strategies, geographic and business segments of the leading players in the market
- Market Development: Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the market
In the study, a unique research methodology is utilized to conduct extensive research on the growth of the Vehicle Tracking Systems market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the conclusions.
Secondary resources referred to by analysts during the production of the Vehicle Tracking Systems market study are as follows - statistics from government organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary and secondary resources acts as a validation from companies in the market, and makes the projections on the growth prospects of the Vehicle Tracking Systems markets more accurate and reliable.
It involves company databases such as Hoover's: This assists us recognize financial information, structure of the market participants and industry competitive landscape.
The secondary research sources referred in the process are as follows:
- Governmental bodies, and organizations creating economic policies
- National and international social welfare institutions
- Company websites, financial reports and SEC filings, broker and investor reports
- Related patent and regulatory databases
- Statistical databases and market reports
- Corporate Presentations, news, press release, and specification sheet of Manufacturers
Primary research includes face-to face interviews, online surveys, and telephonic interviews.
- Means of primary research: Email interactions, telephonic discussions and Questionnaire based research etc.
- In order to validate our research findings and analysis we conduct primary interviews of key industry participants. Insights from primary respondents help in validating the secondary research findings. It also develops Research Team’s expertise and market understanding.
Industry participants involved in this research study include:
- CEOs, VPs, market intelligence managers
- Procuring and national sales managers technical personnel, distributors and resellers
- Research analysts and key opinion leaders from various domains
Key Points Covered in Vehicle Tracking Systems Market Study:
- Growth of Vehicle Tracking Systems in 2021
- Market Estimates and Forecasts (2017-2027)
- Brand Share and Market Share Analysis
- Key Drivers and Restraints Shaping Market Growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Recommendation on Key Winning Strategies
- COVID-19 Impact on Demand for Vehicle Tracking Systems and How to Navigate
- Key Product Innovations and Regulatory Climate
- Vehicle Tracking Systems Consumption Analysis
- Vehicle Tracking Systems Production Analysis
- Vehicle Tracking Systems and Management