The global vehicle tracking device has become crucial thing for the majority of businesses. Vehicle tracking system is a technology that is utilized to acquire data about the real-time location of vehicles, using either a cellular network or GPS technology. The tracking system comprises a positioning device, software, and sometimes, a view capturing device. These devices improve passenger safety, especially women, children, and senior citizens, commuting through shared mobility. Besides, it helps in offering real-time insights, accurate vehicle data, location, performance, and driver behavior.
The global vehicle tracking device market size is predicted to reach over USD 22.4 billion by 2028. This can be ascribed to the growing demand for tracking tools. Besides, the rapid increase in commercial vehicle sales is also the key factor driving the market growth for Vehicle tracking device. Moreover, the need for achieving improved operational efficiency, productivity, and profitability at reduced costs coupled with the digitalization of vehicles is a key driving factor for the market growth.
However, increasing data security concerns are hampering the market growth. Furthermore, the emergence of 5G for vehicle connectivity is likely to provide lucrative development opportunities for the vehicle tracking device market in the forthcoming years.
Vehicle Tracking Device Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 22.4 billion|
|Growth Rate||CAGR of 14.2% during 2021-2028|
|Segment Covered||Vehicle Type, Technology Type, End-use, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Verizon, Geotab Inc., Cartrack, TomTom International B.V., CalAmp, Teltonika, ORBCOMM Inc., Xirgo Technologies, LLC, Laipac Technology Inc., and Trackimo Inc. Moreover,|
Key Segments of the Global Vehicle Tracking Device Market
Vehicle Type Overview, 2019-2028 (USD Million)
- Passenger Vehicles
- Light Commercial Vehicles
- Heavy Commercial Vehicles
Technology Type Overview, 2019-2028 (USD Million)
- GPRS/Cellular Networks
- Dual Mode
End-use Overview, 2019-2028 (USD Million)
- Transportation & Logistics
- Construction & Government & Defense
- Government & Defense
Regional Overview, 2019-2028 (USD Million)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global Vehicle tracking device market. Benchmark yourself against the rest of the market.
- Ensure you remain competitive as innovations by existing key players to boost the market.
What does the report include?
- The study on the global Vehicle tracking device market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the Vehicle tracking device industry and their strategic initiatives for product development.
- The study covers a qualitative and quantitative analysis of the market segmented based on Vehicle Type, Technology Type, and End-use. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global Vehicle tracking device market. The report will benefit Every stakeholder involved in the Vehicle tracking device market.
- Managers within the Vehicle tracking device industry looking to publish recent and forecasted statistics about the global Vehicle tracking device market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of the global Vehicle tracking device market.
- Analysts, researchers, educators, strategy managers, and government institutions looking for insights into the market to determine future strategies.
Over the past few decades, location tracking has evolved from conventional methods to more automated techniques. With the growing adoption of numerous technologies, vehicle tracking device is no more limited to a particular department and being adopted across a wide range of industries and their business processes.
Advanced technologies such as application of automation, telematics, and IoT enable fleet operators to achieve higher operational efficiency, and ensuring vehicle security and safety. Moreover, Vehicle tracking device also provides cost aids due to enhanced vehicle performance and innovative features such as fleet analytics, fuel management, driver monitoring, and predictive vehicle maintenance. With all these capabilities vehicle tracking device allows organizations to save costs as well as time spent on location tracking.
Furthermore, as the adoption of IoT is increasing, the increasing fleet size of the transportation and logistics companies has made fleet tracking necessary for vehicle security and timely delivery. Hence, vehicle tracking device is expected to help organizations in creating the necessary and useful insights through all such tracking data at a faster pace.
The market is consolidated as several major market players currently hold the major market share. However, the market is expected to become fragmented in the forthcoming years as several new market players are emerging from developing countries such as India, Japan, China, and other countries.
Vehicle Type Segment
Based on the Vehicle Type segment, the market is bifurcated into Passenger Vehicles, Light Commercial Devices, and Heavy Commercial Devices. In 2020, the Passenger Vehicles segment accumulated the maximum market share and it is likely to continue its dominance throughout the forecast years. However, the light commercial vehicles segment is projected to attain major growth throughout the forecast years owing to the popularity 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.
Technology Type Segment
Based on the Technology Type, the market is segmented into GPS/Satellite, GPRS/Cellular Networks, and Dual Mode. The GPS/satellite sector seized the maximum market share in 2020 and it is likely to maintain its place throughout the forecast years. The growth of this segment is largely ascribed to the GPS capability to work with various technologies like GSM, LTE, and WiMAX coupled with the ability of GPS to be publicized with several satellites. Though it is costly compared to GPRS, its ability to chart more efficient routes and provide better productivity has positively impacted the segment growth.
Based on the End-use, the market is segmented into Construction & Government & Defense, Transportation & Logistics, Aviation, Retail, Government & Defense, others. The Transportation and logistics segment gathered the major market share in 2020 and it is likely to continue its dominance throughout the forecast years. The rising GPS tracking usage in the transportation and logistics industry has fueled the market growth. Besides, vehicle tracking systems ensure real-time location monitoring, the safety of both vehicle and driver, and reduced fuel consumption and administrative costs are boosting the market growth across banking & financial institutions. However, in 2020, the Retail industry is expected to experience major industry growth during the forecast years.
The North American region is likely to account for the maximum market contribution during the forecast years. The domination of this region is largely ascribed to the growing concerns of vehicle emission, security, and safety. These factors have strongly influenced the transportation industry, and governments have acknowledged and implemented stringent rules and regulations. However, the Asia-Pacific is likely to gather noteworthy growth through the forecast years 2021-2028. The growth of the Vehicle tracking device market in this region is mostly ascribed to the rapid expansion of the e-commerce sector, rising advancements in networking technologies, strict regulatory mandates, and increasing commercial and passenger vehicle sales by companies in countries such as India, Japan, and China to compete against other regional players.
The major players of the global Vehicle tracking device market are Verizon, Geotab Inc., Cartrack, TomTom International B.V., CalAmp, Teltonika, ORBCOMM Inc., Xirgo Technologies, LLC, Laipac Technology Inc., and Trackimo Inc. Moreover, the additional prospective market players in the Vehicle tracking device market are ATrack Technology, Maestro Wireless Solutions, Meitrack Group, and Sierra Wireless. Renowned companies are offering new and modern Vehicle tracking device Passenger Vehicles solutions. Besides, the previously recognized as well as new market players are approaching the market with advanced and new strategic services and solutions and to remain competitive in the global market.