The global vehicle tracking device market size is likely to attain over USD 22.4 billion by the year 2028. Besides, it is likely to project a CAGR of nearly 14.2% during the forecast years 2021-2028. The systems developed for monitoring and controlling the vehicle movement using various technologies such as GPS, mobiles, computers, hardware interface, and others are known as the vehicle tracking systems. However, organizations are looking for uniform solutions that can offer cellular tracking services as the most economical and widest option for connectivity as compared to others.
The present and future vehicle tracking device market progress is summarized to conclude the attractiveness of the entire market. Also, prime factors that influence the vehicle tracking device market opportunities during the forecast years. Factors such as rise in adoption of intelligent transport systems is the key factor driving the market growth for vehicle tracking device.
Also, the growing demand for safety and security concern within transportation services is another factor driving 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.
The report also emphasizes several distinctiveness of the global vehicle tracking device industry by valuing the market from value chain breakdown. Moreover, the report encompasses numerous qualitative features of the vehicle tracking device industry which comprises market restraints, drivers, as well as key industry opportunities. Furthermore, the report offers an inclusive evaluation of the company profiling along with the market rivalry of local and global vendors.
The vehicle tracking device market has tough competition among the new emerging and pre-established market vendors. Besides, the vehicle tracking device industry vendors are trying to capture the prospective markets to grab a competitive advantage over the remaining industry vendors. To capture the market, market players are forming agreements, acquiring other companies & startups, mergers & acquisitions, partnerships & collaboration, and escalating their business existence.
In terms of the Vehicle Type, the market is categorized into Passenger Vehicles, Light Commercial Devices, and Heavy Commercial Devices. The light commercial vehicles is predicted to achieve the largest growth during the forecast years 2021-2028. On the other hand, the Passenger Vehicles segment seized the maximum market share in 2020 and it is likely to maintain its place throughout the forecast years. The growth of the segment is largely ascribed 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.
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 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. However, 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.
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 software solutions. In addition, 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.
Segment Overview of 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)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America