Vehicle Tracking Systems Market size was valued at USD 18.1 billion in 2021 and is projected to register a double digit CAGR of 14.2% over the period 2022-2029 reaching USD 52.4 billion in 2029.
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The factors driving growth of the Vehicle Tracking Systems Market includes increase in the sales of commercial vehicles around the world, rise in the number of road accidents around the world, emergence of 5G technology, growing popularity of car leasing and rental services and improvements in the living standards. Moreover, growing adoption of advanced technological by manufacturers, Government initiatives regarding the development of intelligent transportation systems, expansion of the e-commerce industry, rise in the launch of innovative products and rapid urbanization, are some of the additional factors supplementing the Vehicle Tracking System Market size. In addition, the increasing investments by major corporations on research and development, strategic partnerships between enterprises and growing population growth rates, are further contributing towards the market growth.
However, growth of the Vehicle Tracking Systems Market is hindered due to high installation costs of vehicle tracking systems.
The major players operating in the market are Teltonika, ORBCOMM Inc., Xirgo Technologies, LLC, Verizon, Geotab Inc., Cartrack, Laipac Technology Inc., Trackimo Inc., TomTom International B.V., and CalAmp, among others.
Based on Vehicle Type, the Passenger Vehicles segment is predicted to grow at a significant CAGR during the forecast period
Increasing use of passenger vehicles as minivans and rising focus by fleet operators on enhancing user’s experience, are some of the factors pushing Vehicle Tracking System Market share.
Based on End-Use, the Transportation & Logistics segment projected to grow at a robust CAGR over the forecast period
Vehicle Tracking systems requires less fuel, enhances safety of the vehicles, and increasingly used in GPS tracking systems, are propelling segment’s growth.
Based on Region, the North American region is anticipated to expand at a remarkable CAGR during the forecast period
Rising concerns related to greenhouse gas emissions, strict regulations imposed by Governments regarding vehicle’s safety, rapid industrialization, increasing popularity of car leasing services, growing population growth rates and high per capita incomes, are some of the important factors augmenting the market growth in the North American region.
Key Developments
- In 2022, Verizon Communications Inc. VZ collaborated with Amazon Web Services, Inc. (“AWS”) to shift its fleet management software platform, Verizon Connect Reveal to the cloud service subsidiary of Amazon.com, Inc. AMZN. This collaboration aims to offer a better experience to customers and help business enterprises to use connected data for driver safety and sustainability
- In 2019, Geotab Inc. completed the acquisition of Florida Pest Control, a pest management business. Through this acquisition, the company planned to build customer density and to enhance its market presence in the North America region.
Market Segmentation
Segmentation by Vehicle Type
- Passenger Vehicles
- Light Commercial Vehicles
- Heavy Commercial Vehicles
Segmentation by End-Use
- Transportation & Logistics
- Construction & Manufacturing
- Aviation
- Retail
- Government & Défense
- Others
Segmentation by Region
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- North America
- United States of America
- Canada
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
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