Global Vehicle Tracking System Market Insights Forecasts to 2033

• The Global Vehicle Tracking System Market Size was Valued at USD 24.19 Billion in 2023
• The Market Size is Growing at a CAGR of 13.51% from 2023 to 2033
• The Worldwide Vehicle Tracking System Market Size is Expected to Reach USD 85.93 Billion by 2033
• Asia Pacific is Expected to Grow the fastest during the forecast period.

The Vehicle Tracking System Market Size is Anticipated to Exceed USD 85.93 Billion by 2033, Growing at a CAGR of 13.51% from 2023 to 2033.

Market Overview

An automated tracking solution that makes fleet management conceivable is a vehicle tracking system. It is made up of an in-car or truck-mounted telematics device that connects to a GPS satellite network. It gathers and transmits the location, velocity, and other data points of the vehicle. The increasing usage of advanced technology in several areas has led to a rise in demand for GPS tracking devices, which are also utilized for vehicle security. To be able to track a vehicle's location for cargo transportation and passenger security, GPS tracking devices are integrated into both commercial and passenger vehicles. Furthermore, regulations incorporating vehicle monitoring devices into both commercial and passenger vehicles are being made by government authorities in certain nations. Additionally, commercial vehicles equipped with tracking devices facilitate the timely conveyance of additional materials and the tracking of product shipments. The supply chain and logistics industries are adopting GPS tracking devices at an increasing rate, which is expected to promote market growth in the upcoming years. The market grows because of the growing demand for GPS-based technologies and the growing use of linked automobiles.

Report Coverage

This research report categorizes the market for the vehicle tracking system market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the vehicle tracking system market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the vehicle tracking system market.

Driving Factors

The rising fleet size of transportation and logistics organizations has made fleet tracking essential for vehicle security and on-time delivery. Worldwide commercial vehicle sales are rising quickly, which is further driving up demand for fleet tracking and maintenance vehicle tracking systems. The tracking systems market has had significant growth in the past few years due to technological advancements and the ongoing market expansion in digitalization, which make it simple to track or monitor vehicle performance.

Restraining Factors

Due to technology developing rapidly, price is a major factor in the vehicle tracking system industry. The price of wireless connectivity modules, pricey automotive electrical components, and the initial expenses of integrating hardware and software all contribute to the cost of a vehicle tracking system.

Market Segmentation

The vehicle tracking system market share is classified into vehicle type, technology, component, and end user.

• The passenger vehicles segment accounted for the largest revenue share through the forecast period.

Based on the vehicle type, the vehicle tracking system market is categorized into passenger vehicles, light commercial vehicles, and heavy commercial vehicles. Among these, the passenger vehicles segment accounted for the largest revenue share through the forecast period. Using a tracking system by app-based transportation car leasing and renting businesses such as Ola; Uber; Careem; and Lyft, Inc., for smooth operational control is driving the segment's growth. Through the use of the tracking system, businesses can collect information on average speed, distance traveled, several rides per day, and free time to increase profitability and operational efficiency.

• The GPS/satellite segment is anticipated to grow at the highest CAGR during the forecast period.

Based on the technology, the vehicle tracking system market is categorized into GPS/satellite, GPRS/cellular network, and dual mode. Among these, the GPS/satellite segment is anticipated to grow at the highest CAGR during the forecast period. The use of GPS technology in the worldwide vehicle tracking systems market has increased due to its compatibility with other technologies such as WiMAX, GSM, and LTE. Due to this, customers are now required to install GPS/satellite systems, which additionally contribute to ensuring efficient routes and is expected to fuel the expansion of the systems market.

• The software segment holds the largest market share through the forecast period.

Based on the component, the vehicle tracking system market is categorized into hardware and software. Among these, the software segment holds the largest market share through the forecast period. The software offers a range of services, including driver management, fuel management, route optimization, vehicle diagnostics, and vehicle maintenance, all of which have contributed to the segment's growth. This is due to the increasing number of software-based car monitoring devices, which are installed directly into the user's computer.

• The transportation & logistic segment accounted for the highest revenue share through the forecast period.

Based on the end user, the vehicle tracking system market is categorized into transportation & logistic, construction & manufacturing, aviation, retail, government & defense, and others. Among these, the transportation & logistic segment accounted for the highest revenue share through the forecast period. Due to growing fleet sizes and operators, there is a worldwide increase in the use of global positioning systems for logistics and transportation tracking. In addition to fleet management and safety for both the driver and the cargo, the vehicle tracking system boosts productivity with precise route planning and real-time traffic alerts. 

Regional Segment Analysis of the Vehicle Tracking System Market 

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

North America is anticipated to hold the largest share of the vehicle tracking system market over the predicted timeframe.

North America is projected to hold the largest share of the vehicle tracking system market over the forecast period. Due to growing worries about car emissions, safety, and security, which are also having a big impact on the transportation sector. Furthermore, the governments of the nations in this region have taken notice of these worries and are implementing stricter rules and creating safety programs as a result. For instance, the United States government created the "National Safety Program" for the General Services Administration's fleet. As a result, these factors are propelling the regional growth of the global market for vehicle tracking systems. Rising awareness of vehicle fleet and transport technologies, as well as growing worries about carbon emissions. The government's obligatory safety standards are another factor fueling the market's expansion.

Asia Pacific is expected to grow at the fastest CAGR growth in the vehicle tracking system market during the forecast period. The region's rise can be attributed to several factors, including the rapid development of networking technology, the fast expansion of the e-commerce industry, the strict enforcement of regulations by regional governments, and the increasing sales of automobiles in the region. Additionally, the regions are seeing an increase in the use of cutting-edge technologies like cloud, mobility solutions, IoT, and autonomous cars, which is expected to further propel growth in the worldwide vehicle tracking system market during the forecast period.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the vehicle tracking system market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Calamp Corporation
• Sierra Wireless Inc.
• Laipac Technology Inc.
• TomTom International BV.
• Verizon Communication Inc.
• Spireon, Inc.
• Trackimo Inc
• Xirgo Technologies
• Orbcomm Inc.
• Teltonika
• Sensata Technologies Inc.
• AT&T Intellectual Property
• Geotab Inc.
• Cartrack
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments             

• In May 2022, New sensors were introduced by Continental to protect the batteries of electrified vehicles. Continental increased its sensor portfolio for electrified vehicles by introducing two new sensors: the Current Sensor Module (CSM) and the Battery Impact Detection (BID) system.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the vehicle tracking system market based on the below-mentioned segments: 

Global Vehicle Tracking System Market, By Vehicle Type

• Passenger Vehicles
• Light Commercial Vehicles
• Heavy Commercial Vehicles

Global Vehicle Tracking System Market, By Technology

• GPS/Satellite
• GPRS/Cellular Network
• Dual Mode

Global Vehicle Tracking System Market, By Component

• Hardware

• OBD Device/ Tracker
• Advance Tracker
• Standalone Tracker

• Software

• Performance Management
• Vehicle Diagnostics
• Fleet Analytics & Reporting
• Driver Behaviour Monitoring
• Others

Global Vehicle Tracking System Market, By End User

• Transportation & Logistic
• Construction & Manufacturing
• Aviation
• Retail
• Government & Defense
• Other

Global Vehicle Tracking System Market, By Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa