Global Vehicle Tracking System Market Report and Forecast 2024-2032

Global Vehicle Tracking System Market Outlook

The global vehicle tracking system market size was approximately USD 24.10 billion in 2023. The market is further projected to grow at a CAGR of 13.9% between 2024 and 2032, reaching a value of USD 77.80 billion by 2032.

Key Trends in the Market

A vehicle tracking system uses GPS satellites and GPS servers to provide accurate information about a vehicle’s location. GPS satellites are connected to GPS tracking devices installed in the vehicle. Their prime task is to gather information on driving hours, date and time, and excessive speeding, and transmit this information over wireless networks to the GPS server. When individuals connect with the server on their computers, they can easily see the vehicle's location in real-time.

• One of the key vehicle tracking system market trends is the robust growth of the automotive industry. Moreover, increasing fleet operations are prompting stakeholders to adopt vehicle tracking systems for route optimisation, improved safety, asset tracking, enhanced productivity, and reduced downtime.

• With growing investments  in the development of autonomous and semi-autonomous vehicles, the installation of tracking systems such as GPS to ensure their safe navigation on the road is rising. In June 2023, Zero, an AI-based startup from Bangalore, created India’s first fully autonomous car called zPod.

• With the increasing prominence of ridesharing companies like Ola and Uber as well as packaging and moving companies like Porter and HCL, monitoring passenger safety and selecting the right route have emerged as leading priorities for profitability and customer satisfaction. Hence, the increasing demand for smart vehicles, equipped with GPS and other real-time location-sharing capabilities, is expected to fuel the vehicle tracking system market demand in the forecast period.

Market Analysis

Based on component, the market can be bifurcated into hardware and software. By type, the market is segmented into active tracking and passive tracking. On the basis of vehicle type, the market is divided into passenger cars, light commercial vehicles, and heavy commercial vehicles.

The vehicle tracking system market segmentation, based on technology, includes GPRS/cellular networks, GPS/satellite, and dual mode. On the basis of end use, the market can be divided into transportation and logistics, construction and manufacturing, aviation, retail, and government and defence, among others. The major regional markets are  North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global vehicle tracking system market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.

• Verizon Communication Inc.

• Karooooo Limited (Cartrack)

• CalAmp Corp.

• Trackimo Inc.

• Geotab Inc. 

• TELTONIKA IoT Group

• Tom Tom International BV

• Xirgo Technologies LLC

• Vontier Corporation

• Laipac Technologies Inc.

• Others

Market Share by End Use

As per the vehicle tracking system market analysis, the transportation and logistics sector accounts for a significant share in the market due to emergence of local ridesharing and carpooling companies across different countries. Vehicle tracking devices are widely used to monitor fuel consumption and vehicle safety to ensure a safe travel experience for passengers.

With advancements in technology, the utilisation of vehicle tracking systems by logistics and transportation companies to locate their vehicles, optimise resources, ensure quality service, and enhance driver performance is anticipated to rise in the coming years.

Market Share by Region

The Asia Pacific, which includes countries like India, China, and Thailand, is expected to occupy a substantial vehicle tracking system market share due to growing sales of passenger and commercial vehicles. The increasing focus on vehicle safety and security is also propelling the demand for vehicle tracking systems in the region.

Moreover, the Asia Pacific is witnessing a significant growth in sectors like logistics, which is surging the requirement for efficient tracking of vehicles’ locations to ensure timely delivery of goods and services to people. Meanwhile, the increasing popularity of ridesharing platforms in regions like North America, Europe, Latin America, and the Middle East and Africa is expected to favour the market demand in the forecast period.

Competitive Landscape

Verizon Communication Inc. is a telecommunication company that has two business divisions- Verizon Consumer and Verizon Business. It is headquartered in New York City, USA. It was originally founded as Bell Atlantic Corporation in 1983 and became Verizon Inc. in the year 2000. It is one of the second largest carriers of wireless mobile networks in the country and makes cable television and landline phones. It also provides internet and broadband services to customers.

Karooooo Limited (Cartrack), founded in South Africa in 2004, operates in fleet management, stolen vehicle recovery, and insurance telematics segments. Its technology is widely accepted by motor manufacturers and insurers across the globe. It also provides driver risk assessment offerings in the insurance telematics field. It has 1,000,000+ connected vehicles and is continuing to grow rapidly.

Geotab Inc. is a privately held company that was found in 2000. It is a global leader in IoT and fleet management. It uses web-based analytics for helping organisations manage their fleets that are connected to the internet. It has over 47,000 customers in 150 countries and is headquartered in Oakville, Canada. It provides its services to all sizes and types of industries, including driver coaching and routing and dispatching.

Other key vehicle tracking system market players are CalAmp, Trackimo Inc., TELTONIKA IoT Group, Tom Tom International BV, Xirgo Technologies LLC (Sensata Technologies, Inc.), Vontier Corporation, and Laipac Technologies Inc., among others.

Key Highlights of the Report