The global vehicle tracking system market will reach at $ 45.65 bn by 2032,, SHARE AND SEGMENTATION BY TYPE (ACTIVE, PASSIVE), BY VEHICLE TYPE (PASSENGER VEHICLES, LCV, HCV), BY APPLICATION (GPS/SATELLITE, GPRS/CELLULAR NETWORK, DUAL MODE), BY INDUSTRY VE

The global vehicle tracking system market size is valued at USD 21.38 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 15.9%% from 2022 to 2032. The global vehicle tracking system market will reach at $ 45.65 bn by 2032, The rising adoption of advanced technology and growing concern for the security and safety of vehicles are factors driving the growth of the market. The rise in fleet operations in emerging nations, coupled with government regulations to install vehicle tracking devices in passenger and commercial vehicles, is fueling the growth. Furthermore, the growing adoption of car leasing and rental services has compelled rental companies to integrate tracking devices to enhance their services, further driving the growth of the market.

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Companies mentioned
1. CALAMP CORPORATION
2. CONCOX INFORMATION TECHNOLOGY CO LTD
3. CONTINENTAL AG
4. GEOTAB INC
5. INSEEGO CORP
6. ORBCOMM INC
7. ROBERT BOSCH GMBH
8. SAMSARA INC
9. SIERRA WIRELESS INC
10. SOLERA INC
11. TOMTOM NV
12. TRACKIMO
13. VERIZON COMMUNICATIONS INC
14. XIRGO TECHNOLOGIES LLC

Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global vehicle tracking system market report based on vehicle type, end-use, technology type, type, component, and region:

Type Outlook (Revenue, USD Billion, 2018 - 2030)

Passenger Vehicles

Light Commercial Vehicles

Heavy Commercial Vehicles

End-use Outlook (Revenue, USD Billion, 2018 - 2030)

Transportation & Logistic

Construction & Manufacturing

Aviation

Retail

Government & Defense

Other

Technology Type Outlook (Revenue, USD Billion, 2018 - 2030)

GPS/Satellite

GPRS/Cellular Network

Dual Mode

Type Outlook (Revenue, USD Billion, 2018 - 2030)

Active

Passive

Component Outlook (Revenue, USD Billion, 2018 - 2030)

Hardware

OBD Device/ Tracker and Advance Tracker

Standalone Tracker

Software

Performance Management

Vehicle Diagnostics

Fleet Analytics & Reporting

Driver Behavior Monitoring

Others

The application of vehicle tracking systems is not only restricted to road transportation, but technological modification in tracking technology has also expanded its usage to the aviation industry as well. Aviation not only facilities passenger transportation, but it also supports trade worldwide. However, logistics service through air transport is also an affair that involves cargo worth billions being imported and exported between different countries. This has prompted the major players to develop a comprehensive vehicle and asset monitoring and tracking system dedicated to air transportation while driving the market growth.

Teltonika has developed its vehicle tracking device, which supports the NB IoT and LTE M1 connectivity and is equipped with Bluetooth to connect with external devices and low energy sensors, which helps in tracking the ground support vehicle effortlessly. The senores help gather combined and analyzed data with location details to provide accurate monitoring without any discrepancies. The Bluetooth low energy radio transmitter beacons are also implemented for tracking indoor positions of airport fleet, which helps in theft protection, and decreases assets search time.

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MARKET INSIGHTS
Vehicle tracking systems function through technologies such as general packet radio service (GPRS), global positioning systems (GPS), and dual mode. It also helps identify the exact location of the asset, boost fleet productivity by minimizing maintenance expenses and maximizing profits, and verify that a company's transportation system meets business demands in a cost-effective, reliable, and efficient manner.
Commercial fleet operations are increasing across the globe.Aligning with this, transportation and logistics activities are on the rise as road transport is one of the most convenient ways of availing products, even in remote regions where other modes of transportation are unavailable.

Fleet owners can utilize a vehicle tracking system in order to ensure vehicle safety while also reducing idle time.Furthermore, numerous other features, including emergency alerts, have been added to tracking systems for the better management of the fleet.

As a result, the increase in fleet operations is set to play a pivotal role in propelling the global vehicle tracking system market growth during the forecast years.

REGIONAL INSIGHTS
The global vehicle tracking system market growth evaluation covers the assessment of Europe, the Asia-Pacific, North America, and Rest of World.Asia-Pacific is expected to lead and dominate the global market by the end of the forecast period.

The regional market's notable growth is fuelled by the rapidly-growing automotive sector, in addition to the expanding transportation, logistics, and fleet activated in the Asia-Pacific.

COMPETITIVE INSIGHTS
The industry rivalry in the global vehicle tracking system market is high.Moreover, the market constitutes a mixture of large players, as well as medium- and small-scale companies.

Sierra Wireless Inc, TomTom NV, ORBCOMM Inc, etc., are among the key companies operating in the global market.

Vehicle Type Insights
The passenger vehicle segment held the highest market share of over 42% in 2021. The segment also is expected to register the highest CAGR of 16.9% over the forecast period. The use of 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 growth of the segment. The tracking system enables the companies to gather data such as average speed and distance traveled, number of rides per day, and idle time to improve operational efficiency and profitability.

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Technology Type Insights
The GPS/ satellite segment has posted the highest market share of more than 49% in 2021 and is expected to register the fastest CAGR of 15.7% over the forecast period. The growth can be accredited to a surge in commercial vehicle sales and the adoption of cloud technology and IoT in industries such as healthcare, automotive, logistics, and defense. The compatibility of GPS to work with network technologies such as WiMAX, GSM, and LTE. Furthermore, the changes in the size of the GS tracker, which have longer battery life and application along with durability, are also propelling the growth.

Based on technology type, the market is segmented into GPS/ satellite, GPRS/ cellular network, and dual-mode. The dual-mode segment is anticipated to grow at a CAGR of 12.6% over the forecast period. The dual-mode application offers both GPS and GPRS-based tracking systems. The dual-mode technology is inexpensive, easy to install, and establishes reliable connectivity between the server and vehicles tracking device. This factor is expected to contribute to the growth of the segment over the forecast period.

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