Vehicle Tracking System Market Outlook Growth, Development Factors, Top Companies, Research Methodology by 2030 | Trackimo Inc., Verizon

Vehicle tracking systems enable fleet managers and business owners to locate vehicles, monitor driver behavior, optimize routing and dispatching, and reduce operational costs. Vehicle tracking systems track location, time at a location and provide other useful insights about vehicle usage.

Market Dynamics:

Two key factors driving the growth of the vehicle tracking system market are government mandates for vehicle safety and need for efficient fleet management. Many governments across the world are introducing regulations that mandate the use of vehicle tracking and safety devices in commercial vehicles. This is being done to improve road safety and prevent accidents. Additionally, companies operating vehicle fleets need efficient tracking and management of their vehicles and drivers to maximize productivity and minimize costs. Vehicle tracking allows managers to schedule better routes for delivery vehicles, monitor driver behavior and asset utilization, reducing deadhead miles and unnecessary idling of vehicles. This improves fleet efficiency.

The global vehicle tracking system market size was valued at US$ 9,303.30 million in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 12.32% from 2023 to 2030

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Drivers

Growing security and safety concerns are fueling demand for vehicle tracking systems

As security breaches and road accidents have been on the rise, the demand for vehicle tracking systems has increased significantly. Vehicle tracking allows fleet owners and authorities to monitor vehicle locations, routes, speeds and driving behaviors in real-time which improves overall safety. It enables timely emergency response in case vehicles meet with an accident. The systems also help reduce theft by making vehicles easier to locate. By improving visibility into vehicle activities, they aid in optimizing fleet utilization and reducing operating costs as well. With growing concerns around security of vehicles and safety of passengers, the need for advanced tracking is compelling more organizations as well as individual users to invest in these systems.

Increasing adoption of IoT and telematics is boosting the vehicle tracking market

Integration of the internet of things (IoT) and telematics is transforming the transportation industry. IoT enabled tracking devices collect critical driving data which is helping improve fleet management. Advanced data analytics is making it possible to gain valuable business insights from vehicle usage patterns. This allows monitoring driver behaviors, optimizing routes and scheduling maintenance in a predictive manner. The availability of real-time location and condition updates of vehicles through telematics is boosting operational efficiency. It is also facilitating over-the-air software updates of tracking devices. With continuous technological upgrades, vehicle tracking systems are offering more features to users. This rising value proposition coupled with declining costs is driving higher adoption rates across different vehicle types.

Top Key Players:

Trackimo Inc., Verizon, Laipac Technology Inc., Geotab Inc., Xirgo Technologies, Llc., Cartrack, Orbcomm Inc., Tomtom International B.V., Teltonika, and Calamp

Detailed Segmentation:

Global Vehicle Tracking System Market, By Vehicle Type:
Passenger Vehicles
Light Commercial Vehicles
Heavy Commercial Vehicles

Global Vehicle Tracking System Market, By End Use:
Transportation & Logistics
Construction & Manufacturing
Aviation
Retail
Government & Defense
Others

Global Vehicle Tracking System Market, By Technology Type:
GPS/Satellite
GPRS/Cellular Networks
Dual Mode
Global Vehicle Tracking System Market, By Type:
Active
Passive

Global Vehicle Tracking System Market, By Component Type:
Hardware
OBD Device/tracker & advance tracker
Standalone Tracker
Software
Performance Measurement
Vehicle Diagnostics
Fleet Analytics and Reporting
Driver Behavior Monitoring
Others

Regional Analysis:

⁃ North America: United States, Canada, and Mexico
⁃ South & Central America: Argentina, Chile, Brazil and Others
⁃ Middle East & Africa: Saudi Arabia, UAE, Israel, Turkey, Egypt, South Africa & Rest of MEA.
⁃ Europe: UK, France, Italy, Germany, Spain, BeNeLux, Russia, NORDIC Nations and Rest of Europe.
⁃ Asia-Pacific: India, China, Japan, South Korea, Indonesia, Thailand, Singapore, Australia and Rest of APAC

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Opportunity: Growing demand for used vehicles tracking presents an opportunity

Traditionally, vehicle tracking has been popular mainly for fleet management in commercial transportation. However, with rising concerns around vehicle theft and road safety, the need for tracking is extending to private and used vehicle owners as well. There is a latent demand for affordable solutions tailored for individual vehicles which provides peace of mind without burning holes in pockets. This represents a major greenfield opportunity for tracking system providers. By offering lower-cost devices and pay-per-use business models, they can tap into a huge base of private vehicle owners. Development of smaller form-factor trackers compatible with older vehicle models also allows coverage of the sizable used vehicle segment. Technology advancements are making vehicle security and tracking more accessible for masses.

Trend: Emergence of value-added services is a notable trend in the tracking market

To maximize user value and retention, tracking solution providers are increasingly focusing on value-added services beyond basic location services. This involves integration of other vehicle data through OBDII ports and advanced sensor fusion. Customers now have access to detailed reports on vehicle health, predictive maintenance needs, fuel usage patterns and driver behavior scores. Some companies are offering insurance discounts linked to good driving habits. There is also a trend of partnerships between tracking and automotive OEMs for integrated telematics solutions. With vehicles becoming more digitally connected, the ecosystem is seeing innovations like integrating fleet management data with other business systems for end-to-end process optimization. This enhanced value proposition through converged services indicates elevated maturity of the vehicle tracking industry.

Key Questions Addressed in the Market Report:

What is the expected size, share, and CAGR of the Vehicle Tracking System Market over the forecast period?
What are the key trends expected to influence the Vehicle Tracking System Market between 2023 and 2030?
What is the expected demand for various types of products/services in the Vehicle Tracking System Market?
What long-term impact will strategic advancements have on the Vehicle Tracking System Market?
Who are the key players and stakeholders in the Vehicle Tracking System Market?
What are the different segments and sub-segments considered in the Vehicle Tracking System Market research study?

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Strategic Points Covered in Table of Content of Global Vehicle Tracking System Market:

Chapter 1 : Introduction, market driving forces, and product The study and research objectives are to investigate the Vehicle Tracking System market.

Chapter 2: Exclusive Summary - Vehicle Tracking System Market Fundamentals.

Chapter 3: The Changing Impact on Market Dynamics- Drivers, Trends, and the Challenges and Opportunities of Process Spectroscopy

Chapter 4: Vehicle Tracking System Market Factor Analysis, Porter's Five Forces Analysis, Supply/Value Chain, SWOT Analysis, Market Entropy, and Patent/Trademark Analysis are all presented in this chapter

Chapter 5: 2017-2022 Forecast by Type, End User, and Region/Country

Chapter 6: Evaluating the key players in the Vehicle Tracking System market, including the Competitive Landscape, Peer Group Analysis, BCG Matrix, and Company Profile.

Chapter 7: To evaluate the market by segments, countries, and manufacturers/companies, as well as revenue share and sales by major countries in these regions (2023-2030).

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