Press release
Global Vehicle Tracking Systems Industry Outlook 2025-2029: Market Set to Cross $49.5 Billion Milestone
Vehicle Tracking Systems
How Large Will the Vehicle Tracking Systems Market Size By 2025?
The market for vehicle tracking systems has seen a swift surge in size lately. The market previously indicated a valuation of $22.68 billion in 2024 and is projected to escalate to $26.08 billion in 2025, representing a compound annual growth rate (CAGR) of 15.0%. Factors such as an escalating demand for fleet management, an increasing necessity for fuel efficiency, the widespread adoption of GPS technology, heightened awareness about vehicle theft, and the burgeoning need for real-time monitoring all contributed to the expansion experienced during the historic period.
How Big Is the Vehicle Tracking Systems Market Size Expected to Grow by 2029?
Rapid expansion is anticipated in the vehicle tracking systems market in the coming years, with its size predicted to reach $49.5 billion by 2029, growing at a compound annual growth rate (CAGR) of 17.4%. This surge during the forecast period is connected to the rising acceptance of electric vehicles, burgeoning need for advanced telematics solutions, increased necessity for secure and safe transportation services, expansion in the use of IoT and cloud powered solutions, and amplified demand for real-time surveillance. Prominent trends for the forecast period include the creation of mobile-centred vehicle tracking applications, use of geofencing to improve location-based control, absorption of augmented reality (AR) in vehicle tracking systems, focus on environmentally friendly and sustainable tracking solutions, and the application of blockchain for safeguarded and transparent tracking systems.
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Which Key Market Drivers Powering Vehicle Tracking Systems Market Expansion and Growth?
The vehicle tracking systems market is poised for growth, bolstered by the escalating demand for car rental and leasing services. The ongoing global pandemic has seen more consumers opting for private car rentals over public transportation, to meet the increased need for personal mobility and adhere to social distancing measures. Consequently, car owners are investing more in vehicle tracking systems to keep abreast with their vehicle's status. In a report by Enterprise Apps Today, a US-based information resource for software applications, it was revealed that the number of rented cars around the world stood at 29.2 million in 2021 and is projected to surge to 602.2 million by 2026. This rise in car renting and leasing activities is set to stimulate the growth of the vehicle tracking system market.
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Which Fast-Growing Trends Are Poised to Disrupt the Vehicle Tracking Systems Market?
Leading firms in the vehicle tracking systems market are prioritizing the creation of novel solutions such as anti-theft GPS tracking technology. This technology aims to provide increased security and real-time asset tracking for motorcycles and other outdoor belongings, enhancing durability and ease of use. The anti-theft GPS tracking technology is a device that leverages the Global Positioning System (GPS) to observe the real-time position of goods, facilitating speedy recovery of stolen goods and triggering warnings for unpermitted movements. For instance, in June 2024, Monimoto - a Lithuania-based vehicle smart security product provider, introduced Monimoto 9. It is equipped with advanced anti-theft protection featuring real-time GPS tracking, instant theft alerts, and a rechargeable battery that lasts 12 months, making it perfect for motorcycles, ATVs, and other outdoor assets. The water and dust resistance, combined with its compact and resilient structure, guarantees reliable performance in demanding conditions, offering owners peace of mind.
What Are the Emerging Segments in the Vehicle Tracking Systems Market?
The vehicle tracking systemsmarket covered in this report is segmented -
1) By Type: Active, Passive
2) By Vehicle: Commercial Vehicles, Passenger Vehicles
3) By Application: Mobile Tracking, Cellular Tracking, Satellite Tracking
4) By Industry Vertical: Transportation And Logistics, Construction And Manufacturing, Aviation, Retail, Government, Other Industry Verticals
Subsegments:
1) By Active: GPS Tracking Devices, Cellular Tracking Devices, Real-Time Tracking Solutions
2) By Passive: Data Loggers, Fleet Management Solutions, Historical Tracking Systems
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Who Are the Global Leaders in the Vehicle Tracking Systems Market?
Major companies operating in the vehicle tracking systems market include Verizon Communications Inc., Spireon Inc., Geotab Inc., TomTom International B. V., Teletrac Navman, Cartrack Pty. Ltd., Calamp Corp., Teltonika Networks, ORBCOMM Inc., Xirgo Technologies, Laipac Technology Inc., Trackimo Inc., AirIQ Inc., Verizon Connect, MiX Telematics, Trimble Inc., Actsoft Inc., Ctrack, Masternaut Limited, Sierra Wireless Inc., AT&T Inc., FleetUp, Omnitracs LLC, Zonar Systems Inc., Fleetistics Inc., Azuga Inc., Onfleet Inc., Samsara Networks Inc., KeepTruckin Inc., Global Tracking Communications Inc., Fleetio Inc., NexTraq LLC, FleetLocate by Spireon Inc., FleetMind Solutions Inc.
Which are the Top Profitable Regional Markets for the Vehicle Tracking Systems Industry?
North America was the largest region in the vehicle tracking system market in 2024.The regions covered in the vehicle tracking systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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