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Seoul, South Korea, Aug. 05, 2022 (GLOBE NEWSWIRE) -- During the forecast period 2022-2032, the Vehicle tracking system market is expected to grow at a 13.7% CAGR, according to Fact.MR. In 2021, this market was predicted to have a global valuation of US$ 19.4 Bn, and is expected to reach a sum of US$ 78.35 Billion by 2032. A vehicle tracking system uses GPS or a cellular technology to measure and analyze the behavior of a vehicle. It comprises remote vehicle tracking and monitoring, diagnosis, maintenance, fuel efficiency, driver management, route planning, and safety management. GPS, digital maps, GSM/GPRS, and specific software are used in vehicle tracking systems.
The expanding usage of modern technologies, as well as growing concern for vehicle security and safety, are driving market expansion. The expansion in fleet operations in developing countries, combined with government rules requiring the installation of vehicle monitoring systems in passenger and commercial vehicles, is driving development in the global vehicle tracking system market. Furthermore, the increasing acceptance of car leasing and rental services has prompted rental companies to integrate monitoring devices to improve their services, fueling market growth.
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However, increasing environmental concerns can result in ambiguous communication, resulting in a bad user experience. As a consequence, vehicle tracking systems are hardly utilized. Growing environmental challenges frequently lead to confusing communication, resulting in a poor user experience. As a result, vehicle tracking devices are rarely used. These tracking devices employ GPS, and if an object is in its path, the signal is diverted, resulting in a poor connection. These issues constrain the market demand for vehicle tracking systems.
As an opportunity, the aviation sector has begun to adopt these products as well. Aviation not only facilitates passenger movement, but it also facilitates global trade. However, logistics service via air transport is also a business that involves cargo worth billions of dollars being imported and sold between countries. As a result, the key companies have been compelled to formulate a comprehensive vehicle and asset monitoring tracking system devoted to air transportation, hence fueling market growth during the forecast period.
Prominent Growth Drivers Influencing Vehicle Tracking System Industry
Increased efficiency for the fleet management solutions to accelerate the market growth
A vehicle tracking system will notify fleet management anytime a vehicle requires maintenance. This guarantees that all vehicle servicing requirements are met and reduces unplanned costs and problems. A vehicle tracking system watches not only the vehicle but also the driver. The system gives a live map that is virtually instantaneously updated.
With current tracking software, the consumer can also receive notifications whenever your employee or driver engages in any non-compliant behavior such as abrupt braking, speeding, swerving, and so on. With such accurate data, it is simple to keep track of each driver and how carefully they adhere to company rules and road restrictions.
Furthermore, by having access to each vehicle's real-time position, one can effortlessly track all of their assets. They can be quickly recovered if they are lost or stolen. Some systems can additionally monitor things like vehicle temperature, brake fluid, fuel level, and so on. Such aspects have proven to be quite beneficial for fleet management solutions and are predicted to boost worldwide market growth.
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Key Segments Covered in the Vehicle Tracking System Industry Survey
- By Vehicle Type :
- Passenger Vehicle Tracking System
- Light Commercial Vehicle Tracking System
- Heavy Commercial Vehicle Tracking System
- By End Use :
- Transportation & Logistics
- Construction & Manufacturing
- Government & Defense
- By Technology Type :
- GPRS/Cellular Network
- Dual Modes
- By Type :
- Active Vehicle Tracking System
- Passive Vehicle Tracking System
- By Component :
- Vehicle Tracking System Hardware
- OBD Device/Tracker and Advance Tracker
- Standalone Tracker
- Vehicle Tracking System Software
- Performance Management
- Vehicle Diagnostics
- Fleet Analytics & Reporting
- Driver Behavior Monitoring
The key market participants propose to provide fleet management solutions, tracking solutions, and telecommunication solutions based on the numerous end-use applications. In order to provide high-quality products, they have also built a varied portfolio that is regularly enhanced through research and innovation. The majority of businesses gain competitiveness in the global market by developing new and innovative products or introducing advanced features.
- Geotab created fleet maintenance software that analyzes data to detect potential and critical engine faults and prioritize repairs. The application analyzes data from motors and other components using sensors to detect possible problems, and then delivers the fleet owners a complete record of the equipment problem. This helps the fleet owner optimize time management and save repair expenses.
- Teltonika has developed a vehicle tracking device that is connected with the NB IoT and LTE M1 connectivity and is connected with Bluetooth to communicate with other devices and low energy sensors, making it possible to track the ground support truck effortlessly. Sensors aid in the collection and processing of combined and processed data with location specifics in order to give exact monitoring with no inconsistencies.
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Key players in the Vehicle Tracking System Market
- Geotab Inc.
- Tom Tom International B.V.
- ORBCOMM Inc.
- Xirgo Technologies Inc.
Key Takeaways from Vehicle Tracking System Market Study
- In 2022, the global Vehicle tracking system market is estimated to have a global market size of US$ 21.7 Billion
- By vehicle segment, the passenger car segment will account for 41% of the global Vehicle tracking system market share in 2022
- By end-use type, the transportation and logistics sector will acquire a market size of 26% in 2022
- The GPS/satellite category is expected to grow with 13.6% CAGR during 2022-2032
- The APAC vehicle tracking system market is expected to grow with a 13.4% CAGR during the forecast period
- The North American region was projected to acquire 32.5% of the global market share in 2021
About the Technology Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned technology team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analysed the technology industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services.
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