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Report Overview

2023

Base Year

2018-2023

Historical Year

2024-2032

Forecast Year

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

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Component
  • Type
  • Vehicle Type
  • Technology
  • End Use
  • Region
Breakup by Component
  • Hardware
  • Software
Breakup by Type
  • Active
  • Passive
Breakup by Vehicle Type
  • Passenger Cars
  • Light Commercial Vehicles
  • Heavy Commercial Vehicles
Breakup by Technology
  • GPRS/Cellular Networks
  • GPS/Satellite
  • Dual Mode
Breakup by End Use
  • Transportation and Logistic
  • Construction and Manufacturing
  • Aviation
  • Retail
  • Government and Defence
  • Others
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • 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

*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*

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Key Questions Answered in the Report

In 2023, the market reached an approximate value of USD 24.10 billion.

The market is estimated to grow at a CAGR of 13.9% between 2024 and 2032.

The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach a value of around USD 77.80 billion by 2032.

The market is being driven by investments in the development of autonomous and semi-autonomous vehicles and the growing demand for tracking vehicles for timely delivery of goods and services.

The key trends aiding the market expansion include innovations and new product launches, the growth of the automotive industry, and rise in the number of ridesharing companies.

The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

Vehicle tracking systems can be used by passenger cars, light commercial vehicles, and heavy commercial vehicles.

The major players in the market are Verizon Communication Inc., Karooooo Limited (Cartrack), CalAmp Corp., Trackimo Inc., Geotab Inc., TELTONIKA IoT Group, Tom Tom International BV, Xirgo Technologies, LLC (Sensata Technologies, Inc.), Vontier Corporation, and Laipac Technologies Inc., among others.

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+1-415-325-5166

63 Fiona Drive, Tamworth, NSW

+61-448-061-727

C130 Sector 2 Noida, Uttar Pradesh 201301

+91-858-608-1494

40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.

+63-287-899-028, +63-967-048-3306

6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London

+44-753-713-2163

193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City

+84-865-399-124