Vehicle Tracking Systems Market – Concerns Regarding Vehicle Safety & Security, And The Need For Higher Operational Efficiency To Drive The Market Growth | Grand View Research Inc.

February 15 11:08 2021
Vehicle Tracking Systems Market - Concerns Regarding Vehicle Safety & Security, And The Need For Higher Operational Efficiency To Drive The Market Growth | Grand View Research Inc.

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The global vehicle tracking systems market size is expected to reach USD 52.8 billion by 2027 registering a CAGR of 14.0% from 2020 to 2027, according to a study conducted by Grand View Research, Inc. The vehicle tracking system is a technology, which combines the tracking location of a vehicle with a software interface that further displays the vehicle data.

The global vehicle tracking systems market is anticipated to be worth USD 52.8 billion by 2027, advancing at a CAGR of 14.0% during this period, according to a study by Grand View Research, Inc. Vehicle tracking system combines the tracking location of a vehicle with a software interface that further displays the vehicle data. Such a system is a subset of the overall fleet management industry. The notable technologies utilized for locating vehicles include GPS and GLONASS, and urban public transport authorities around the globe are continuously investing into this system, particularly in metropolitan areas. Some of the major drivers influencing the industry include the rising traffic congestion, concerns regarding vehicle safety & security, and the need for higher operational efficiency.

 The introduction of disruptive technologies such as Internet of Things (IoT), automation, robotics, and mobility solutions in the vehicle tracking industry, has allowed fleet operators to gain better cost control, while also ensuring real-time vehicular data collection. The presence of mobile-connected services and the availability of real-time information owing to the implementation of smart technologies has made it easy for fleet operators to achieve higher profitability. Vehicle tracking systems offer assistance in case of theft, navigation, real-time diagnostics, and predictive maintenance, which is also anticipated to drive the market growth. Another advantage is that deployment of a vehicle tracking system has helped several end-use industries to monitor vehicle usage trends, thus ensuring safety & security of both the vehicle and driver. Vehicle tracking systems offer other notable features too, such as driver monitoring, fuel management, and fleet analytics, which have helped in enhancing their market demand.

The vehicle tracking systems market is broadly segmented on the basis of the system type (active or passive), as well as the technology utilized, which includes GPS/satellite, GPRS/cellular networks, and dual mode. The major types of vehicles utilizing tracking systems include passenger vehicles, as well as light and heavy commercial vehicles. The major end-use areas for the vehicle tracking systems market include transportation and logistics, manufacturing and construction, retail, aviation, and government and defense, among others. These systems involve both hardware and software components. The presence of key industry players such as Verizon Communications, Inc., Sierra Wireless, Inc., Geotab, Cartrack, Calamp Corp, and ORBCOMM, coupled with various regulatory and compliance mandates for vehicular safety, have encouraged the use of such systems in a number of regions.

 Europe vehicle tracking Systems market size, by vehicle type, 2016 - 2027 (USD Billion)

Vehicle Tracking Systems Market Report Highlights

1        A number of notable emerging economies are expected to adopt new technologies, such as cloud and IoT, to achieve higher productivity and operational efficiency, which would further bolster the vehicle tracking systems market growth

2        Factors such as lack of GPS accuracy on account of changing weather conditions, dependency on cellular advanced networks, and privacy concerns, among others are expected to restrain growth of the vehicle tracking systems market

3        The Telematics Benchmark Report presented by Teletrac Navman in September 2019 stated that 42% of the responders reported fewer safety incidents since integrating fleet tracking software to monitor driver behavior

4        As per the 2021 Fleet Technology Trends Report that involved a survey carried out among more than 1200 fleet managers in the US, 32% of the users utilizing GPS tracking reported a positive return-on-investment (ROI) in less than 6 months

5        The government & defense end-use segment is projected to register a CAGR of over 9% through 2027 due to rising demand for vehicle tracking systems as they ensure reduced fuel and administrative costs

6        The GPS technology segment is anticipated to expand at the highest CAGR from 2020 to 2027, owing to its ability to offer better productivity and chart more efficient routes for the user

7        The increasing awareness and knowledge about telematics services in developing economies, such as India, Mexico, and Brazil, are predicted to drive the demand for smart fleet solutions

8        The European Commission announced the mandatory implementation of e-call technology for all new cars that would be sold from April 2018, which has acted as a driver for the vehicle tracking systems market growth

9        Vehicle tracking systems have also found application in unconventional areas, such as hospitality industry for improving customer experience, and food delivery vans to maintain optimum temperature of food

10Leading companies in this space have introduced new and innovative services for customers, as a means to garner higher market share; for example, Verizon Connect made its ‘Reveal Starter’ fleet management solution available for purchase at Verizon corporate retail locations, in December 2020

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Grand View Research has segmented the global vehicle tracking systems market on the basis of vehicle type, end-use, technology, type, component, and region:

Vehicle Tracking Systems Vehicle Type Outlook (Revenue, USD Million, 2016 – 2027)

·       Passenger Vehicles

·       Light Commercial Vehicles (LCVs)

·       Heavy Commercial Vehicles (HCVs)

Vehicle Tracking Systems End-use Outlook (Revenue, USD Million, 2016 – 2027)

·       Transportation & Logistics

·       Construction & Manufacturing

·       Aviation

·       Retail

·       Government & Defense

·       Others

Vehicle Tracking Systems Technology Outlook (Revenue, USD Million, 2016 – 2027)

·       GPS/Satellite

·       GPRS/Cellular Networks

·       Dual Mode

Vehicle Tracking Systems Type Outlook (Revenue, USD Million, 2016 – 2027)

·       Active

·       Passive

Vehicle Tracking Systems Component Outlook (Revenue, USD Million, 2016 – 2027)

·       Hardware

o   OBD Device/Tracker & Advance Tracker

o   Standalone Tracker

·       Software

o   Performance Measurement

o   Vehicle Diagnostics

o   Fleet Analytics & Reporting

o   Driver Behavior Monitoring

o   Others

Vehicle Tracking Systems Software Regional Outlook (Revenue, USD Million, 2016 – 2027)

·       North America

o   The U.S.

o   Canada

·       Europe

o   The U.K.

o   Germany

o   France

·       Asia Pacific

o   China

o   India

o   Japan

·       Latin America

o   Brazil

o   Mexico

·       Middle East & Africa

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