The Global Vehicle Tracking Systems Market size is expected to reach $13.4 billion by 2024, rising at a market growth of 18.9% CAGR during the forecast period. The global market for vehicle tracking systems is driven primarily by the expansion of goods and passenger transportation services. Vehicle fleet operators are willing to track their vehicles to obtain accurate vehicle data, location, performance, and driver behavior. Accelerated road freight transportation services are fueling global demand for vehicle tracking systems. The expansion of the global passenger transportation industry, attributed to the growing presence of ride-hailing companies, vehicle rental companies, and the increasing adoption of app-based transportation services are fueling global demand for vehicle tracking systems.
A vehicle tracking system is the system that, with the help of GPS satellites, enables tracking and controlling vehicles via an online computer, smartphone, tablet, etc. on a 24/7 basis. Vehicle tracking systems enable instantaneous, historical tracking of vehicle speeds, the routes they traveled, stops, and idling times on maps with past and present reports.
Based on Type, the market is segmented into Active and Passive. Based on Vehicle Type, the market is segmented into Passenger Vehicles and Commercial Vehicles. Based on Tracking Mode, the market is segmented into Cellular Tracking, Satellite Tracking and Mobile Tracking. Based on End User Vertical, the market is segmented into Transportation & Logistics, Aviation, Retail, Government and Others (Construction, Healthcare and others). Due to the increase in the number of fleet operators, particularly in emerging markets, passenger vehicles will dominate over the forecast period. These fleet operators strive to offer consumer experience in suburban communities at different prices. In addition, an increase in internet penetration is a key factor in the industry’s development. The Transportation & Logistics segment retained the highest revenue in 2017 with the vast adoption of vehicle connectivity in the fleet selling & distribution industry.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Cartrack Holdings Limited, Spireon Inc., Inseego Corp., Fortive Corporation (Teletrac Navman US Ltd), AT&T Inc., Continental AG, Robert Bosch GmbH, Verizon Communications Inc., Geotab Inc., and TomTom Inc.