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Vehicle Tracking System Market Overview
The vehicle tracking system market is emerging and is projected to witness notable growth during the forecast period (2020–2030). The growing demand for fleet telematics solutions is one of the major factors driving the growth of the market across the world. With the help of these solutions, vehicle fleet operators can track their vehicles and analyze them on several parameters, including performance, location, and fuel consumption.
When segmented on the basis of tracker type, the vehicle tracking system market has been categorized into wired and wireless systems. Between the two, wired vehicle tracking systems held the larger share in the market during the historical period (2014–2019). This can be mainly attributed to the high adoption of these systems across the world. These systems are connected to the electric system of a vehicle and can be easily installed in the vehicle’s discreet locations to avoid tampering. Wireless systems, on the other hand, are comparatively new and expensive. These factors, thus, continue to boost the sales of wired systems in the market.
Based on vehicle type, the global vehicle tracking system market has been classified into passenger vehicles, light commercial vehicles (LCVs), and medium and heavy commercial vehicles (M&HCVs). Of these, M&HCVs are expected to generate the highest demand for vehicle tracking systems in the market during the forecast period. M&HCVs, which are managed and operated by fleet operators and are used for the transportation of goods, are increasingly witnessing the adoption of tracking systems on account of the growing concerns of fleet operators over the safety of vehicles and the secured delivery of packages.
Geographically, North America held a significant share in the vehicle tracking system market during the historical period. The region accounts for a large number of commercial transport fleet operators. Besides, the provision of vehicles on lease and rent, coupled with the growth in the transportation sector, is fueling the demand for vehicle tracking systems in the region.
Vehicle Tracking System Market Dynamics
The growing demand for fleet telematics solutions in the logistics and transportation industries is boosting the growth of the vehicle tracking system market across the world. Several government organizations have made regulations with respect to the installation of tracking systems in both passenger and commercial vehicles, keeping in view the safety of drivers and passengers. Moreover, the increasing adoption of car rental and leasing services in developing countries is encouraging rental companies to install trackers in their fleets. Furthermore, cellular vehicle-to-everything (C-V2X) and autonomous vehicle technologies largely depend on global positioning system (GPS)-based location trackers for accurate results. Such factors are propelling the adoption of vehicle tracking systems, globally.
Environmental factors often lead to unclear communication, further resulting in poor user experience. This, in turn, limits the adoption of vehicle tracking systems, thus hampering the market growth. These systems use GPS to track vehicle location and route. Moreover, they require a direct line of sight between the satellite and the receiver. If any object lies within the direct path, it can diverge the signal of GPS and result in a poor connection. Numerous environment factors, such as steep hillsides, dense trees, tall buildings, or even heavy cloud coverage, can weaken GPS signals. Thus, many times, these devices give delayed results due to geographical limitations. This factor constrains the growth of the vehicle tracking system market to some extent.
Vehicle Tracking System Market Competitive Landscape
Some of the key players operating in the global vehicle tracking system market are ATrack Technology Inc., CalAmp Corporation, Cartrack, Concox Information & Technology Co. Ltd., Geotab Inc., Garmin Ltd., Laird Ltd., Laipac Technology Inc., Maestro Wireless Solutions Ltd., ORBCOMM Inc., Meitrack Group, Sierra Wireless S.A., Queclink Wireless Solutions Co. Ltd., Starcom Systems Ltd., Suntech International Ltd., TomTom International B.V., Verizon Communications Inc., Trackimo Inc., and Xirgo Technologies LLC.
The report also covers country-wise vehicle tracking system market analysis. Some of the major countries covered in the report are the U.S., Canada, the U.K., France, Germany, Russia, Italy, Spain, China, Japan, India, South Korea, Australia, Indonesia, Thailand, Malaysia, Brazil, Mexico, the U.A.E., South Africa, and Saudi Arabia.
Vehicle Tracking System Market Segmentation
By Tracker Type
By Vehicle Type