The market for vehicle monitoring systems is projected to be worth US$ 22 billion in 2022 and to grow to US$ 78.04 billion by 2032, at a CAGR of 13.5% from 2022 to 2032. The market for car monitoring systems is anticipated to rise as a result of reasons including increased consumer concern over the security and safety of autos and the growing use of cutting-edge technology.
The sales of vehicle tracking systems are increasing as a result of rules governing the installation of vehicle monitoring systems in both passenger and commercial vehicles as well as the expansion of fleet operations in developing countries.
Vehicle tracking system sales are also increasing as a result of the popularity of car leasing and rental services, pushing rental companies to adopt monitoring technology to improve their services.
The demand for efficient real-time monitoring systems for accurate data collecting has expanded due to the massive growth of the automobile industry.
This is connected to consumers’ increasing security and safety concerns, which are one of the major drivers supporting the market forecast for car tracking systems.
Additionally, it is projected that the introduction of 5G in-car connectivity and the growing use of intelligent transportation systems would increase sales of vehicle tracking systems.
Vehicle tracking systems are becoming more and more popular, along with the desire for autonomous and semi-autonomous vehicles.
The volume of global trade is expanding, which has increased the demand for a fleet of trucks used only for logistics. The top manufacturers of vehicle monitoring systems are working hard to create products that let businesses manage their fleets.
The rise in data privacy violations is the main issue impeding the growth of the vehicle monitoring system market because the data comprises private information about drivers, vehicles, and travel habits.
Key Takeaways from Market Study
- With over 42% market share in 2021, the passenger car segment dominated the vehicle tracking system market. Furthermore, the sector is forecast to have the highest CAGR of 16.9% during the projection period (2022-2032).
- The transportation and logistics sector is anticipated to have the highest CAGR of 17 percent from 2022 to 2032, with a market share of 26.4 percent in 2021.
- The GPS/satellite category is anticipated to grow at the fastest CAGR of 15.7 percent throughout the forecast period, with a market share of more than 49 percent in 2021. (2022-2032).
- North America accounted for 32.4 percent of the global vehicle tracking system market in 2021, and it is predicted that this region will continue to grow quickly during the forecast period.
- The vehicle tracking system market in the Asia Pacific is anticipated to grow at a CAGR of 17.4% from 2022 to 2032.
The major vehicle tracking system market players intend to provide tracking solutions, fleet management solutions, and telematics solutions based on the various end-use applications.
In order to provide high-quality products, they have also developed a diverse portfolio that is constantly improved through R&D. These major players help to expand the market through product launches and partnerships.
The following companies are among the major players in the global vehicle tracking system market: Verizon, Geotab Inc., Cartrack, Tom Tom International B.V., CalAmp, and Teltonika.
- Sierra Wireless, Inc. purchased GlobalTop Technology Inc.’s GNSS embedded module business in April 2017. As a result of this acquisition, the company’s GPS tracking products have been strengthened.
- ORBCOMM introduced the IoT-based CT 3500 telematics device with the goal of developing a fleet management system for refrigerated containers.
- CalAmp and Moregon have announced partnerships to provide fleet operators with remote diagnostics and predictive maintenance. The collaboration will combine the capabilities of Noregon Trip Vision, which can perform remote diagnostics to inform a vehicle’s driver and provide notifications before any significant faults occur, and CalAmp iOn, a fleet management software, cloud platform, and edge computing.
- In June 2019, Orbocomm Inc. collaborated with Pole Star Space Applications Limited and Weatherdock AG to develop a Class B vessel tracking solution. This cutting-edge technology employs untamperable electronics to continuously monitor and track the location of the car.
By Vehicle Type:
- Passenger Vehicles
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Transportation & Logistic
- Construction & Manufacturing
- Government & Defense
By Technology Type:
- GPRS/Cellular Network
- Dual Mode
- OBD Device/ Tracker and Advance Tracker
- Standalone Tracker
- Performance Management
- Vehicle Diagnostics
- Fleet Analytics & Reporting
- Driver Behavior Monitoring