Vehicle Tracking Systems Market is expected to reach US$ 23.70 Billion by 2028

The vehicle tracking systems market size is expected to reach at US$ 23.70 billion by 2028 and registering at a CAGR of of 8.7% from 2022 to 2028, according to a new research study conducted by The Insight Partners.

Availability of Robust Hardware and User-Friendly Software Catalyzes Vehicle Tracking Systems Market

Source: The Insight Partners Analysis

The adoption of GPS-based vehicle tracking systems is rising as theft cases are increasing across the globe. The GPS tracking software services are affordable GPS trackers, which has increased their adoption among the big fleet businesses, small fleet businesses, or personal vehicle owners. For instance, Onelap Telematics, India's popular GPS tracking brand, Onelap’s GPS tracker price starts from US$ 36, which is tremendously cheap for any expensive car owner. It provides customer support to solve issues and offers high security to store information, such as distance traveled, visited routes, journey time, and stoppages, in servers for three months. Strongly built and lightweight GPS locator hardware can be installed anywhere in the vehicle, and the easy to use software provides timely and accurate alerts. Further, real-time diagnosis eventually prevents the vehicle’s breakdown by providing predictive maintenance to reduce fleet repair or downtime. Monitoring vehicles in real-time and technological advancements to improve and transform the automotive industry are anticipated to boost the global vehicle tracking systems market.

Ease of pressure for fleet managers is a driving factor for the vehicle tracking systems market. With a GPS tracker, fleet managers can track their vehicles and monitor their driver's behavior. Features such as over-speed alerts mark a speed limit as it instantly sends an over-speed alert on a mobile app. Similarly, drivers can receive an alert for fuel idling and not turning off the engine while staying in traffic, which enables them and fleet owners to monitor the fuel consumption of vehicles. Such advantages of the vehicle tracking systems software are bolstering the growth of the global vehicle tracking systems market.

The rise of vehicle telematics is encouraging the development of robust hardware integrated with efficient software to easily transfer and share data across devices and channels. This has increased the demand for the integration of GPS with vehicle tracking software to collect real-time data about the location status of a vehicle. The increased usage of communication technologies made the collection and transmission of data from satellites to a central network significantly easy. This data is delivered directly to the hardware devices, such as mobile phones, in real-time. Fleet managers make decisions based on this information to ensure smooth fleet operations and save expenses by calculating distance per route.

The global vehicle tracking systems market is segmented into type, vehicle type, application, and industry vertical. Based on type, the market is bifurcated into active and passive. Based on vehicle type, the market is bifurcated into commercial vehicles and passenger vehicles. Further, based on the application, the market is segmented into mobile tracking, cellular tracking, and satellite tracking. Based on industry vertical, the market is segmented into transportation & logistics, construction & manufacturing, aviation, retail, government, and others.

AT&T Inc.; Cartrack Holdings Limited; Continental AG; Geotab Inc.; Inseego Corp.; Robert Bosch GmbH; Spireon, Inc.; Teletrac Navman US Ltd; TomTom Telematics BV.; and Verizon Communications Inc. are a few of the key vehicle tracking systems market players profiled during the study. Several other major companies were studied and analyzed during this research study to get a holistic view of the vehicle tracking systems market and its ecosystem.

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