What Is The Current and Historic Market Size Analysis Of The Vehicle Tracking Systems Market?
The vehicle tracking systems market has seen considerable growth due to a variety of factors.
• The market for vehicle tracking systems has seen significant expansion in the past few years. The market, which stood at $22.68 billion in 2024, is expected to swell to $26.33 billion in 2025, reflecting a Compound Annual Growth Rate (CAGR) of 16.1%.
Factors such as the escalating demand for fleet management, mounting needs for fuel efficiency, proliferating adoption of gps technology, an uptick in anxiety regarding vehicle theft, and an increase in the requirement for real-time monitoring have substantially contributed to this growth witnessed in the historical period.
What Are The Predictions for The Vehicle Tracking Systems Market Size In The Coming Years?
The vehicle tracking systems market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the market size for vehicle tracking systems is projected to experience a rapid surge. The escalation is expected to reach $51.32 billion in 2029, with a compound annual growth rate (CAGR) of 18.2%.
This growth throughout the forecast period can be credited to factors like the rising adoption of electric vehicles, the increasing demand for advanced telematics solutions, the growing need for safety and security in transportation services, widespread adoption of IoT and cloud-based solutions, and a rising requirement for real-time surveillance. Notable trends for the forecast period involve the creation of mobile-based vehicle tracking applications, the use of geofencing to enhance location-based control, the integration of augmented reality (AR) into vehicle tracking systems, a focus on eco-friendly and sustainable tracking solutions, and the utilization of blockchain to establish secure and transparent tracking systems.
Which Key Drivers Are Propelling The Vehicle Tracking Systems Market's Growth?
The vehicle tracking systems market is poised for growth, spurred by rising demand for car rental and leasing services. In light of the global pandemic, people are choosing to rent cars instead of using public transport, valuing personal mobility and adherence to social distancing rules. Vehicle owners are investing more in tracking systems to keep abreast with the status of their vehicles. As reported by Enterprise Apps Today, a US-based information resource on software applications, in February 2023, the number of rented cars worldwide in 2021 was 29.2 million, a figure expected to soar to 602.2 million by 2026. Therefore, the booming car rental and leasing sector will boost the expansion of the vehicle tracking system market.
What Are The Key Segments Within The Global Vehicle Tracking Systems Market?
The vehicle tracking systems market covered in this report is segmented –
1) By Type: Active, Passive
2) By Vehicle: Commercial Vehicles, Passenger Vehicles
3) By Application: Mobile Tracking, Cellular Tracking, Satellite Tracking
4) By Industry Vertical: Transportation And Logistics, Construction And Manufacturing, Aviation, Retail, Government, Other Industry Verticals
Subsegments:
1) By Active: GPS Tracking Devices, Cellular Tracking Devices, Real-Time Tracking Solutions
2) By Passive: Data Loggers, Fleet Management Solutions, Historical Tracking Systems
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How Are New Trends Impacting The Size Of The Vehicle Tracking Systems Market?
Leading firms in the vehicle tracking systems market are concentrating on the creation of innovative solutions like anti-theft GPS tracking technology. This offers heightened security and real-time monitoring for motorcycles and other outdoor properties, improving durability and ease of use. Anti-theft GPS tracking technology includes devices that use the Global Positioning System (GPS) to keep track of assets' real-time location, helping in speedy recovery of stolen goods and sending alarms for any unsanctioned movements. For example, in June 2024, Monimoto, a company based in Lithuania that supplies smart security items for vehicles, introduced Monimoto 9. It provides robust anti-theft protection with real-time GPS monitoring, immediate theft alarms, and a rechargeable battery that lasts 12 months, making it perfect for motorcycles, ATVs, and other outdoor properties. Its resistance to water and dust, along with a compact and robust build, guarantees reliable performance even under harsh conditions, granting owners peace of mind.
Who Are the Key Players in the Vehicle Tracking Systems Market?
Major companies operating in the vehicle tracking systems market include:
• Verizon Communications Inc.
• Spireon Inc.
• Geotab Inc.
• TomTom International B. V.
• Teletrac Navman
• Cartrack Pty. Ltd.
• Calamp Corp.
• Teltonika Networks
• ORBCOMM Inc.
• Xirgo Technologies
• Laipac Technology Inc.
• Trackimo Inc.
• AirIQ Inc.
• Verizon Connect
• MiX Telematics
• Trimble Inc.
• Actsoft Inc.
• Ctrack
• Masternaut Limited
• Sierra Wireless Inc.
• AT&T Inc.
• FleetUp
• Omnitracs LLC
• Zonar Systems Inc.
• Fleetistics Inc.
• Azuga Inc.
• Onfleet Inc.
• Samsara Networks Inc.
• KeepTruckin Inc.
• Global Tracking Communications Inc.
• Fleetio Inc.
• NexTraq LLC
• FleetLocate by Spireon Inc.
• FleetMind Solutions Inc.
What are the Regional Insights into the Vehicle Tracking Systems Market?
North America was the largest region in the vehicle tracking system market in 2024.The regions covered in the vehicle tracking systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
