The global Vehicle tracking device market is projected to grow from USD 17.37 billion in 2020 to USD 91.43 billion by 2028 at a CAGR of 19.7% during the forecast period. The technology of the Global Positioning System (GPS) is utilised to pinpoint the exact location of automobiles and other mobile entities. The data collected from moving objects can either be kept in the tracking device or sent to a central control unit. The development of advanced technology across sectors is driving up demand for GPS tracking devices, which are also utilised for vehicle security. A GPS tracking device is integrated with commercial vehicles and passenger vehicles to track the vehicle's location for passenger safety and material shipment.
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Integration of real-time monitoring and fuel management in cars, as well as safety and security concerns within transportation services, are significant factors driving the worldwide vehicle tracking device market. Furthermore, an increase in fleet operations, particularly in emerging regions, is likely to enhance the market's revenue growth over the forecast period. Further, the growing acceptance of intelligent transportation systems, the introduction of 5G into vehicle connectivity, and the expanding usage of mobility-as-a-service (MaaS) are expected to present attractive potential possibilities for the industry.
To minimize traffic and carbon emissions, a mobility-as-a-service model has been developed by a number of companies and governments around the world. They are bringing ride-hailing, car sharing, carpooling, and other options for commuters. Companies who supply vehicle tracking devices are expected to benefit from this service. The technology and software are expected to aid in the gathering of information on pick-ups, drop-offs, car telematics, and payment transactions. Zoomcar, announced the 'Zoomcar Mobility Stack' (ZMS) in August 2020, a software stack for corporates and fleet owners to track vehicle status and driver behavior in real-time to minimize rash driving and control vehicular damage. In addition, mobility service providers such as Uber, Lyft, Ola, DiDi, and others have announced intentions to incorporate autonomous vehicles and robo-taxis into their fleets. As a result, the rapid adoption of Mobility-as-a-Service (MaaS) presents a variety of market expansion potential.
LIST OF KEY COMPANIES PROFILED:
ORBCOMM®
CalAmp.
CONCOX
TomTom International BV.
Sierra Wireless.
ATrack Technology Inc.
Trackimo LLC.
Meitrack Group.
Geotab Inc
By Type
Standalone Tracker
OBD Device
Advance Tracker
By Deployment Vehicle
Cargo Vehicle
Commercial Vehicle
Container Vehicle
By Industry
Logistics and Construction
Metals & Mining
Transportation
Others
Tracking devices are utilized in a variety of industries, including automotive, healthcare, and others. The need for monitoring has risen at a rapid rate in recent years. GPS trackers are smart devices and objects with electronics and internet connectivity that can connect to the cloud, be remotely controlled, and communicate with one another. This is due to an increase in the demand for tracking systems, which promotes market growth. The rising usage of the internet and technical advancements in connectivity, the demand for car monitoring systems has increased in order to ensure vehicle safety and decrease idle time. E-call services have benefited fleet owners in receiving emergency alerts. Vehicle tracking technology can be used by fleet operators and logistics companies as one of the key profit drivers.
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Several environmental variables, such as dense trees, high cloud cover, towering buildings, can impair GPS signal, and as a result, the tracking can be delayed. In order to obtain a competitive advantage, a small number of vendors and manufacturers in the market offer low-cost, low-quality GPS tracking devices, resulting in a bad user experience and poor quality. This is the most significant restraint for the growth of the market.
The global Vehicle Tracking Device Market is segmented by Type, by Deployment Vehicle, by Industry, and Region. Based on the Type, the market is categorized into Standalone Tracker, OBD Device, and Advance Tracker. Based on Deployment Vehicle, the market is categorized into Cargo Vehicle, Commercial Vehicle, and Container Vehicle. Based on Industry, the market is categorized into Logistics and Construction, Metals & Mining, Transportation, and Others. Based on the region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
