Author: Himanshu Patni
18 December 2021
Vehicle Tracking System Market is expected to witness CAGR growth of more than 18% during the forecast period 2021-2027. Vehicle tracking system has emerged as one of the principal technological advancements in the automotive industry, used for security purpose. VTS enables the vehicle owner to virtually keep an eye on their vehicle any time and from anywhere. The technology combines the installation of an electronic device in the vehicle with purpose-designed software to allow monitoring of the vehicle running on the road. Urban public transportation companies in large cities have emerged as one of the largest users of tracking systems.
Navixy is an intelligent and professional system for time and distance-based tracking of vehicles and fleet management. It uses devices that use satellites (GPS or GLONASS) and technologies such as (GSM, WIFI, LBS). It supports over 100+ device models from vendors across the world as GPS tracking devices. Commercial vehicles are used by fleet operators for goods transportation, hence, to track the vehicle demand for vehicle tracking system among the commercial vehicle is more. Growing demand for commercial vehicles in regions such as Latin America, Middle East, and Africa represents a possible growth opportunity for the market players. However, in developed regions including Europe and North America, integration of Internet of Things (IoT) technology in vehicles is expected to enhance the adoption rate of vehicle tracking systems.
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Based on Type, the Vehicle Tracking System Market is segmented into Active and Passive system. Active system is expected to witness high adoption owing to its reliability and accuracy. Active trackers is also known as real-time trackers, as it transmit data via satellite or a cellular network, which instantly indicates where the vehicle is located. This makes active tracking best choice for businesses interested in improving the efficiency of their deliveries service and monitoring their employees. Based on Technology, the market is bifurcated into GPS-based tracking system, Cellular network-based, Satellite based system. GPS-based tracking system provide more accurate data compared to cellular network-based trackers; hence, adoption of GPS-based tracking system is higher, compared to the cellular network-based tracking system.
Based on Vehicle type, the market is segmented into Commercial Vehicle, Passenger vehicle. Currently, Commercial Vehicle segment dominates the market. Asia-Pacific vehicle tracking market is anticipated to witness significant growth over the forecasted period, with Japan, India, and China being the major driving countries in the Asia-Pacific region. Based on Application, the market is segmented into Transportation and Logistics, Manufacturing, Aviation, Retail, Government Sector, Others. Transportation and Logistics segment dominates the market. Introduction of application-based transportation service have increased the vehicle rental and leasing activities, hence, to track the vehicle from theft is expected to increase the demand for vehicle tracking system.
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For a better understanding of the market, the report is analyzed based on different regions including North America (US, Canada, Rest of North America); Europe (Germany, UK, France, Italy, Rest of Europe); Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific); and Rest of World. Asia-Pacific is expected to witness significant growth during the forecast period. Demand for vehicle tracking systems (VTS) in India is expected to ascend over the forecast period, attributed to the growing awareness about the necessity of monitoring the movement of vehicles carrying personal and goods among the corporate sectors. Apart from rising sales of commercial vehicles paired with growing BPO industry and taxi operators have surged the overall demand for telematics technology. Some of the major players operating in the market include Robert Bosch, AT&T Inc., Verizon Communications Inc., TomTom Inc., Continental AG, Fortive Corporation, Inseego Corp., Geotab Inc., Cartrack Holdings Limited, Xirgo Technologies, LLC etc.
Vehicle Tracking System Market Segmentation
Market Insight, by Type
Market Insight, by Technology
Market Insight, by Vehicle Type
Market Insight, by Application
Market Insight, by Region
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