Vehicle Tracking System Market: Current Analysis and Forecast (2021-2027)

Report Description

Vehicle Tracking System is expected to witness CAGR growth of more than 18% during the forecast period 2021-2027. Collaboration between information technology and telecom sector has created a whole new generation of solutions in major industrial sector, enabling the businesses to enhance efficiencies, and cut costs and speed deliveries. One such technological is vehicle tracking system, it provides real time information about the movement and location of vehicles, which is one of the most important for the smooth operation of logistics and transportation sector. Logistics companies such as Blue Dart and Gati in India are using vehicle tracking system (VTS) to track the status of shipments they need to deliver. In addition, car rental firm such as Budget Rent A Car also uses the VTS to maintain schedules and track their operational vehicles. VTS uses technologies such as GPS and other navigation system operating via satellite and ground-based stations to track the vehicles anywhere on earth. It is predicted that vehicle security being the primary concern for vehicle owners, would provide ample growth opportunity for the automotive technology service providers to cater to the untapped market for VTS.

Block diagram of Android based Vehicle Tracking System

Insights Presented in the Report

“Amongst Type, Active system is expected to witness high adoption during the forecast period”

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 tracking system cost more compared to the passive tracking system. Passive system constantly collects data about vehicle position and stores it in the storage device.

“Amongst Technology, GPS-based tracking system would witness significant growth”

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.

“Amongst Vehicle Type, Commercial Vehicle segment dominates the market”

Based on Vehicle type, the market is segmented into Commercial Vehicle, Passenger vehicle. Currently, Commercial Vehicle segment dominates the market. 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.

“Amongst Application, Transportation and Logistics segment dominates the market”

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.

“Asia-Pacific is expected to dominate the market during the forecast period”

For a better understanding of the demand of Vehicle Tracking System, the market is analyzed for major 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. Countries such as China, India, Thailand are expected to be major market for vehicle products, which is expected to drive for demand for technological advanced products in the automotive sector. 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.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry

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Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future of the Vehicle Tracking System were the three major steps undertaken to create and analyze the demand and sales of the technology globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were conducted, with industry experts across the value chain of the industry. Post assumption and validation of market numbers through primary interviews, we employed a bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below.

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detailed secondary study was conducted to obtain the historical market size of the Vehicle Tracking System through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Vehicle Tracking System, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report are Type, Technology, Vehicle Type, Application. Further regional level analyses were conducted to evaluate the overall demand of Vehicle Tracking System in global context.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size. Further, we conducted factor analysis using dependent and independent variables such as growing demand for safety and security of vehicle and drivers, and technological advancement in the automotive sector etc. Historical trends and their year-on-year impact on the market size and share was analyzed. Demand and supply side scenario was also thoroughly studied.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Market, and market shares of the segments and company. All the required percentage split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., bottom-up approach was applied to arrive at the market forecast to 2027 for different segments and subsegments across the major regions globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the demand of Vehicle Tracking System across the major regions globally
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the Vehicle Tracking System Market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major countries. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Vehicle Tracking System market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of Type, Technology, Vehicle Type, Application, and region.

The main objective of the Vehicle Tracking System Market Study

The current & future market trends of the Vehicle Tracking System Market are pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends would determine the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of Vehicle Tracking System in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments of the industry
• Segments in the study include type, technology, vehicle type, application, and Regions
• Defined analysis of the regulatory framework for the Vehicle Tracking System industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors pertaining to the industry
• Major regions analyzed in the report include 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. Define and analyze the competitive landscape of the Vehicle Tracking System sector and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry