Jan 14, 2020 4:45 AM ET
Vehicle Tracking System Market Size is Forecast to Grow at CAGR 14% During 2020-2025
iCrowd Newswire -
Jan 14, 2020
Vehicle tracking system market size is forecast to surpass $14.6 billion by 2025 growing at CAGR 14% during 2020-2025 owing to the growing demand for the live tracking for transit and passenger transportation services globally. Apart from this, the increase in adoption of fleet management in the e-retail space to enhance customer experience by availing real-time package tracking to assist the market growth during the forecast period
Key Takeaways-Vehicle Tracking System Industry Outlook
- Active vehicle tracking system to dominate the market as well as grow at the highest rate during 2020-2025 owing to the increasing preference to live mobile vehicle tracking
- Passenger vehicle acquired the major share of the vehicle tracking system market owing to the adoption of usage based insurance and growing passenger transport fleet operators
- Retail vehicle tracking system market segment to witness the highest growth during 2020-2025 due to the increase in the influx of e-retail companies in the market space
- APAC to witness the highest growth during the forecast period due to the rise of ride sharing and rental rides companies in the emerging economies
Product Type – Segment Analysis
Active vehicle tracking system market held the majority of the share in 2019 and is also estimated to grow at the highest rate during 2020-2025 owing to the increase in demand for passenger ride services for office commutation and general commutation with mobile based live tracking of the vehicles.
Vehicle Type – Segment Analysis
By vehicle type, the global vehicle tracking system market has been segmented by commercial and passenger vehicle. The passenger vehicle tracking system market held the major share of the market in 2019 owing to the broad based of fleet operators in developed economies and rapid increase of the same in emerging economies. The commercial vehicle segment is set to witness the highest growth during 2020-2025 owing to the increase in penetration of fleet management in the commercial transportation and logistics segment which mandates the incorporation of tracking systems in the vehicle to geofencing, asset tracking, fleet monitoring and other applications. The rise in rental self-drive vehicle demand and increase in usage based insurance in this sector is set to assist the market growth for vehicle tracking system during 2020-2025
Industry Vertical- Segment Analysis
The various industry verticals comprehended in the global vehicle tracking system market includes transportation and logistics, construction, retail, government and others. Retail vehicle tracking market is set to witness the highest growth of CAGR 16% during 2020-2025 owing to the rapid increase in the entry of companies in the e-retail sector. Since these offer live package tracking of the deliveries, the demand for vehicle tracking systems is also set to grow as these systems will be incorporated by the in-city logistics fleet.
Geography – Segment Analysis
North America acquired the significant share of 40% of the global vehicle tracking system market in 2019 owing to the major users of fleet management for commercial vehicles in the transportation and logistics vertical. APAC is also set to witness the highest growth during 2020-2025 owing to the broad passenger vehicle user base, increase in the entry of ride sharing and rental car companies during the forecast period.
Some of the biggest rental car startups across the globe includes eHI Car Services, Zuche, PPzuche, Reocar, Turo, Atzuche, iCarsclub, Zipcar, Silvercar, Drivy, Zoom Car and so on. The growing rental car startups across the globe is set to drive the vehicle tracking system market during the forecast period
Drivers – Vehicle Tracking System Industry Trends
- The growing use of fleet management solutions
With the growing adoption of fleet management solutions in the commercial fleet tracking applications, has been analyzed to drive the demand for vehicle tracking system for vehicle monitoring, fuel management, compliance management, driving behavior, maintenance management and so on. The growing fleet size in the logistics and transportation vertical for intercity and in-city goods transport is set to play a major role in driving the adoption of various tracking systems based on GLONASS and GPS tracking thereby assisting the market growth during 2020-2025.
Challenges – Vehicle Tracking System Market
- Growing adoption of Smartphones
The growing number of smartphones across the globe is set to impose a severe challenge to the vehicle tracking system market. Smartphones feature inbuilt GPS positioning and navigation system which can be used as an alternative to vehicle tracking system. Apart from this, the growing use of smartphone applications for vehicle tracking, driver activity tracking and so on to further increase the impact of the challenge during the forecast period 2020-2025
The vehicle tracking system market share analysis includes an in-depth assessment of the players operating in the market based on company size, global reach, product portfolio and various others. The Vehicle Tracking System top 10 companies includes Continental Ag, Delphi Automotive, Magna International Inc, Robert Bosch Gmbh, ATrack Technology Inc, Maestro Wireless Solutions Ltd., Comm-Port Technology, Teletrac Navman US Ltd, CalAmp Corp., Orbocomm Inc. and so on. The vehicle tracking system market has been analyzed to be fragmented with the degree of competition in the market owing to the high concentration of major as well as local suppliers
Product Launch and Acquisition
- In July 2018, U-blox and Arvento Mobile Systems launched the imt.x1 vehicle tracking system, which uses U-blox’s positioning technology to detect panic braking
- In November 2018, U?blox and ERM Advanced Telematics, a provider of device based telematics systems, launched StarLink TrackerWi?Fi, a vehicle-tracking device with built-in Wi?Fi hotspot
- In July 2019, Ford Motor Company announced the acquisition of Journey Holding Corporation, for its vehicle tracking software and app-based technology for enhancing its mobility business services
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