What are the Key Market Size Indicators for the Global Vehicle Tracking Systems Market?
The vehicle tracking systems market size witnessed swift growth over the recent years. It is projected to surge from $22.68 billion in 2024 to $26.33 billion in 2025 at a compound annual growth rate (CAGR) of 16.1%. This steady increase can be attributed to the growing demand for fleet management, rising need for fuel efficiency, increased uptake of GPS technology, and concerns over vehicle theft.
The market is further expected to witness rapid growth in the next few years, reaching $51.32 billion in 2029 at a compound annual growth rate (CAGR) of 18.2%. This growth is likely to be driven by factors such as an increase in the adoption of electric vehicles, growing demand for advanced telematics solutions, and the rising demand for safety and security in transportation services. Major trends expected to make an impact include the development of mobile-based vehicle tracking applications, use of geofencing, integration of augmented reality in vehicle tracking, a focus on eco-friendly solutions, and use of blockchain for secure systems.
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How Are the Changing Consumer Behaviors Affecting the Vehicle Tracking Systems Market Growth?
The global pandemic has led to a surge in demand for car rental and leasing services, which in turn is expected to drive the growth of the vehicle tracking systems market. Consumers now prefer automobile rentals over public transportation, causing car owners to invest more in vehicle tracking systems for real-time status updates of vehicles. According to Enterprise Apps Today, there were 29.2 million rented cars globally in 2021 and the number is anticipated to reach 602.2 million by 2026. This growth in car rental and leasing services promises a positive impact on the vehicle tracking systems market.
Which Are the Significant Segments for the Global Vehicle Tracking Systems Market?
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
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Who are the Major Players in the Vehicle Tracking Systems Market?
The 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 Emerging Trends in the Vehicle Tracking Systems Market?
Companies in the vehicle tracking systems market are keenly focusing on developing innovative solutions such as anti-theft GPS tracking technology. This technology provides enhanced security and real-time tracking for motorcycles and other outdoor assets. For instance, in June 2024, Monimoto launched Monimoto 9, a device offering real-time GPS tracking, immediate theft alerts, and a long-lasting battery life, making it ideal for outdoor assets.
Which Region Is Leading the Vehicle Tracking Systems Market?
North America dominated the vehicle tracking system market in 2024 and is anticipated to continue its lead. The regions covered in the vehicle tracking systems market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
What Does The Vehicle Tracking Systems Market Report 2025 Offer?
Vehicle Tracking Systems act as technologies that monitor and manage the movements and location of vehicles in real time. They have a leading role in enhancing fleet management, improving security, and optimizing routing. These systems typically utilize GPS and communication networks to provide accurate tracking information. The Vehicle Tracking Systems Market research report from The Business Research Company simultaneously provides global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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