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Vehicle Tracking Devices Market Status (2016-2020) and Forecast Market Analysis, Regional Outlook, Segment Growth Potential, and Competitive Market Share Analysis, 2021-2027

Format: PDF | Pages: 264 | Report ID: MRS1059


Report Description

The global Vehicle Tracking Devices market size is estimated at USD 18.06 billion in 2020, expanding at a CAGR of 14.6% from 2021-2027.

Market Dynamics

The vehicle tracking device is an automated device that locates and monitors the position, timing, and mobility of the carriage. The growing demand for fleet telematics in the transportation and logistics industry is one of the main drivers for the growth of the vehicle tracking device market to the great extent. For instance, according to The International Council on Clean Transportation, it is estimated that between 40% and 50% of trucking fleets in Canada are currently using telematics systems. The electronic logging device (ELD) mandates in the United States and Canada have created a ripe market for the adoption of telematics systems.

In addition, the increasing adoption of car leasing and rental services across the emerging economies leads the company to deploy trackers for the improvement of its services. Moreover, the technological advancements in the automotive sector, such as autonomous vehicles as well as C-V2X technology, are relying on GPS-based location tracking systems to improve the reliability and accuracy of navigation. Therefore, these facts are attributable to the growth of the vehicle tracking device market at a significant level during the forecast period.

Based on tracking type, the wired vehicle tracking device is estimated to hold the largest market share during the forecast period. This is attributed to the constant power supply and reliable power connection for wired devices.

Based on vehicle type, the light commercial vehicle segment witnessed the largest market share during the forecast period due to the demand for cost-effective as well as low-emission ways to better manage the fleet operation. The quick growth of the construction and e-commerce industry enables the adoption of light commercial vehicles for the transportation of goods in the cities. This rising demand will boost the demand for vehicle tracking devices for safety and security.

Regionally, North America holds the largest revenue share of over 30% in 2020 and is estimated to register the constant growth rate during the forecast period. This is attributed to the rising government initiatives and stringent norms for emission in a developed nation which will in turn the rise adoption of smart devices in fleet management.

On the other hand, The Asia Pacific region accounted for a significant growth rate during the forecast period owing to the rapid expansion of the e-commerce industry as well technological advancements that will create ample opportunities for the growth of the vehicle tracking device market.

Some of the prominent players are TomTom International B.V.; Verizon; Geotab Inc.; ORBCOMM Inc.; and CalAmp. The company has primarily focused on product launches as well as mergers and acquisitions to grab the highest market share. For instance, In Jan 2021, TomTom launched GO Discover, its quickest and most powerful satnav, with the largest 7-inch HD screen for exceptional clarity. This product allows drivers to safely explore the world and offers outstanding picture clarity.

The report begins with an overview of the Industry Chain structure, and describes the industry environment, then analyses the market size and forecast of Vehicle Tracking Devices by tracker type, vehicle type, communication technology, application, and region. In addition, this report introduces the market competition situation among the vendors and company profile, besides, market price analysis and value chain features are covered in this report.

Company Coverage (Company Profile, Sales Revenue, Price, Gross Margin, Main Products, etc.):

  • CalAmp Corporation
  • Cartrack (Pty) Ltd, Concox Information Technology Co., Ltd.
  • Garmin Ltd.
  • Laird PLC
  • Geotab Inc.
  • Maestro Wireless Solutions Limited
  • Meitrack Group
  • Sierra Wireless, Inc.
  • Queclink Wireless Solutions Co., Ltd.
  • ORBCOMM Inc.
  • Starcom Systems Ltd.
  • TomTom International B.V.

Tracker Type Coverage (Market Size & Forecast, Main Consumer Analysis, etc.):

  • Wired
  • Wireless

Vehicle Type Coverage (Market Size & Forecast, Main Consumer Analysis, etc.):

  • Heavy Commercial Vehicle
  • Light Commercial Vehicle
  • Passenger Vehicle

Communication Technology Coverage (Market Size & Forecast, Main Consumer Analysis, etc.):

  • Cellular
  • Dual Mode
  • GPS/Satellite

Application Coverage (Market Size & Forecast, Main Consumer Analysis, etc.):

  • Oil & Gas
  • Mining
  • Transportation & Logistics
  • Construction
  • Emergency Services

Region Coverage (Regional Consumption, Demand & Forecast by Countries, etc.):

  • North America (U.S., and Canada)
  • Europe (Germany, U.K., France, Italy, Spain, etc.)
  • Asia-Pacific (China, India, Japan, Indonesia, Malaysia, Australia, South Korea, etc.)
  • South America (Brazil, Mexico, Argentina, etc.)
  • Middle East & Africa (Saudi Arabia, Kuwait, UAE, South Africa, etc.)

Frequently Asked Questions

The global Vehicle Tracking Devices market size is estimated at USD 18.06 billion in 2020, expanding at a CAGR 14.6% from 2021-2027.
North America captured the highest revenue in 2021 and is projected to continue its dominance during the study period.
The global industry is growing at a promising growth rate over the study period.
Asia Pacific (especially China, and India) region is projected to grow at the fastest growth rate during the study period.
The worldwide market is characterized by the presence of large number of small scale and medium scale players.

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