The global vehicle tracking systems market size is expected to reach USD 46.33 billion by 2028, according to a new report by Grand View Research, Inc. It is anticipated to register a CAGR of 13.3% from 2021 to 2028. Technological advancements and digitization in the automotive industry coupled with the expanding global transportation and logistics industry are anticipated to drive the demand for vehicle tracking systems. Moreover, increasing sales of light and heavy commercial vehicles are also expected to drive the market growth over the forecast period.
Meanwhile, the high cost associated with the vehicle tracking system coupled with its complex design is expected to hamper the market’s growth over the forecast period. Besides, the COVID-19 pandemic has negatively impacted the demand for vehicle tracking systems in 2020. The pandemic has resulted in lockdowns and social distancing globally, subsequently leading to losses for industries such as manufacturing, automobile, transportation and logistics, retail, and hospitality. This slumped business scenario is anticipated to negatively impact automotive production and demand for vehicle tracking systems. However, as governments begin to gradually relax the lockdown norms and allow businesses to operate with mandates of social distancing; the market is likely to witness significant growth over the forecast period.
Improved connectivity services and technological proliferation have resulted in the augmented adoption of connected vehicle tracking systems. The sensor nodes embedded in a vehicle are used to transmit real-time data and collect information on vehicle location, speed, distance traveled, fuel consumption, and air pressure. Cloud computing provides computation, software, storage, and data access resources without the need for vehicle owner’s information. Thus, the emergence of cloud computing is anticipated to create significant growth opportunities in the market.
North America accounted for a sizeable revenue share in 2020 and is estimated to register steady growth over the forecast period. However, Asia Pacific is projected to expand at the highest CAGR of 15% from 2021 to 2028. The increasing vehicle sales in emerging countries such as China and India and the rapid expansion of the e-commerce sector are the key factors driving the regional market growth.
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