Vehicle Tracking Device Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2025

Description

The Global Vehicle Tracking Device Market was valued at USD 35.5 billion in 2024 and is projected to grow at a CAGR of 10.6% from 2025 to 2034. This rapid expansion is largely driven by the increasing demand for real-time tracking solutions in fleet management, heightened concerns about vehicle theft, and the rising adoption of advanced telematics technologies across a variety of industries. As businesses continue to prioritize operational efficiency, security, and cost management, vehicle tracking devices have become indispensable tools for monitoring assets, optimizing routes, and ensuring the safety of vehicles and goods. In fact, strategic partnerships are emerging to boost the capabilities of these devices. For example, in March 2024, HERE Technologies teamed up with Netstar to improve asset management and navigation services for commercial vehicles in Australia.

The growing interest in these solutions can be attributed to the surge in connected devices and the Internet of Things (IoT), which enable businesses to capture and analyze real-time data to make better-informed decisions. This trend is particularly significant in industries like logistics, where tracking systems play an essential role in ensuring the timely delivery of goods, as well as in public transport systems. With consumers and businesses alike recognizing the numerous advantages of vehicle tracking, such as enhanced operational efficiency, security, and timely deliveries, the market is poised for substantial growth. In particular, GPS tracking devices are expected to fuel the market, with a projected revenue of around USD 9 billion by 2032 and an annual growth rate surpassing 12%.

Market Scope
Start Year	2024
Forecast Year	2025-2034
Start Value	$35.5 Billion
Forecast Value	$98.4 Billion
CAGR	10.6%

The vehicle tracking device market is segmented into hardware and software components. In 2024, the hardware segment accounted for over USD 20 billion in value and continues to expand rapidly. The increasing demand for high-quality telematics systems and GPS devices is driving this growth as businesses seek reliable, efficient solutions for managing their assets. Notably, advancements in GPS tracking technology, such as Monimoto's release of the Monimoto 9 in June 2024, illustrate the industry's commitment to innovation. This new version provides enhanced protection for various assets, including motorcycles, boats, and trailers.

Additionally, the market is categorized by connectivity, with wireless tracking devices projected to experience a CAGR of over 10% from 2025 to 2034. The wireless segment's growth is mainly due to the ease of installation, scalability, and the real-time data capabilities it offers. The continuous development of IoT applications is also a driving force, enabling businesses to harness advanced tracking functionalities and optimize their operations through better data analytics and remote monitoring.

North America accounted for more than 35% of the global vehicle tracking device market in 2024. This dominance is primarily attributed to stringent regulations and a well-established logistics sector. The region's heavy reliance on real-time tracking solutions for fleet management continues to fuel market demand, with companies integrating telematics systems to meet regulatory requirements and enhance safety standards.

Product Code: 193

Chapter 1 Methodology & Scope

1.1 Research design
- 1.1.1 Research approach
- 1.1.2 Data collection methods
1.2 Base estimates & calculations
- 1.2.1 Base year calculation
- 1.2.2 Key trends for market estimation
1.3 Forecast model
1.4 Primary research and validation
- 1.4.1 Primary sources
- 1.4.2 Data mining sources
1.5 Market scope & definition

Chapter 2 Executive Summary

2.1 Industry 360⁰ synopsis, 2021 - 2034

Chapter 3 Industry Insights

3.1 Industry ecosystem analysis
3.2 Supplier landscape
- 3.2.1 Component providers
- 3.2.2 Service providers
- 3.2.3 Manufacturers
- 3.2.4 Distributors
- 3.2.5 End Use
3.3 Profit margin analysis
3.4 Technology & innovation landscape
3.5 Patent analysis
3.6 Regulatory landscape
3.7 Cost analysis
3.8 Case study
3.9 Impact forces
- 3.9.1 Growth drivers
  - 3.9.1.1 Growing concerns over vehicle safety
  - 3.9.1.2 Surge in number of vehicle thefts
  - 3.9.1.3 Rising integration of AI-based accident detection
  - 3.9.1.4 Increasing need for fleet management
- 3.9.2 Industry pitfalls & challenges
  - 3.9.2.1 Data and privacy concerns
  - 3.9.2.2 High initial cost
3.10 Growth potential analysis
3.11 Porter’s analysis
3.12 PESTEL analysis

Chapter 4 Competitive Landscape, 2024

4.1 Introduction
4.2 Company market share analysis
4.3 Competitive positioning matrix
4.4 Strategic outlook matrix

Chapter 5 Market Estimates & Forecast, By Component, 2021 - 2034 ($Bn, Units)

5.1 Key trends
5.2 Hardware
- 5.2.1 OBD device/ tracker and advance tracker
- 5.2.2 Standalone tracker
5.3 Software
- 5.3.1 Fleet management platforms
- 5.3.2 Data analytics tools
- 5.3.3 Mapping and navigation systems
- 5.3.4 Real-time tracking software
- 5.3.5 Others

Chapter 6 Market Estimates & Forecast, By Connectivity, 2021 - 2034 ($Bn, Units)

6.1 Key trends
6.2 Wired
6.3 Wireless

Chapter 7 Market Estimates & Forecast, By Communication Tracker, 2021 - 2034 ($Bn, Units)

7.1 Key trends
7.2 Cellular networks
7.3 Satellite
7.4 Dual mode

Chapter 8 Market Estimates & Forecast, By Vehicle, 2021 - 2034 ($Bn, Units)

8.1 Key trends
8.2 Passenger vehicles
- 8.2.1 Hatchback
- 8.2.2 Sedan
- 8.2.3 SUV
8.3 Commercial vehicles
- 8.3.1 Light Commercial Vehicles (LCV)
- 8.3.2 Heavy Commercial Vehicles (HCV)

Chapter 9 Market Estimates & Forecast, By Application, 2021 - 2034 ($Bn, Units)

9.1 Key trends
9.2 Transportation & logistics
9.3 Construction
9.4 Oil & gas
9.5 Mining
9.6 Emergency services
9.7 Others

Chapter 10 Market Estimates & Forecast, By Region, 2021 - 2034 ($Bn, Units)

10.1 Key trends
10.2 North America
- 10.2.1 U.S.
- 10.2.2 Canada
10.3 Europe
- 10.3.1 UK
- 10.3.2 Germany
- 10.3.3 France
- 10.3.4 Italy
- 10.3.5 Spain
- 10.3.6 Russia
- 10.3.7 Nordics
10.4 Asia Pacific
- 10.4.1 China
- 10.4.2 India
- 10.4.3 Japan
- 10.4.4 Australia
- 10.4.5 South Korea
- 10.4.6 Southeast Asia
10.5 Latin America
- 10.5.1 Brazil
- 10.5.2 Mexico
- 10.5.3 Argentina
10.6 MEA
- 10.6.1 UAE
- 10.6.2 South Africa
- 10.6.3 Saudi Arabia

Chapter 11 Company Profiles

11.1 AT&T Intelligence
11.2 ATrack Technology
11.3 CalAmp
11.4 Concox Information Technology
11.5 Continental
11.6 Garmin
11.7 Geotab
11.8 Laipac Technology
11.9 Laird
11.10 Meitrack
11.11 Queclink Wireless Solutions
11.12 Sensata
11.13 Starcom Systems
11.14 Suntech International
11.15 Teletrac Navman
11.16 Teltonika
11.17 TomTom International
11.18 Trackimo
11.19 Vamosys
11.20 Verizon Communications

Vehicle Tracking Device Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2025 - 2034