Vehicle Tracking System Market to Reach $96.08 Billion by 2034, Driven by Rising Fleet Security Demand

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Home > Research Reports > Vehicle Tracking System Market to Reach $96.08 Billion by 2034, Driven by Rising Fleet Security Demand

Research Reports

Vehicle Tracking System Market to Reach $96.08 Billion by 2034, Driven by Rising Fleet Security Demand

Published by Wanda Rich

Posted on March 26, 2025

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Deployment of Vehicle Tracking Systems by Fleet Managers and Logistics Companies Increasing to Optimize Operations and Increase Business Profitability: Fact.MR Report

Worldwide sales of vehicle tracking systems are expected to reach US$ 27.81 billion in 2024 and thereafter ascend to US$ 96.08 billion by the end of 2034. The global vehicle tracking system market has been projected to expand at a CAGR of 13.2% from 2024 to 2034.

Vehicle fleet owners are benefiting from E-call services by receiving emergency notifications. As a result, more fleet managers and logistics firms are deploying vehicle tracking technologies to enhance profitability. Utilizing real-time position data of corporate vehicles is ensuring security.

Motorists activate the SOS feature on car GPS for assistance when looking to find a location. Prompt alerts enable fleet managers to dispatch aid swiftly. Knowing the precise location aids in selecting the appropriate vehicle for emergency responses. These factors are driving global demand for vehicle monitoring systems.

In North America, substantial market revenue stems from ongoing innovations in smart sensors, which is augmenting the adoption of vehicle tracking systems among fleet owners and luxury car manufacturers alike.

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Key Takeaways from Market Study:

The global market for vehicle tracking systems is evaluated to expand at a CAGR of 13.2% from 2024 to 2034.
East Asia is projected to account for 26% of the global market share by 2034.
The market in South Korea is forecasted to expand at a CAGR of 14.8% from 2024 to 2034.
The market in Canada is analyzed to generate revenue worth US$ 10.44 billion by the end of 2034.
Based on technology, the GPS/satellite segment is evaluated to generate revenue of US$ 67.25 billion by the end of 2034.
In the North American region, sales of vehicle tracking systems are projected to reach US$ 30.26 billion by 2034.
The United States is analyzed to account for 45.6% market share in North America by 2034.

“Vehicle tracking systems are becoming more functional and appealing to end users when they are integrated with telematics and linked car technology,” says a Fact.MR analyst.

Leading Players Driving Innovation in the Vehicle Tracking System Market

TomTom International B.V.; Cartrack; ORBCOMM Inc.; Cartrack; Robert Bosch GmbH; RUPTELA; AT&T Intellectual Property; Continental AG; Geotab Inc.; Verizon; Xirgo Technologies Inc.

GPS/Satellite Technology Offering Precision in Real-Time Position Data and Efficient Fleet Management

GPS and satellite technology play a crucial role in vehicle tracking systems, offering accurate real-time position data vital for efficient fleet management and security. Operational efficiency, fuel savings, and punctual deliveries depend on GPS technology, enabling precise tracking, route optimization, and regular updates.

Widespread availability and reliability of GPS and satellites make them preferred for vehicle monitoring, ensuring reliable performance and coverage. They enhance security by enabling swift vehicle recovery and offering geofencing to monitor and regulate vehicle use.

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Vehicle Tracking System Industry News:

In February 2024, across its fleet of over 8,000 buses, the Gujarat State Road Transport Corporation (GSRTC) rolled out the Integrated Vehicle Tracking and Passenger Information System (GPS). The project aims to enhance the level of comfort, safety, and efficiency of the corporation as well as the passengers with respect to state transportation services.
Reliance launched Reliance's newest smart car device, the JioMotive, in November 2023. The JioMotive is an on-board diagnostics (OBD) device that promises to make your vehicle smarter.
In October 2022, Bharti Airtel released the "Always On" IoT connection solution in India, which hosts a dual-profile M2M eSIM. This new innovation permits an IoT device to maintain an uninterrupted network access through two telecom providers.
In April 2022, AWS collaborated with Bosch to digitalize logistics. United States cloud company Amazon Web Services (AWS) and Bosch plan to make the logistics and transportation sectors more productive by being more sustainable.

More Valuable Insightson Offer:

Fact.MR, in its new offering, presents an unbiased analysis of the vehicle tracking system market, presenting historical demand data (2019 to 2023) and forecast statistics for 2024 to 2034.

The study divulges essential insights into the market based on type (active, passive), vehicle type (passenger, light commercial, heavy commercial), component (hardware, software), technology (GPS/satellites, GPRS/cellular networks, dual modes), and end use (transportation & logistics, construction & manufacturing, aviation, retail, government & defense), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).

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