Transport monitoring systems help fleet operators track vehicle movements and monitor driver behavior. Solutions like GPS trackers, fleet management software, and telematics devices provide real-time insights into vehicle location, speed, idle time, mileage, and more. This helps improve routing efficiency, enhance safety and compliance, optimize fuel usage and maintenance. Transport monitoring also enables live monitoring of cargo condition for temperature-sensitive goods.
The global Transport Monitoring Market is estimated to be valued at US$ 15.9 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends
As highlighted in the heading, vehicle tracking is one of the major drivers of growth in the transport monitoring market. Fleet operators are increasingly adopting telematics solutions to track fleet movements and driver behavior across cities and regions. Real-time vehicle location data helps optimize route planning and delivery operations. Features like geofencing improve monitoring of stop times as well as ensure vehicles are operating only between designated locations. Advanced trackers also provide insights into speeds, acceleration patterns and response times, helping reduce fuel costs through improved driving habits. With the rise in e-commerce and demand for last-mile delivery, transport monitoring solutions are witnessing increased uptake to enhance visibility across the entire supply chain.
Segment Analysis
The global transport monitoring market is segmented by type, component, connectivity, and application. Among type, the fleet tracking and monitoring segment dominates the market accounting for over 30% share in 2023. This is owing to the rising adoption of fleet tracking solutions across logistics and transportation companies to improve operational efficiency.
Key Takeaways
The Global Transport Monitoring Market Size is expected to witness high growth supported by increasing digitization of commercial fleets and emphasis on fleet optimization. The Asia Pacific region dominates currently due to large fleet sizes and fast economic growth in countries like China and India. Key players are focusing on emerging markets through partnerships with local telematics providers and technology integrators.
Regional analysis
North America region holds the largest market share and is expected to maintain its dominance over the forecast period. This is attributed to the presence of major transport monitoring companies along with favorable government initiatives to adopt advanced transport solutions in the region.
Key players
Key players operating in the transport monitoring market are Siemens AG, GeoTraq, Robert Bosch GmbH, Continental AG, Valeo, NEC Corporation, Westbase Technology Ltd, Verizon Communications Inc., Cubic Telecom Ltd., BOSCH Service Solutions GmbH, Fleet Complete, TomTom International BV., Teletrac Navman, Ruptela, Arya Omnitalk, EFKON AG, Frotcom International , Hitachi, Ltd., Garmin Ltd., Trimble Inc. Major players are focusing on developing advanced and AI-enabled transport monitoring solutions to gain a competitive edge in the market.
The global transport monitoring market is expected to witness high growth during the forecast period. Rapid urbanization and increasing concerns towards efficient transportation systems are projected to significantly drive the demand for transport monitoring solutions across the globe. With continuous technological advancements, transport monitoring vendors are introducing innovative products with features like predictive maintenance, advanced analytics, and driver assistance, which is anticipated to boost the market expansion.
For more insights, read- https://www.dailyprbulletin.com/transport-monitoring-market-driven-by-increasing-need-for-transport-safety-share
