The number of active tracking devices deployed for cargo loading units including trailers, intermodal containers, rail freight wagons, air cargo containers, cargo boxes and pallets reached 7,5-million worldwide in 2019.

Growing at a compound annual growth rate (CAGR) of 25,4%, this number is expected to reach 23,2-million by 2024, according to a new market report covering the cargo tracking market from Berg Insight.

In terms of installed units, trailer telematics is today the most developed market, followed by tracking devices for general cargo applications and intermodal containers.

The markets for tracking solutions for rail freight wagons and air cargo containers are considerably smaller but are estimated to grow substantially during the coming five years.

The total market value for trailer and cargo container tracking solutions reached an estimated €1,1-billion in 2019. Growing at a CAGR of 16,2%, the total market size is forecasted to reach €2,2-billion in 2024.

The global COVID-19 pandemic is expected to create an increased focus on supply chain visibility and security going forward.

“In light of recent events it has been made clear that real-time data on the location and condition of cargo in transit is crucial for an efficient and reliable supply chain,” says Martin Backman, senior analyst at Berg Insight.

Low-Power Wide-Area (LPWA) networks developed specifically for IoT applications such as Sigfox, CAT-M1, NB-IoT and LoRaWAN are now increasingly available around the world which lowers the barriers for adoption of tracking solutions.

“There are great opportunities for solution providers ahead as there will be a surge for cargo tracking solutions post COVID-19 and there will be various communications technology options available to support different customer needs,” Backman adds.