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 9,3-million worldwide in 2020, according to a Berg Insight report on trailer and cargo container tracking market.
Growing at a compound annual growth rate (CAGR) of 25,3%, this number is expected to reach 28,9-million by 2025.
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 €1,2-billion in 2020. Growing at a CAGR of 16%, the total market size is forecasted to reach €2,5-billion in 2025.
While the global Covid-19 pandemic and the semiconductor shortage are challenging for tracking vendors, they also accentuate how important reliable and up-to-date shipment data is for fleet owners, shippers, transporters and other actors in the logistics industry.
This creates an increasing demand for asset tracking and cargo condition monitoring solutions. New solutions and features are also introduced on the market.
“The trailer and cargo container tracking industry is now rapidly advancing from providing merely location tracking towards providing a complete view of the condition of the trailer, container and the cargo,” says Martin Backman, senior analyst at Berg Insight.
This is especially true for the trailer tracking market, which has in the past few years seen an influx of new connected solutions covering cargo load, brake systems, tyre, lights and other trailer systems.
“The key to success for tracking solution vendors will be to make sense of all the data and provide easy-to-use tools that help increase trailer and cargo container utilisation, identify reoccurring issues in the supply chain, and in turn save costs,” says Backman.