Overview and Scope
GPS tracking device refers to software equipment that provides information on surveillance of location to track the location of an entity or object remotely via the use of the Global Positioning System (GPS). It is used by fleet managers to locate asset on a route, report on traffic conditions, and keep track vehicles other activities.
Sizing and Forecast
The gps tracking device market size has grown rapidly in recent years. It will grow from $2.91 billion in 2023 to $3.29 billion in 2024 at a compound annual growth rate (CAGR) of 13.3%. The growth in the historic period can be attributed to rise in fleet management solutions, growth in e-commerce and last-mile delivery, regulatory mandates for vehicle safety, increased adoption in asset tracking, rise in personal safety concerns.
The gps tracking device market size is expected to see rapid growth in the next few years. It will grow to $5.46 billion in 2028 at a compound annual growth rate (CAGR) of 13.4%. The growth in the forecast period can be attributed to rise in autonomous vehicles, increasing demand for stolen vehicle recovery, focus on environmental sustainability, expansion of usage in healthcare, demand for geo-fencing solutions. Major trends in the forecast period include integration with iot ecosystems, advancements in real-time tracking, enhanced battery life, use of artificial intelligence (ai) in analytics, satellite constellation expansion, integration with wearable devices.
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Segmentation & Regional Insights
The gps tracking device market covered in this report is segmented –
1) By Type: Standalone Trackers, OBD Devices, Advance Trackers
2) By Deployment: Commercial Vehicles, Cargo And Containers
3) By Application: Automotive, Aerospace And Defense, Healthcare, Transportation
Europe was the largest region in the GPS tracking device market in 2023. The regions covered in the gps tracking device market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increasing demand for commercial vehicles is expected to propel the growth of the GPS tracking device market going forward. A commercial vehicle refers to a vehicle registered to a company, such as company cars, fleet vehicles, or other vehicles that are used to transport goods and general equipment for commercial or business purposes. GPS tracking devices are used in commercial vehicles to keep track of the vehicle, improve vehicle maintenance, and enhance customer service by providing real-time status. Therefore, the increasing demand for commercial vehicles is driving the growth of the GPS tracking device market. For instance, in 2023, according to the International Organization of Motor Vehicle Manufacturers, a Paris-based international trade association, production of commercial vehicles in the USA increased by 10% from 7,604,154 in 2021 to 8,308,603 in 2022. Further, the production of commercial vehicles in Argentina increased by 24% from 250,647 in 2021 to 279,388 in 2022. Therefore, the increasing demand for commercial vehicles is driving the growth of the GPS tracking device market.
Key Industry Players
Major companies operating in the gps tracking device market report are CalAmp Inc., ORBCOMM Inc., Sierra Wireless Inc., Shenzhen Jimi IoT Co. Ltd., Queclink Wireless Solutions Co. Ltd., Teltonika Networks, ATrack Technology Inc., Geotab Inc., Meitrack Group Co. Ltd., Trackimo Ltd., Starcom Systems International Inc., TomTom International BV, Ruptela UAB, ICONCOX Co. Ltd., Geoforce LLC, Laird plc, Verizon Wireless, Concox Information Technology Co. Ltd., Laipac Technology Inc., Maestro Wireless Solutions Ltd., Pointer Telocation Ltd., Xirgo Technologies LLC, Fleet Complete Inc., Spireon Inc., GPS Insight LLC, Fleetmatics Group plc, Omnitracs LLC, Zonar Systems Inc., SkyBitz Inc., Trimble Inc.
The gps tracking device market report table of contents includes:
1. Executive Summary
2. GPS Tracking Device Market Characteristics
3. GPS Tracking Device Market Trends And Strategies
4. GPS Tracking Device Market – Macro Economic Scenario
5. Global GPS Tracking Device Market Size and Growth
…..
31. Global GPS Tracking Device Market Competitive Benchmarking
32. Global GPS Tracking Device Market Competitive Dashboard
33. Key Mergers And Acquisitions In The GPS Tracking Device Market
34. GPS Tracking Device Market Future Outlook and Potential Analysis
35. Appendix
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