GPS Tracker Market Research Report - Global Forecast to 2027

Global GPS Tracker Market Research Report: By Type, (Covert GPS Tracker, Standalone Tracker, And Advanced Tracker), By Network, (LTE, 3G, and 2G), By Vertical, (Automotive & Aerospace, Healthcare, Transportation & Logistics, Government & Defense, Oil & Gas, Metals & Mining and Others) - Forecast to 2027

ID: MRFR/ICT/5552-CR | December 2018 | Region: Global | 107 pages

Please note that the assessment period of report has been updated from 2018-2023 to 2020-2027. Cordially fill the sample form for updated data.

Market Overview


Market Research Future (MRFR) presumes the Global GPS Tracker Market to attain USD 2.72 Billion in revenue while increasing its growth with a 14.42 % CAGR in the assessment period from 2018-2023. The use of the GPS tracking system is primarily observed for security purposes in patrols, transport, asset tracking, and fleet management, among others, which is growing the development of the global GPS tracker market. The key benefits associated with GPS tracking devices are high compatibility with smartphones, tracking and navigation accuracy, and simplified operation. Other benefits related to the use of GPS tracker devices include reduced labor costs, management of field personnel activity, better customer service, and removal of employee fraud. Features of GPS tracking devices like geofencing, reporting, automated alerts, real-time updates, and historic fleet data feed. The increasing use of GPS tracking devices in transport & logistics and government & defense, among other industries, is projected to further motivate market expansion in the forecast period.


COVID-19 Impact on the Global GPS Tracker Market


The industry is expected to experience a small downturn in the current year as a result of the global outbreak of a novel coronavirus pandemic. Manufacturing operations are at a standstill due to labor shortages and work-from-home initiatives. This has contributed to a decrease in demand from the end-use industries.


Market Dynamics


Drivers


Increasing demand for fleet management system


Industries like oil and gas, courier, construction, and others depend on fleet management systems to increase fleet productivity. The implementation of fleet management systems includes the incorporation of GPS trackers to record the data. This need for GPS trackers will result in an expansion of the GPS tracker market during the forecast period.


Growing demand for advanced GPS trackers


The use of advanced GPS trackers is on the rise in cargo containers, commercial vehicles, and fleet management. This boosts operating efficiency and returns on investment. The advantages of using GPS trackers are projected to have a positive effect on overall market development.


Restraints


Lack of global standards


GPS Tracker Market is estimated to face restrictions due to a lack of global standards in the production of GPS tracking devices.


Market Segmentation


GPS Tracker Industry has been segmented into Type, Network, and Vertical.


By type, the GPS tracker industry has been segmented into Covert GPS Tracker, Standalone Tracker, And Advanced Tracker.


By network, the GPS tracker industry has been segmented into LTE, 3G, and 2G.


By vertical, the GPS tracker industry has been segmented into Automotive & Aerospace, Healthcare, Transportation & Logistics, Government & Defense, Oil & Gas, Metals & Mining, and Others.


Regional Analysis


APAC to dominate the global market 


The GPS tracker market in the Asia Pacific region is expected to show the highest CAGR in the 2018-2023 forecast period. The factor ascribed to market growth is the increase in strict government regulations and the increase in vehicle production in developing markets such as India and China. For example, as per the International Organization of Motor Vehicle Manufacturers (OICA), the production of commercial vehicles in India was 4.51 million in 2016 and 4.78 million in 2017.


Competitive Landscape


The GPS tracker industry is moderately competitive. Companies operating in the market must continue to improve their products in order to retain a sustainable competitive edge over their competitors and to provide product differentiation.


Key Players



  • Orbocomm Inc.

  • Laipac Technology Inc.

  • Sony Mobile Communications Inc

  • TomTom International BV

  • Calamp Corp

  • Concox Information Technology Co. Ltd

  • Sierra Wireless Inc

  • Spy Tech Inc

  • Verizon Wireless

  • Queclink Wireless Solutions Co. Ltd

  • Atrack Technology Inc.


ORBCOMM is presently leading the global market for GPS trackers. ORBCOMM is a provider of Industrial Internet of Things (IoT) and Machine-to-Machine (M2M) communications solutions that track, monitor, and manage fixed and mobile assets remotely. The company has a satellite network that gives it a competitive advantage in the GPS tracker industry. With the acquisition of Inthinc in 2017, the company began to shift to an end-to-end industrial IoT solution provider, which appeared to be a critical entry point for it into the vehicle fleet management market. The acquisition of Blue Tree solidified the company's transport portfolio by incorporating in-cab and refrigerated truck GPS tracking solutions to its industry-leading cargo solution. The company offers individual application components, like modems and chipsets, as well as complete end-to-end solutions, such as freight transport monitoring, cold chain compliance, refrigerated asset monitoring, vehicle fleet management, in-cab driver safety, and cargo security systems that allow companies to track, monitor, protect and control assets around the world in multiple industries.


Report Overview


This report estimates revenue growth at global, regional, and country levels and offers an insight into the latest developments in each of the sub-sectors from 2018 to 2023. For the purpose of this analysis, MRFR divided the global GPS tracker market report by type, network, vertical, and region.


Segmentation Table


By Type



  • Covert GPS Tracker

  • Standalone Tracker

  • Advanced Tracker


By Network



  • LTE

  • 3G

  • 2G


By Vertical



  • Automotive & Aerospace

  • Healthcare

  • Transportation & Logistics

  • Government & Defense

  • Oil & Gas

  • Metals & Mining



Frequently Asked Questions (FAQ) :


The revenue valued at USD 2.72 billion is projected to be gained by the market in the course of the forecast.

The lack of standardization of products is estimated to curb market development.

Sierra Wireless Inc, Verizon Wireless, Spy Tech, Inc, Sony Mobile Communications Inc, and Queclink Wireless Solutions Co., Ltd are some of the competitors in the market.

The surge in the use of GPS in fleet management and asset tracking is expected to add to the momentum for growth in the market.

The government & defense and transportation & logistics sectors are anticipated to reinforce the market’s growth positively.

A CAGR of 12.75% is estimated to catapult the North American region to the leading position in the market.

The evolution of location tracking products is gaining momentum as it becomes imperative to track individuals or goods due to a range of reasons. The global GPS tracker market is projected to achieve revenues worth USD 2.72 billion while expanding with a 14.42 % CAGR in the forecast period. The necessity to access real-time location information on individuals and items is a key factor in boosting the expansion of the GPS tracker market globally. The improvements in global navigation satellite system (GNSS) network to obtain real-time as well as historical worldwide data tracking is also benefitting the overall growth of the market.


The increased demand for operational efficiency required in an organization has augmented the demand for GPS trackers in virtually every industry vertical of late. Thus, the organizations have become more resolute about increasing the operational efficiency, decreasing time to market, and advancing enhanced customer services which is beneficial to the growth of the market in the long term. The emergence of food trucks is a notable trend which employs the use of GPS trackers and business intelligence tools to promote their location, show their weekly schedules and share their real-time location to attract customers, is also notably motivating the development of GPS tracker market in this segment. Due to the neat design of the trackers, they are easily integrated into the vehicles; this factor has further contributed to the development of the market.


The application of GPS trackers aids in reducing the odds of vehicle theft, unlawful access, mishandling of the vehicle or the asset and also delivers the information about the driver’s performance and its day to day activities. These factors form an important basis for the development of demand in the global GPS tracker market. The developments in cloud technology and IoT are also offering many approaches to beat traditional challenges in tracking and aid in growing efficiency. The market is expected to be restrained by the fact that GPS tracking has deficits in the global standards for manufacturing GPS tracking devices. The important companies in the GPS tracker market are currently manufacturing products without any pre-determined set of standards.


The segmentation of the global GPS tracker market is carried out on the basis of type, network, vertical and region. On the basis of type, the GPS tracker market is segmented into covert GPS tracker, standalone tracker, and advanced tracker. The advanced tracker segment is expected to achieve revenues totaling USD 981.74 million while expanding with a CAGR of 16.09% in the forecast period. On the basis of network, the market is segmented into LTE, 3G and 2G. The LTE segment is anticipated to achieve revenues touching USD 1,898.6 million while growing with a CAGR of 15.23% in the duration of the forecast period. Based on vertical, the global GPS tracker market is segmented into automotive & aerospace, healthcare, transportation & logistics, government & defense, oil & gas, metals & mining and others. The transportation segment of the market is expected to earn revenues totaling USD 846.98 million in the duration of the forecast period, while advancing with a 17.05% CAGR in the duration of the forecast period. The regions included in the global GPS tracker market are Asia Pacific, Europe, North America and the rest of the world.


Regional Analysis


The regional analysis of the global GPS tracker market covers regions such as Asia Pacific, North America, Europe, and the rest of the world. The North American region generated revenue worth USD 343.17 billion in 2017 and is expected to grow at a CAGR of 12.75% in the forecast period. Mounting demand for efficient fleet management by many transportation and logistics service providers in the US is compelling the market development. High implementation of GPS tracking devices by law enforcement agencies in the country is also inducing the market growth in the US. Increasing demand for GPS trackers for construction assets and logistics is driving the growth of GPS tracker in Mexico. Furthermore, the growing adoption of GPS tracker in the mining industry also propels the market growth in Mexico. The European region is anticipated to develop at a 15.02% CAGR in the forecast period and had earned revenue worth USD 1,110 million by 2023. The rising demand for GPS trackers in commercial vehicles and automotive industry used for transportation and travel purposes is primarily motivating the GPS tracker market in Germany. The elevated demand for GPS trackers in tracking drones and unmanned aerial vehicles in Germany is also motivating the market’s growth in the region. The adoption of GPS trackers by Interpol to trail police fleet vehicles and accused to lessen crime in France and across the European region drives the market development. The Asia Pacific region is anticipated to create revenues worth USD 650.04 million by 2023 while progressing at a CAGR of 16.42% in the forecast period. The growing demand for wearable GPS tracking devices for pets and human tracking is compelling the market progress in the region. While, the high adoption of GPS trackers for tracking of personal vehicles, cargo trailers, and construction assets in China is triggering the market expansion.


Competition Tracking


Market Research Future comprises of the following important contenders such as TomTom International BV, Calamp Corp, Atrack Technology Inc., Sony Mobile Communications Inc, Concox Information Technology Co., Ltd, Orbocomm Inc., Laipac Technology, Inc., Sierra Wireless Inc, Spy Tech, Inc, Verizon Wireless, and Queclink Wireless Solutions Co., Ltd.


The market is driven by all the companies contending to advance their market share. Robust competition, speedy advances in network, and recurrent changes in government regulations concerning the use of tracking devices are significant factors that test the market expansion. The vendors in the market are competing based on cost, reliability, product quality, and aftermarket services. It is crucial for the vendors to offer high-quality services and cost-efficient and to survive and succeed in an intensely competitive market.

ORBCOMM Inc. HOLDS 20% MARKET SHARE IN GLOBAL GPS TRACKER MARKET


According to MRFR analysis, ORBCOMM is currently leading the global GPS tracker market. ORBCOMM is a provider of industrial Internet of Things (IoT) and Machine-to-Machine (M2M) communication solutions that remotely track, monitor, and control fixed and mobile assets. The company has its satellite network which provides it a competitive edge in GPS tracker market. In 2017, with the acquisition of Inthinc, the company continued its transition to an end-to-end industrial IoT solution provider which proved to be a vital entry point for it into the vehicle fleet management market. The acquisition of Blue Tree solidified the company’s transportation portfolio by adding in-cab and refrigerated truck GPS tracking solutions to its industry-leading cargo solution. The company provides individual application components, such as modems and chipsets, as well as full end-to-end solutions, such as freight transportation monitoring, cold chain compliance, refrigerated asset monitoring, vehicle fleet management, in-cab driver safety and cargo security systems that allow enterprises to track, monitor, protect, and control assets around the world in multiple industries. The company’s strategic relationships with key distributors and OEMs have enabled it to streamline its sales and distribution channels.


TomTom International BV has currently occupied the second position in the global GPS tracker market. The company’s core business is to provide businesses with navigation technologies which they can integrate into their location-based applications. The company has a high R&D budget for the development of its navigation technologies. The company’s strategy for its telematics business is to strengthen its position in the European market by taking advantage of its investment in the telematics platform by adding new features to its WEBFLEET fleet management service. The telematics business provides valuable location traces for mapmaking and the company’s real-time traffic relies on its consumer business for driver terminal and integrates the company’s navigation technologies into its products.


CalAmp has currently occupied the third position in the global GPS tracker market. The company provides telematics solutions for connected cars and connected trucks and a wide range of IoT solutions. The company opened a vast auto dealer channel and acquired a pre-established international licensee network with the acquisition of LoJack in 2017. The acquisition has allowed the company to deliver innovative, next-generation telematics technologies and software services to enterprise customers and consumers alike.  The company has captured LoJack’s international licensees by offering a comprehensive portfolio of advanced telematics products and platform services. The company focusses on transforming itself through technological innovation, channel development, and global prominence.


Sierra Wireless has currently occupied the fourth position in the global GPS tracker market. The company provides GNSS modules, asset tracking solutions and vehicle networking in the GPS tracking market. The company strengthens its position in the IoT market with the acquisition of Numerex. The company invests heavily in R&D for tracking solutions. The company frequently engages in product development to open its channels for asset tracking solutions.


Queclink Wireless Solutions Co., Ltd has currently occupied the fifth position in terms of market share in the global GPS tracker market. The company is a supplier of wireless machine-to-machine (M2M) devices and solutions. The company engages in releasing new products to the market as its market strategy. The company has a wide range of solutions which involve GPS tracking units. With the recent release of its product GV300CAN — a compact GPS tracking device, the company targeted wide range of IoV segmented markets globally, including the automobile telematics, fleet management, and usage-based insurance applications.


Other companies such as Sony Mobile Communications Inc, Laipac Technology, Inc., Concox Information Technology Co., Ltd, Spy tech, Inc, and Verizon Wireless, are also providing wide range of solutions, thereby contributing in generating high market value for GPS Tracker market.