Market Research Future (MRFR) presumes the Global GPS Tracker Market to attain USD 5.36 Billion in revenue while increasing its growth with a 13.83 % CAGR in the assessment period from 2020-2030. 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.
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.
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.
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.
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.
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.
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.
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.
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.
|Market Size||USD 5.36 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, Network|
|Geographies Covered||North America, Europe, Asia-Pacific|
|Key Vendors||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.|
|Key Market Opportunities|
|Key Market Drivers||Increasing demand for fleet management system|
A 13.83% CAGR is projected to be witnessed in the market.
The revenue valued at USD 5.36 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.
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.