GPS Tracking Device Market Summary
As per Market Research Future Analysis, the GPS Tracking Device Market was valued at USD 3.40 billion in 2024 and is projected to grow to USD 12.94 billion by 2035, with a CAGR of 12.92% from 2025 to 2035. The growth is driven by increased demand for IoT and cloud technologies, rising commercial vehicle sales, and advancements in GPS tracking software. The market is characterized by a strong presence of established competitors, enhancing innovation and product offerings.
Key Market Trends & Highlights
Key trends driving the GPS Tracking Device Market include technological advancements and rising demand across various sectors.
- The advanced tracker segment held ~55-57% of the market revenue in 2022.
- Real-time GPS trackers are projected to be the fastest-growing segment during 2022-2030.
- The aerospace and automotive segments dominated the market in 2022, with significant growth expected through 2030.
- Asia Pacific accounted for USD 1.3 billion in 2022, with rapid growth anticipated due to technological advancements.
Market Size & Forecast
2024 Market Size | USD 3.40 Billion |
2035 Market Size | USD 12.94 Billion |
CAGR (2024-2035) | 12.92% |
Major Players
Major players include Verizon Wireless (U.S), Concox Information Technology Co. Ltd. (China), Calamp Corp. (US), Orbocomm Inc. (US), and Sierra Wireless Inc. (Canada).