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GPS Tracking Device Market Trends

ID: MRFR//2384-HCR | 100 Pages | Author: Shubham Munde| May 2024

GPS Tracking Device Market Overview

The GPS Tracking Device Market Size was valued at USD 3.1 billion in 2023. The GPS Tracking Device market industry is projected to grow from USD 3.4 Billion in 2024 to USD 7.9 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 12.60% during the forecast period (2024 - 2032). Increased demand for IoT and cloud technologies, as well as a rise in sales of commercial vehicles, are the main factors propelling the growth of the GPS-tracking device market. Also, the increased use of digital maps and the rapid advancement and upgrading of GPS tracking software are anticipated to provide profitable chances for market drivers for GPS tracking devices worldwide.

GPS Tracking Device Market

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

GPS Tracking Device Market Trends

Rising Need for Commercial Vehicle Sales to boost market growth

The user may monitor many devices on a single screen with modern, sophisticated software. The GPS vehicle tracking system was created to monitor the state of the roads and give its target consumers better mapping capabilities. According to a GPS industry analysis, the increased demand for such technologically advanced items boosts market value. The businesses that are major players in the international market are now outlining the best ways to guarantee quick output. Numerous attempts are made to take advantage of the expanding prospects for greater sales of GPS tracking devices.

The main drivers of the GPS tracking device market are a rise in commercial vehicle sales and a rise in demand for IoT and cloud technology. The existence of multiple well-established competitors is advantageous for the GPS Tracking Device Market. Vendors of GPS tracking device technologies are predicted to outperform their competitors since they can match market demands with their considerable technical and financial resources. The GPS tracker may be used for various applications because it was designed using contemporary technology like IoT and cloud computing. Incorporating electronics and internet connectivity into GPS trackers makes them intelligent items and objects that can connect to the cloud, be controlled remotely, and interact with one another. As a result, the GPS tracking market is developing because of the rising need for IoT and cloud technology. The GPS device market is expanding due to the device's increased use in commercial vehicle tracking systems and durability. GPS monitoring devices can identify automobiles that use GPS to track their precise location as the retail industry grows. The need for monitoring to ensure safety and effective operation grows.Hence, the rising number of commercial vehicles is expected to supersede the market CAGR globally in recent years.

Due to the device's rising use in commercial vehicle monitoring systems and longevity, the GPS device market is growing. As the retail sector expands, GPS tracking devices may recognize vehicles that use GPS to track their location. As a result, monitoring is increasingly necessary to guarantee security and efficient functioning enabling a wider GPS Tracking Device market revenue.

GPS Tracking Device Market Segment Insights

GPS Tracking Device Type Insights

The GPS Tracking Device Market segmentation, based on type, includes covert gps trackers, standalone trackers, and advanced trackers. The advanced tracker segment held the majority share in 2022, contributing to around ~55-57% of the GPS Tracking Device Market revenue. The improved tracker has GSM connectivity and GPS alignment. An advanced tracker, which enables better tracking, provides the device's coordinates and other data. For increased functionality, it uses cross-channel measuring and comes with a rechargeable battery and GSM jamming detection algorithms. An advanced tracker may easily and swiftly track small items like trucks, autos, and ships. Its user-friendly UI and powerful notifications enable users to quickly and effectively solve major obstacles or issues.

June 2019: Orbocomm Inc. developed a Class B vessel tracking technology with Pole Star Space Applications Ltd and Weatherdock AG. The final product is tamper-proof gear, which aids in constantly monitoring and tracking the vehicle's location.

Figure 1: GPS Tracking Device Market, by Type, 2022 & 2030 (USD billion)GPS Tracking Device Market, by Type, 2022 & 2030Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

GPS Tracking Device Components Insights

Based on components, the GPS Tracking Device Market segmentation includes GPS loggers, personal GPS trackers, and real-time GPS trackers. The real-time GPS trackers segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2022-2030. They are easy to use and install, helping to determine the location of any object or person. The most popular GPS trackers used for asset tracking, person tracking, vehicle tracking, and other uses are real-time GPS trackers. These trackers keep track of the device's position and other information like speed and altitude. It functions instantly. Both commercial and private customers use them to make life and business transactions easier, which is expected to push the growth of the global market growth.

GPS Tracking Device End User Insights

Based on the end-user, the GPS Tracking Device Market data into automotive, aerospace, healthcare, transportation, government, and defense. The aerospace and automotive segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2022-2030. Aviators worldwide use the global positioning system to increase flight economy and safety. GPS provides continual satellite navigation service to fulfill the needs of various aviation users thanks to its precise, ongoing, and global capabilities. All flight stages, including takeoff, en route, landing, and airport surface navigation, can be determined in three dimensions using space-based positioning and navigation. GPS keeps enabling the development of quicker and more efficient flight routes.

April 2022: The new SC1302 single-use smart monitoring device from CalAmp, a linked intelligence company that improves the performance of people and organizations, can measure temperatures as low as -20 o. The intelligent gadget offers granular visibility for the efficient and secure movement of high-value commodities, including multiple electronics, COVID-19 vaccines, various pharmaceuticals, and perishable goods. This is expected to increase the footprint of the global GPS Tracking Device industry.

GPS Tracking Device Regional Insights

By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. Asia Pacific GPS Tracking Device market accounted for USD 1.3 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period. The industry is expanding thanks to technical advancements made by developing countries like India, China, and Japan. Throughout the forecast period, the expanding adoption of GPS technology in smartphones, tablets, networking devices, IoT devices, and connected cars will substantially impact the global market's revenue.

Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: GPS Tracking Device Market SHARE BY REGION 2022 (%)GPS Tracking Device Market SHARE BY REGION 2022

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe GPS Tracking Device market accounts for the second-largest market share during the forecast period. The GPS tracking market in the area is expanding due to rising sales of commercial vehicles and inexpensive tracking gadgets. Further, the Germany GPS Tracking Device market held the largest market share, and the UK GPS Tracking Device market was the fastest-growing market in the European region

The North America GPS Tracking Device Market is expected to grow at the fastest CAGR from 2022 to 2030. Because the United States has one of the largest economies in the world, an increase in the amount of money that individuals can spend on pricey and additional gadgets as well as their protection, is anticipated to fuel the expansion of the U.S. GPS tracking device market. Moreover, China GPS Tracking Device market held the largest market share, and the India GPS Tracking Device market was the fastest-growing market in the Asia-Pacific region

For instance, India GPS Tracking Device market will grow with the fastest growing CAGR in Asia Pacific. The expanding adoption of GPS technology in smartphones, tablets, networking devices, IoT devices, and linked cars will strongly impact the Indian market's revenue. Market expansion is aided by increased regulatory restrictions and a spike in car production, particularly in developing nations like China and India. For instance, Indian authorities have made it mandatory for drivers to install GPS tracking devices in their cars. The region's increased car production is propelling the market's revenue expansion. The market for GPS tracking devices is expanding due to rising urbanization, particularly in Asia's developing countries, which is raising consumer demand for security, tracking, and navigation.

GPS Tracking Device Key Market Players & Competitive Insights

The Major market players are investing heavily in their research and development departments by introducing a vast product portfolio. The market participants also introduce various market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the GPS Tracking Device industry realize that to appeal to a wider consumer base; their products should be offered at a lower price base.

One of the primary business strategies that the market leaders in the GPS Tracking Device industry apply is reducing operating costs. The GPS Tracking Device market major player such as Verizon Wireless (U.S), Concox Information Technology Co. Ltd. (China), Calamp Corp. (US), Orbocomm Inc. (US), Sierra Wireless Inc. (Canada), and others are working on expanding the market demand by investing in research and development activities.

The Internet of Things (IoT) software applications, cloud services, data intelligence, and telematics goods and services are all offered by CalAmp, a company in Irvine, California. The company's technological offerings include edge computing devices and SaaS-based apps for remotely tracking and managing cars, drivers, freight, and other mobile assets. The business also sells a linked car and lot management products and owns the patents and trademarks for the LoJack Stolen Vehicle Recovery System. Jacob Inbar and David Nichols, who had previously worked together at a microwave branch of Eaton Corporation, established CalAmp as California Amplifier Inc. in Newbury Park, California, in 1981. Initial products produced by the business included amplifiers and other tools for transmitting microwave signals for satellite video and broadband communications.

To track, monitor, and control fixed and mobile assets in markets like transportation, heavy equipment, maritime, oil and gas, utilities, and government, ORBCOMM, an American company, provides industrial Internet of things (IoT) and machine-to-machine communications hardware software, and services. The business offers hardware gadgets, modems, online programs, and data services supplied via several cellular and satellite networks. Serving original equipment manufacturers (OEMs) like Caterpillar Inc., Doosan Infracore America, Hitachi Construction Machinery Co., Ltd., John Deere, Komatsu Limited, and Volvo Construction Equipment, as well as other clients like Hub Group, KLLM Transport Services, Marten Transport, Swift Transportation, Target, Tropicana, Tyson Foods, Walmart, and Werner Enterprises, ORBCOMM had more than 2.3 million billable subscriber communicators as of June 30, 2022.

Key Companies in the GPS Tracking Device market include

  • Verizon Wireless (U.S)

  • Concox Information Technology Co. Ltd. (China)

  • Calamp Corp. (US)

  • Orbocomm Inc. (US)

  • Sierra Wireless Inc. (Canada)

  • Atrack Technology Inc. (Taiwan)

  • Tomtom International Bv ( Neitherland)

  • Spy tech Inc. (U.S)

  • Queclink Wireless Solutions Co. Ltd.

  • Laipac Technology Inc. (Canada), among others

GPS Tracking Device Industry Developments

June 2023: Garbage collection vans now have GPS trackers installed by Salem Corporation. Garbage collection vans will have GPS attached & their movements will get monitored while they collect rubbish from homes inside the Corporation boundary. The installation work in fact has begun and will be finished in 45 days.

March 2023: At a press conference at CONEXPO-CON/AGG 2023 in Las Vegas today, Road Ready, the advanced telematics and linked technology provider from the Clarience Technologies, presented SmartSiteTM, a new contractor-grade GPS-based asset tracking solution. The Road Ready brand is introduced to the construction sector with the help of SmartSite GPS tracking technology, which also increases Clarience Technologies' already sizable industry footprint. It is simple to use and designed to survive harsh worksite situations. Road Ready is heading "off road," according to Nada Jiddou, the Executive Vice President & Chief Digital Officer for the Clarience Technologies, the company that owns the Road Ready brand. "Armed with technology that has helped us make numerous on-highway fleets more efficient, Road Ready is going "off road," In order to minimize project delays and cost overruns due to lost or missing equipment, contractors may now use their latest SmartSite equipment tracking technology, which increases their efficiency and boosts their bottom line.

October 2022: The 'Always On' IoT connection solution from Bharti Airtel was recently introduced that would aid in GPS-based vehicle monitoring. Assuring continuous tracking and safety, the IoT solution enables emergency vehicles, such as ambulances, and other passenger cars to remain linked through various mobile network carriers. The feature complies with the statutory standards for connectivity & GPS tracking for devices set out by the road ministry and employs electronic SIM (eSIM) to link an IoT device to a network. Within the next several years, the firm wants to become the industry leader in the machine-to-machine IoT field.

April 2021: A new managed IoT asset tracking system, Acculink Cargo, was unveiled by Sierra Wireless. Tracking systems can be quickly implemented by businesses to keep tabs on the whereabouts and condition of valuable and delicate assets. Acculink Cargo, which is provided as a service for a flat monthly fee, makes use of Sierra Wireless' unmatched expertise in IoT devices, global connectivity, and the cloud to offer industries a single solution for monitoring the almost real-time status of assets anywhere in the world as they move through their supply chains.

April 2022: Meitrack Group strategically teamed with Toyota and Microsoft on an IoT project that leverages AI, IoT, and vehicle-to-everything technologies and is socially beneficial.

GPS Tracking Device Market Segmentation

GPS Tracking Device Type Outlook (USD Billion, 2019-2030)

  • Covert GPS Trackers

  • Standalone Tracker

  • Advance Tracker

GPS Tracking Device Components Outlook (USD Billion, 2019-2030)

  • GPS Loggers

  • Personal GPS Trackers

  • Real-Time GPS Trackers

GPS Tracking Device End User Outlook (USD Billion, 2019-2030)

  • Automotive and Aerospace

  • Healthcare

  • Transportation

  • Government and Defense

GPS Tracking Device Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

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