GPS Equipment Global Market Report 2024

The gps equipment market size has grown steadily in recent years. It will grow from $2.39 billion in 2023 to $2.47 billion in 2024 at a compound annual growth rate (CAGR) of 3.3%. The growth during the historic period was driven by various factors such as the increased adoption in military applications, the booming consumer electronics sector, the launch and proliferation of GPS satellites, the automotive industry's integration, and government-led initiatives and investments.

The gps equipment market size is expected to see steady growth in the next few years. It will grow to $2.88 billion in 2028 at a compound annual growth rate (CAGR) of 3.9%. The projected expansion hinges on IoT, enhanced security, data analytics, emergency response, and autonomous drone integration. Anticipated trends encompass wider outdoor recreation, increased safety focus, autonomous vehicle development, amplified agricultural utilization, and government-led initiatives and regulations.

The growth of the GPS equipment market is strongly influenced by the increased utilization of GPS tracking devices in commercial vehicles. These devices play a crucial role in monitoring various commercial vehicles, including trucks, buses, heavy commercial vehicles, and construction vehicles. By employing GPS trackers, companies can achieve real-time monitoring, optimize routes, enhance operational efficiency, and improve fuel efficiency in their commercial vehicle fleets. This adoption of GPS technology provides businesses with a competitive edge, enabling them to offer superior customer experiences. Consequently, the widespread use of GPS equipment in the commercial vehicle sector stands out as a significant driver fueling the growth of the GPS equipment market.

The ongoing and expanding adoption of Internet of Things (IoT) devices and sensors is anticipated to be a key driver propelling the growth of the GPS equipment market. IoT devices and sensors serve as integral components within the broader IoT ecosystem, connecting physical objects and devices to the internet for data collection and exchange. The rising prevalence of IoT technology across diverse industries and sectors amplifies the demand for precise location data, reinforcing the importance of GPS equipment. As a concrete example, DataProt, a cybersecurity solutions company based in Serbia, reported in May 2023 that there were over ten billion active IoT devices in use in 2021, with an estimated projection of 25.4 billion by 2030. This surge in IoT device adoption underscores the increasing reliance on GPS equipment, solidifying its role as an essential component within the IoT landscape and contributing to the growth of the GPS equipment market.

The growth of the GPS equipment market faces a potential hindrance due to security threats targeting GPS tracking applications. This vulnerability is attributed to the risk of hackers interfering with signals emitted by GPS equipment, presenting opportunities for unauthorized access and manipulation. Hackers could potentially disrupt the transmission signals, leading to various malicious actions such as tracking the positions of numerous vehicles, and even remotely switching off vehicle engines while in motion. This security concern was exemplified in a research study conducted by BitSight, a US-based cybersecurity ratings company, in September 2021. The study highlighted vulnerabilities, including password vulnerabilities in the MiCODUS API server (CVE-2022-2107) and faulty authentication (CVE-2022-2141), both with high CVSS scores. These vulnerabilities allowed remote attackers to send SMS commands to GPS trackers and track vehicles across multiple countries. Such vulnerabilities in GPS equipment pose complications for smooth operations and act as a deterrent to the growth of the GPS equipment market.

The integration of advanced software with GPS trackers has witnessed rapid development, contributing to the market's growth. The use of sophisticated software enables the delivery of real-time location data and enhances mapping capabilities. Advanced software integration allows GPS trackers to seamlessly integrate with resources such as Google Earth and facilitates predictive diagnosis. For instance, Trackem, a US-based platform for monitoring resources, supplies, and job progress, introduced its latest version of the GPS tracking platform in September 2022. This updated system features tools for tracking fuel bills, fleet-wide fuel usage, mileage analysis, and driver scorecards. Driver scorecards provide insights into driving habits, helping identify areas for improvement and training purposes. Additionally, the system includes a Maintenance area to assist fleet managers in staying current with vehicle repairs, optimizing fuel efficiency. The continuous development of enhanced GPS tracking solutions positively contributes to the overall growth of the market.

Major companies in the GPS equipment market are investing in the development of high-precision tracking devices. A notable example is Bad Elf LLC, a US-based computer hardware manufacturing company, which introduced the Bad Elf Flex Mini in July 2023. This innovative product is a high-precision Bluetooth GNSS (Global Navigation Satellite System) receiver specifically designed for geospatial professionals. The Bad Elf Flex Mini offers various accuracy levels, including an extreme mode with RTK (Real-Time Kinematic) support, enabling sub-foot accuracy for diverse mapping requirements. The device supports multiple satellite constellations to ensure global coverage and establishes a connection with smartphones and tablets via Bluetooth. It boasts features such as a long-lasting battery, a rugged design, and a companion app compatible with both iOS and Android platforms. The Bad Elf Flex Mini aims to provide a cost-effective and user-friendly solution for collecting high-precision location data, particularly in challenging field conditions.


In October 2023, CNH Industrial N.V., a UK-based agricultural machinery company, acquired Hemisphere GNSS for an undisclosed sum. This strategic acquisition has empowered CNH Industrial with in-house expertise in global satellite navigation technology. This move facilitates the acceleration of the company's strategic plans for automation and autonomy technology in the fields of agriculture and construction. The aim is to offer enhanced efficiency and productivity to customers through advanced positioning and navigation solutions. Hemisphere GNSS, the acquired company, is based in the U.S. and specializes in providing cutting-edge solutions in precision agriculture and construction.

Major companies operating in the gps equipment market report are Schlumberger Limited, Texas Instruments Inc., Garmin Ltd., Sensata Technologies Inc., Trimble Navigation Limited, Ramboll Group A/S, Jimi IoT, MiTAC Digital Technology Corporation (Navman), Suntech Power Holdings Co. Ltd., Eelink Communication Technology Limited, Queclink Wireless Solutions Co. Ltd., TomTom International BV, Laird PLC., Geotab Inc., Teltonika UAB, Calamp Corporation, Sierra Wireless Inc., Mio Technology Corporation, Verizon, Orbocomm Inc., Concox Wireless Solution, Shenzhen Concox Information Technology Co. Ltd., ATrack Technology Inc., Meitrack Group, Trackimo LLC, Ruptela UAB, Xirgo Technologies Inc., Shenzhen Coban Electronics Co. Ltd., Maestro Wireless Solutions, Spy Tec Inc., Sercel SA, IRIS Instruments, DMT GmbH & Co. KG, Phoenix Geophysics Ltd., Geotech Ltd., Petroleum Geo-Service, TGS-NOPEC Geophysical Company, Geoex Ltd., BGP Inc. The Asia-Pacific was the largest region in the GPS equipment market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global GPS equipment market share during the forecast period. The regions covered in the gps equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The primary product types include data loggers, data pushers, data pullers, and covert GPS trackers. Data loggers automatically monitor and record environmental parameters over time for analysis and validation. GPS equipment finds applications in road, aviation, marine, location-based services, surveying, mapping, and more, serving industries such as transportation, logistics, construction, oil and gas, mining, and government.

The GPS equipment market research report is one of a series of new reports that provides GPS equipment market statistics, including GPS equipment industry global market size, regional shares, competitors with a GPS equipment market share, detailed GPS equipment market segments, market trends and opportunities, and any further data you may need to thrive in the GPS equipment industry. This GPS equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The countries covered in the gps equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The global positioning system GPS equipment market consists of sales of equipment for determining the ground position of an object through GPS satellites. GPS is a satellite navigation system that transmits specific signals that allow GPS equipment to decode and measure the satellite's exact location. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in the GPS equipment market includes related services sold by the creators of the goods. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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