GPS Tracking Device Global Market Report 2024

The gps tracking device market has grown rapidly in recent years. It will grow from $2.91 billion in 2023 to $3.29 billion in 2024 at a compound annual growth rate (CAGR) of 13.3%. The expansion observed during the historical period can be credited to the increase in fleet management solutions, the growth of e-commerce and last-mile delivery services, regulatory mandates emphasizing vehicle safety, the heightened adoption of GPS tracking devices in asset tracking, and an increase in concerns related to personal safety.

The gps tracking device market is expected to see rapid growth in the next few years. It will grow to $5.46 billion in 2028 at a compound annual growth rate (CAGR) of 13.4%. The anticipated growth in the forecast period can be attributed to the upsurge in autonomous vehicles, a rising demand for stolen vehicle recovery services, a growing emphasis on environmental sustainability, the expanded usage of GPS tracking devices in healthcare, and an increasing demand for geo-fencing solutions. Key trends expected in the forecast period include integration with IoT ecosystems, advancements in real-time tracking capabilities, improved battery life, the incorporation of artificial intelligence (AI) in analytics, the expansion of satellite constellations, and integration with wearable devices.

The anticipated surge in demand for commercial vehicles is poised to drive the growth of the GPS tracking device market in the coming years. Commercial vehicles, including company cars and fleet vehicles used for transporting goods and equipment for business purposes, utilize GPS tracking devices to monitor vehicle location, enhance maintenance practices, and improve customer service through real-time status updates. The increasing demand for commercial vehicles is evident in the data from the International Organization of Motor Vehicle Manufacturers, revealing a 10% increase in the production of commercial vehicles in the USA from 7,604,154 in 2021 to 8,308,603 in 2022. Additionally, Argentina experienced a 24% rise in commercial vehicle production from 250,647 in 2021 to 279,388 in 2022, further substantiating the positive impact on the GPS tracking device market.

The burgeoning tourism and travel industry are anticipated to be a significant driver of growth for the GPS tracking device market. The growth and expansion of tourism, coupled with an increasing number of people traveling for various purposes, create opportunities for GPS tracking devices to contribute to safer, more efficient, and enjoyable travel experiences. These devices play a crucial role in navigation assistance, fleet management, asset tracking, and providing real-time traffic information. Notably, data from the U.S. Department of Commerce in June 2022 indicates a rise in international visitors to the US, reaching 22.1 million in 2021. This trend underscores the influence of the growing tourism and travel industry on the GPS tracking device market.

A notable trend in the GPS tracking device market is the emphasis on product innovation by major companies. Companies are actively engaged in developing new solutions to strengthen their market positions. For instance, in January 2022, ATrack Technology Inc., a China-based telematics hardware design and manufacturing company, introduced the AL300 LTE-M waterproof tracker with IP67 waterproof and dustproof features. This tracker caters to heavy machinery and transportation equipment placed outdoors, such as refrigerated trucks, trailers, scooters, and agricultural and construction machinery, addressing the need for long-term monitoring.

Major players in the GPS tracking device market are prioritizing advanced solutions, exemplified by the introduction of the EZ2 LTE model. Systems & Technology Corp, a Taiwan-based company specializing in GPS tracking devices, launched the EZ2 LTE model in July 2023. This portable and adaptable tracking option supports 4G LTE Cat 1 network connectivity, providing simultaneous connections to digital or analog accessories and RS-232 connections to external equipment. With broad LTE frequency band support, the EZ2 LTE model enhances connectivity, especially in the Asia Pacific, Europe, and the Middle East. It caters to industries such as insurance, vehicle rental, fleet management, logistics, and chilled transportation.

In September 2021, Advantage GPS Inc., a US-based company offering GPS tracking and location-based services, completed the acquisition of Asset Tracking Technology Inc. This strategic move, for an undisclosed amount, enables Advantage GPS to enhance its GPS tracking capabilities, offering clients a more comprehensive solution. The acquisition positions Advantage GPS to strengthen its presence in the GPS tracking sector and elevate its customer service capabilities. Asset Tracking Technology Inc., based in the US, specializes in providing GPS hardware and software services.

Major companies operating in the gps tracking device market report are CalAmp Inc., ORBCOMM Inc., Sierra Wireless Inc., Shenzhen Jimi IoT Co. Ltd., Queclink Wireless Solutions Co. Ltd., Teltonika Networks, ATrack Technology Inc., Geotab Inc., Meitrack Group Co. Ltd., Trackimo Ltd., Starcom Systems International Inc., TomTom International BV, Ruptela UAB, ICONCOX Co. Ltd., Geoforce LLC, Laird plc, Verizon Wireless, Concox Information Technology Co. Ltd., Laipac Technology Inc., Maestro Wireless Solutions Ltd., Pointer Telocation Ltd., Xirgo Technologies LLC, Fleet Complete Inc., Spireon Inc., GPS Insight LLC, Fleetmatics Group plc, Omnitracs LLC, Zonar Systems Inc., SkyBitz Inc., Trimble Inc.

Europe was the largest region in the GPS tracking device market in 2023. The regions covered in the gps tracking device market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the gps tracking device market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of GPS tracking devices include standalone trackers, OBD devices, and advanced trackers. A standalone tracker is an independent unit or device specifically designed for GPS tracking operations. These devices find application in various deployments, such as commercial vehicles, cargo, and containers, within industries such as automotive, aerospace and defense, healthcare, and transportation.

The GPS tracking device market research report provides gps tracking device market statistics, including gps tracking device industry global market size, regional shares, competitors with a gps tracking device market share, detailed gps tracking device market segments, market trends and opportunities, and any further data you may need to thrive in the gps tracking device industry. This gps tracking device 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 GPS tracking device market consists of sales of Plug-in, hardwired, and battery-operated GPS tracker. 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 this market includes related services sold by the creators of the goods.

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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