GPS Tracking Device Market - Forecasts from 2023 to 2028

The GPS tracking device market was valued at US$2,268.431 million in 2021.

The GPS tracking device market encompasses the production, distribution, and utilization of devices that leverage the Global Positioning System (GPS) for precise location tracking. These devices find applications across diverse industries and sectors to effectively monitor and track the movements of individuals, vehicles, and assets. Prominent end-users and applications of GPS tracking devices encompass fleet management, asset tracking, personal safety, and law enforcement. They facilitate optimized route planning, heightened security measures, and enhanced operational efficiency. These include the escalating demand for fleet management solutions, growing concerns regarding security, and technological advancements in GPS technology that yield improved functionality.

However, the market faces certain restraints. Concerns surrounding privacy, legal and regulatory complexities, cost considerations, and occasional challenges about the reliability and accuracy of GPS signals can impede market expansion. Notwithstanding these restraints, the GPS tracking device market continues to thrive as businesses and individuals recognize the profound advantages of real-time location tracking in bolstering efficiency, security, and safety measures.

GPS Tracking Device Market Drivers:

• Increasing adoption of fleet management solutions

The fleet management market is experiencing significant growth due to the need for enhanced operational efficiency, cost reduction, and regulatory compliance. GPS tracking devices play a vital role in fleet management by providing real-time location data, enabling fleet operators to monitor vehicle movements, optimize routes, and improve driver behavior. The quantifiable impact of this driver can be seen in the increasing number of GPS tracking device installations in fleet vehicles worldwide. As such, the demand for efficient fleet management solutions is driving the adoption of GPS tracking devices.

• The growing need for asset tracking

Logistics, construction, and healthcare industries rely on GPS-tracking devices for asset tracking and management. The asset tracking market is witnessing substantial growth due to the rising need for efficient asset monitoring and protection. GPS tracking devices offer real-time location tracking, geofencing capabilities, and other features enabling businesses to track valuable assets such as high-value shipments, construction equipment, and medical devices. The quantifiable impact of this driver can be observed in the increasing adoption of GPS-tracking devices for asset-tracking purposes. Additionally, integrating GPS tracking devices with other technologies like IoT further enhances the market potential by providing comprehensive asset management solutions.

The advanced tracker segment is expected to witness robust growth.

The advanced tracker GPS tracking devices market reveals a growing demand driven by the need for real-time tracking, improved fleet management, and enhanced asset security. These trackers offer advanced features such as geofencing, driver behavior monitoring, and integration with IoT, enabling seamless connectivity and data exchange. The market is witnessing the emergence of vertical-specific solutions tailored to industry requirements and integration with other technologies like AI and big data analytics. The need for advanced GPS trackers shows significant growth potential, fueled by increasing customer demands and technological advancements.

North America accounted for a significant share of the global GPS tracking device market.

Based on geography, the GPS tracking device market is segmented into North America, South America, Europe, the Middle East and Africa, and Asia Pacific. North America is a mature and influential market in the GPS tracking device industry, driven by its strong industry verticals such as transportation, logistics, and fleet management. The region benefits from stringent government regulations, technological advancements, and increasing awareness of the benefits of GPS tracking solutions, including improved operational efficiency, enhanced asset security, and regulatory compliance. The presence of established players, research and development activities, and a high level of market maturity further contribute to North America's position as a key region for market growth and innovation in the GPS tracking device industry.

Market Developments:

• In October 2022, Bharti Airtel launched an 'Always On' IoT connectivity solution for GPS tracking of vehicles. The solution utilizes electronic SIM (eSIM) technology to connect IoT devices to the network, ensuring continuous tracking and safety. The company claimed that it aligns with the road ministry's connectivity and GPS tracking capabilities requirements.
• In March 2021, CarDekho launched Uplink, an advanced GPS vehicle tracking system. The compact plug-and-play device provides real-time access to live tracking, rash driving alerts, and trip history. Uplink ensures round-the-clock safety and security of the vehicle, enabling continuous connectivity through mobile apps and a web portal. The Uplink device is pre-installed with a SIM for a hassle-free experience.
• In February 2023, MapmyIndia unveiled a fresh lineup of Mappls Gadgets designed for automobiles, encompassing GPS trackers, dashboard cameras, integrated dashboard entertainment systems, and intelligent headgear kits. The GPS trackers offer real-time location tracking, geofencing alerts, and other features. The dash cameras provide video visibility and insights into vehicle performance. The in-dash infotainment system integrates into the dashboard, offering various features. The gadgets are equipped with an Android-based OS and are compatible with CarPlay and Android Auto. Additionally, MapmyIndia developed smart helmet kits for two-wheeler riders, providing hands-free visual and audio navigation.

Market Segmentation:

BY TYPE

• Data Loggers
• Data Pushers
• Data Pullers

BY TECHNOLOGY

• Standalone Tracker
• OBD Device
• Advance Tracker

BY INDUSTRY VERTICAL

• Automotive
• Aerospace & Defense
• Healthcare
• Transportation
• Others

BY GEOGRAPHY

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• Germany
• France
• United Kingdom
• Spain
• Others
• Middle East And Africa
• Saudi Arabia
• UAE
• Israel
• Others
• Asia Pacific
• China
• Japan
• India
• South Korea
• Indonesia
• Taiwan
• Others