The GPS equipment market has shown steady growth, rising from $2.39 billion in 2023 to $2.47 billion in 2024, with a CAGR of 3.3%. This growth is driven by military applications, advancements in consumer electronics, and increased adoption within the automotive sector. By 2028, the market is expected to grow to $2.88 billion, at a CAGR of 3.9%. Anticipated drivers of growth include the expansion of IoT devices, enhanced security measures, and the integration of data analytics. Major trends expected include increased outdoor recreation, the emergence of autonomous vehicles, and ongoing government initiatives.
Major Driver In The GPS Equipment Market
The expansion of the GPS equipment market is directly linked to the increased use of GPS tracking devices in commercial vehicles. These devices play a pivotal role in monitoring various commercial vehicles, including trucks, buses, heavy commercial vehicles, and construction vehicles. Real-time monitoring with GPS trackers enables companies to receive updates, optimize routes, enhance efficiency, and improve fuel efficiency. Businesses leveraging GPS technology for vehicle tracking gain a competitive edge in providing superior customer experiences. Thus, the widespread adoption of GPS tracking devices in commercial vehicles serves as a fundamental factor contributing to the growth of the GPS equipment market, with market sizes in 2023, 2024, and 2028 mirroring the impact of increased GPS usage in the commercial sector.
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GPS Equipment Market Competitive Landscape
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.
Key GPS Equipment Market Trend
The integration of GPS tracking with advanced software has rapidly evolved, offering real-time location data and improved mapping capabilities. For instance, in September 2022, Trackem, a US-based monitoring platform, released a new version of its GPS tracking system. This system includes tools for tracking fuel usage, fleet mileage, and driver performance. It provides insights for fuel efficiency, maintenance, and driver behavior, contributing to market growth.
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GPS Equipment Market Segmentation
The gps equipment market covered in this report is segmented –
1) By Product Type: Data loggers, Data pushers, Data pullers, Covert GPS Trackers
2) By End-Use Industry: Transportation And Logistics, Construction, Oil And Gas, Metals And Mining, Government, Other End-Use Industries (Hospitality, Education, Retail, Agriculture, and Healthcare)
3) By Application: Road, Aviation, Marine, Location-based services, Surveying and Mapping, Other Applications
By Geography:The regions 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 Asia-Pacific was the largest region in the GPS equipment market in 2023.
The GPS Equipment Global Market Report 2024 furnishes information about the global gps equipment market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
