What Has Driven the Growth of the GPS Tracking Device Market in Recent Years?
The gps tracking device market has seen considerable growth due to a variety of factors.
•The market size of GPS tracking devices has seen a brisk rise in recent years. It is projected to inflate from $3.22 billion in 2024 to $3.61 billion in 2025, with a Compound Annual Growth Rate (CAGR) of 12.1%.
The historical growth is mainly due to factors such as the proliferation of fleet management solutions, the surge in e-commerce and final leg deliveries, legislative decrees promoting vehicle safety, greater acceptance in asset tracking, and escalating concerns over personal safety.
What is the Market Size Forecast for the GPS Tracking Device Market?
The gps tracking device market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the GPS tracking device market is anticipated to experience swift expansion, reaching an estimate of "$6.39 billion in 2029, growing at a compound annual growth rate (CAGR) of 15.3%.
The substantial growth during the projected period can be linked to a growing number of self-driving cars, rising need for recovery of stolen vehicles, commitment to environmental sustainability, extending applications in healthcare, and an increasing need for geo-fencing solutions. Some significant trends to watch during the forecast period include IoT ecosystems integration, advancements in real-time tracking technology, improved battery life, the use of AI in data analysis, expansion of satellite constellations, and incorporation with wearable devices.
What Are The Core Factors Supporting Growth In The GPS Tracking Device Market?
The escalating need for commercial vehicles is projected to boost the expansion of the GPS tracking device market. A commercial vehicle is typically one that is registered under a company's name, like business cars, fleets, or any other means of transport utilized for carrying goods and equipment for commercial or business-related functions. GPS trackers are installed in such vehicles to monitor their location, streamline vehicle maintenance, and improve customer service by offering real-time updates. Hence, this growing demand for commercial vehicles is fuelling the GPS tracking device market's growth. For example, in 2023, the Paris-based international trade federation, the International Organization of Motor Vehicle Manufacturers recorded a 10% growth in commercial vehicle production in the USA, climbing from 7,604,154 in 2021 to 8,308,603 in 2022. In addition, Argentina's production of commercial vehicles saw a 24% increase, moving from 250,647 in 2021 to 279,388 in 2022. As a result, the surging demand for commercial vehicles is steering the advancement of the GPS tracking device market.
What Are The Major Segments Within The Global GPS Tracking Device Market?
The GPS tracking device market covered in this report is segmented –
1) By Type: Standalone Trackers, OBD Devices, Advance Trackers
2) By Deployment: Commercial Vehicles, Cargo And Containers
3) By Application: Automotive, Aerospace And Defense, Healthcare, Transportation
Subsegments:
1) By Standalone Trackers: Personal GPS Trackers, Pet GPS Trackers, Asset GPS Trackers
2) By OBD Devices: OBD-II Plug-And-Play Trackers, OBD Devices With Diagnostics Features
3) By Advance Trackers: Real-Time Tracking Devices, Fleet Management Trackers, GPS Tracking Devices With Geofencing Features, GPS Trackers With Fuel Monitoring
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Which Trends Are Expected To Transform The GPS Tracking Device Market?
Product innovation is an emerging trend attracting popularity within the GPS tracking device market. To bolster their market standing, major firms in this field are increasingly focused on developing cutting-edge solutions. Take for example, ATrack Technology Inc., a Chinese firm known for designing and manufacturing telematics hardware. In January 2022, they introduced the AL300 LTE-M waterproof tracker, engineered with IP67 waterproof and dustproof capabilities. This device is specifically designed for prolonged outdoor use and monitoring of heavy machinery or transportation equipment, encompassing refrigerated trucks, trailers, scooters, and heavy machinery in agriculture and construction. It plays a pivotal role in managing costs effectively in relation to heavy outdoor machinery and transport equipment.
Who Are the Key Players in the GPS Tracking Device Market?
Major companies operating in the GPS tracking device market include:
• 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.
What Is The Most Dominant Region In The GPS Tracking Device Market?
Europe was the largest region in the GPS tracking device market in 2024. The regions covered in the GPS tracking device market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
