The global positioning system (GPS) tracking device market size was USD 2.9 Bn in 2022 and is likely to reach USD 6.7 Bn by 2031, expanding at a CAGR of 12.9% during, 2023–2031. Increasing demand for cloud technologies and the Internet of Things (IoT) are expected to fuel the market.
Global positioning system (GPS) tracking device is considered one of the most advanced inventions. GPS tracking devices are used to determine the precise location of a person, asset, or vehicle. These devices recorded location data and stored it within the tracking unit. This stored data is then transmitted to an internet-connected device with the help of radio, satellite, or cellular networks.
A GPS tracking system is a mobile unit that allows users to track and monitor their specific location. These systems are mostly used in car tracking systems that are very similar to in-car navigation systems. GPS tracking devices increase the safety and security standards of consumers and thus improve businesses.
GPS navigation systems display drivers’ location on a virtual map which then delivers instructions while driving to reach a destination. However, GPS trackers use GPS technology to track the current location of vehicles and the history of their locations. The GPS data is then displayed on different monitors including computers, smartphones, or tablets.
The report finds that the COVID-19 pandemic slowed down the overall revenue generation of the global positioning system (GPS) tracking device market. Preventive measures imposed by governments across countries such as an emergency lockdown and several restrictions on traveling to curb the virus spread. However, the lockdown forced many industries to stop their operation, which reduced the demand for GPS tracking devices during the pandemic.
Global Positioning System (GPS) Tracking Device Market Dynamics
Major Drivers
Growing demand for real-time location tracking among different applications including telecommunication, retail, transportation, logistics, and e-commerce is expected to boost the market in the coming years. Transportation and logistics highly utilize GPS systems to trace the real-time location of products. This system helps in monitoring, which increases the efficiency of operation & safety.
Moreover, Growth in e-commerce businesses is anticipated to increase the demand for location tracking systems to detect delivery locations, provide live locations of products, and the effective recognition of delivery locations, which further drives the market in coming years.
Increasing sales of commercial vehicles are projected to drive the market during the projection period. Due to the rapid invention and development of GPS systems, the automotive sector using it for monitoring vehicles regarding directions. However, it helps to track the real-time location of vehicles, which further boosts the safety and security of vehicles as well as passengers.
Existing Restraints
Stringent rules associated with licensing are expected to restrain the market. The regulations for licensing and their approval requires a long process, which further limits the market growth. In addition, the lack of network facilities in remote areas affects the performance of location-tracking devices, which is anticipated to hinder market growth.
Emerging Opportunities
Rising usage in various public & private transport services such as taxis, trains, and buses is projected to create lucrative opportunities in the market. Increasing focus on the security & safety of passengers and vehicles results in market expansion. In 2021, the Ministry of Road Transport & Highways made a GPS tracking system mandatory for all oxygen-transporting cars for effective monitoring & protection to prevent diversions or delays.
The invention of the digital map is expected to create immense opportunities in the market, due to increasing numbers of internet subscribers, smartphones, and transportable internet devices. Many vehicles have virtual map display systems for route viewing and navigation purposes. The recent developments in virtual maps including 3D maps and easy locating are likely to fuel the market.
Scope of Global Positioning System (GPS) Tracking Device Market Report
The report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Global Positioning System (GPS) Tracking Device Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Type (Data Pushers, Data Loggers, and Data Pullers), Technology (OBD Devices, Advance Trackers, and Standalone Trackers), Deployment (Cargo, Containers, and Commercial Vehicles), and End-user (Healthcare, Automotive, Aerospace & Defense, Transportation, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast
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Key Players Covered in the Report
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CalAmp; Shenzhen Jimi IoT Co., Ltd.; Queclink Wireless Solutions Co., Ltd.; Verizon; TomTom International BV; Geotab Inc.; Assured Telematics Inc.; ORBCOMM; ATrack Technology Inc.; and Laird Technologies, Inc.
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Global Positioning System (GPS) Tracking Device Market Segment Insights
In terms of type, the global positioning system (GPS) tracking device market is fragmented into data pushers, data loggers, and data pullers. The data pushers segment is estimated to expand at a significant growth rate during the projection period, due to the growing demand for personal tracking solutions. GPS pushers analyze and stockpile real-time data for tracking. This type of GPS device is easy to use and is widely used in the security sector, as it shows the accurate location of a person or object.
On the basis of technology, the market is segregated into OBD devices, advance trackers, and standalone trackers. The advance trackers segment is projected to register a considerable CAGR during the forecast period, as it provides information such as device coordination. It is embedded with cross-channel measurement and a GSM jamming detection algorithm for enhanced functionality. Moreover, it consists of a microphone to monitor a conversation and an integrated motion sensor to detect towing and movements. Increasing demand for enhanced tracking solutions is likely to boost segment growth.
Based on deployment, the global positioning system (GPS) tracking device market is categorized into cargo, containers, and commercial vehicles. The commercial vehicles segment is expected to expand at considerable CAGR in the coming years, owing to the rising demand for passengers’ safety.
The owners of commercial vehicles are required to provide advanced vehicle diagnostics data. This data is further monetized for increasing fleet operation performance, usage insurance calculation, and maintaining a schedule. However, vehicle tracking in commercial vehicles is used for routing, dispatching, fleet tracking, and maintaining onboard information & security.
On the basis of end-user, the market is segmented into healthcare, automotive, aerospace & defense, transportation, and others. The transportation segment is expected to register a robust growth rate during the forecast period, as GPS logistics mobility solutions assist an individual to control and monitor numerous vehicles of a workforce. The transportation sector widely used GPS tracking devices to find out simple and quick routes to be safe from heavy traffic. Driver misconduct is watched with GPS monitoring for enhancing safety. Rising transportation activities across the globe are expected to propel the segment.
In terms of region, the global positioning system (GPS) tracking device market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to dominate the market during the projection period, owing to the growing transportation activities in developing countries such as India and China. Moreover, increasing demand for real-time tracking, navigation, security, and rising internet penetration activities is likely to fuel the market in the region.
Segments
The global positioning system (GPS) tracking device market has been segmented on the basis of
Type
- Data Pushers
- Data Loggers
- Data Pullers
Technology
- OBD Devices
- Advance Trackers
- Standalone Trackers
Deployment
- Cargo
- Containers
- Commercial Vehicles
End-user
- Healthcare
- Automotive
- Aerospace & Defense
- Transportation
- Others
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players operating in the global positioning system (GPS) tracking device market include CalAmp; Shenzhen Jimi IoT Co., Ltd.; Queclink Wireless Solutions Co., Ltd.; Verizon; TomTom International BV; Geotab Inc.; Assured Telematics Inc.; ORBCOMM; ATrack Technology Inc.; and Laird Technologies, Inc.
These companies adopted development strategies such as mergers, acquisitions, partnerships, collaboration, investments in R&D, and product launches to boost their market share. For instance,
- In September 2022, Shenzhen Jimi IoT Co., Ltd. introduced LL303, a 4G solar tracker that is designed for tracking construction vehicles and ships. LL303 integrated with GPS, LBS, BDS, and WiFi multiple positioning systems, which offers vehicle location and trajectory information outside the production site to ensure productivity and product safety.
- In June 2022, CalAmp partnered with Assured Telematics Inc. The partnership will offer electronic logging device (ELD) facility with CalAmp’s computing devices to commercial and public fleet operators. It enables them to capture critical data that are necessary for regulatory compliance.
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