- Standalone Tracker
- OBD Device
- Advanced Tracker
GPS Tracking Device Market size was valued at USD 2,692.6 million in 2022, and is expected to grow at a 12.3% CAGR from 2023 to 2029. The GPS tracking device is the device used to track or determine the current location. The GPS trackers can be used in various sectors like automobiles, shipment containers, personnel GPS trackers for personal use, and such more. The main key factor driving the GPS tracking device market is the increasing demand for Internet on Things and Cloud technology. The GPS trackers are enhanced by the use of modern technology which provides various specifications to the users. The increasing demand for information technology, telecom industry, and logistics to keep a track on real-time information of a product, vehicles or even an individual. The demand for vehicle tracking devices increased due to the increasing number of accident.The increased number of accidents has grabbed the attention of government authority and fleet management to implement tracking devices. The vehicle tracking segment is expected to grow at a significant rate in the forecasted period. Furthermore, the increased sales of commercial vehicle and growing demand for IoT and Cloud technology is expected to boost the GPS tracking device market in the forecasted years. Increasing focus on safety & security and increasing usage of digital maps are expected to provide an opportunity in the growth of GPS tracking device market. Factors like strict rules and regulations regarding licensing and lack of network infrastructure in some underdeveloped countries and technological issues faced by these region people are the factors expected to hinder the growth of GPS tracking devices market. Geographically, Asia Pacific region is expected to hold major market share and is expected to dominate the global GPS tracking device market in the forecasted years.
GPS Tracking Device Market Key Developments:
In July 2021, Atrack Technology Inc., launched its product AK7V, an advanced vehicle tracking device which helps in fleet management for the customer.
In February 2021, GPS Trackit announced its acquisition on companies like TSO mobile, Intouch GPS, FleetTrax.
Fastest Growing Market
GPS tracking device market is growing due to the increase in demand for IoT and cloud technology, the increasing sales of commercial vehicles in region like China, India, Indonesia, Malaysia is expected to fuel the market growth rate in the forecasted period. The increasing incidence of road accidents has grasped the attentions of government authority and managements of the companies, thus government making regulations to mandatorily install tracking devices in the commercial vehicles. The safety and security concern of the people has also been increased in the historic years which additionally boosts the growth of GPS tracking devices market across the globe.
Automotive Aerospace Defense Healthcare transportation Others
The GPS Tracking Device market size was valued at USD 2,692.6 million in 2022.
The GPS Tracking Device market is poised to grow at a significant CAGR of 12.3% from 2023 to 2029.
The leading players in the global GPS tracking device market are Laird PLC, Calamp Corp., Teltonika UAB, Concox Wireless Solutions Co., Ltd., Tomtom International BV, Sierra Wireless Inc., Geotab Inc, Meitrack Group, Atrack Technology Inc, Orbocomm Inc, Ltd, Trackimo LL, Queclink Wireless Solutions Co., Ltd., Meiligao Groupteltonika, Spy Tec International, Rekvizitai.Lt Lithuania, Lantronix, Inc, Xirgo Technologies., GPS Insight, ClearpathGPS Inc.
Historic years considered for the market study are 2018 through 2022, 2022 is considered as the base year for market estimation and Seven years forecast presented from 2023– 2029.