Global GPS Tracking Devices Market Report 2024: Market Size, Trends and Global Forecast 2024-2033
Global GPS Tracking Devices Market Report 2024 by Business Research Company – Market Size, Trends and Global Forecast 2024-2033
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LONDON, GREATER LONDON, UK, August 21, 2024 /EINPresswire.com/ — The GPS tracking devices market has witnessed strong growth in the last few years, growing from $2.91 billion in 2023 to $3.29 billion in 2024 at a compound annual growth rate (CAGR) of 13.3%. The growth during the historical period is attributed to a rise in fleet management solutions, growth in e-commerce and last-mile delivery, regulatory requirements for vehicle safety, increasing use of asset tracking, and rising personal safety concerns.
Strong future growth expected
The GPS tracking devices market is expected to continue to grow at a strong pace and reach USD 5.46 billion in 2028, growing at a compound annual growth rate (CAGR) of 13.4%. The growth during the forecast period is attributed to the rise in autonomous vehicles, increasing demand for stolen vehicle recovery, focus on environmental sustainability, expanding use in healthcare, and demand for geofencing solutions.
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Growth drivers of the GPS tracking devices market
The increasing demand for commercial vehicles is expected to drive the growth of the GPS tracking devices market in the future. A commercial vehicle is a vehicle registered to a company, such as company cars, fleet vehicles, or other vehicles used to transport goods and general equipment for commercial or business purposes. GPS tracking devices are used in commercial vehicles to track the vehicle, improve vehicle maintenance, and enhance customer service by providing real-time status. Therefore, the increasing demand for commercial vehicles is driving the growth of the GPS tracking devices market.
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Key players and market trends
Major players in the GPS tracking devices market include CalAmp Inc., ORBCOMM Inc., Sierra Wireless Inc., Shenzhen Jimi IoT Co. Ltd., Queclink Wireless Solutions Co. Ltd., and Teltonika Networks.
Product innovation is a major trend that is gaining popularity in the GPS tracking devices market. Major companies operating in the GPS tracking devices market are focusing on developing new solutions to strengthen their position in the market.
Segments:
1) By type: Standalone trackers, OBD devices, Advanced trackers
2) By application: commercial vehicles, freight and containers
3) By Application: Automotive, Aerospace & Defense, Healthcare, Transportation
Geographical insights: Europe is the market leader
Europe was the largest region in the GPS Tracking Devices market in 2023. The regions covered in the GPS Tracking Devices market report are Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa
GPS Tracking Devices – Market Definition
GPS tracking device is a software device that provides location monitoring information to remotely track the location of an entity or object using the Global Positioning System (GPS). It is used by fleet managers to locate assets on a route, report on traffic conditions, and track other activities of vehicles.
The Business Research Company’s global GPS Tracking Devices Market report 2024 includes the following information:
• Market size data for the forecast period: Historical and future
• Market analysis by regions: Asia Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by country: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and much more.
Global GPS Tracking Devices Market Report 2024 by The Business Research Company is the most comprehensive report which offers insights into the GPS Tracking Devices market size, GPS Tracking Devices market drivers and trends, major key players in the GPS Tracking Devices market, GPS Tracking Devices market competitors' revenues, GPS Tracking Devices market positioning and GPS Tracking Devices market growth across different regions. GPS Tracking Devices market report helps you gain detailed insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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21 August 2024, 16:59 GMT
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