According to the TMR report, the GPS tracking devices market is expected to grow at a CAGR of 11.9% and reach a market size of US$7.4 billion by 2031
According to the TMR report, the GPS tracking devices market is expected to grow at a CAGR of 11.9% and reach a market size of US$7.4 billion by 2031
Wilmington, Delaware, United States, August 17, 2023 (GLOBE NEWSWIRE) —
Transparency Market Research Inc. –
The global market for GPS tracking devices was valued at US$2.8 billion in 2022
CAGR of 11.9%
from 2023 to 2031. The increasing adoption of fleet and asset tracking solutions for commercial and passenger vehicles, as well as the accuracy of the technology in search and rescue operations, is fueling the market for GPS tracking devices. GPS trackers are used in difficult situations, such as vehicle breakdowns, fleet crime or unauthorized stops.
Initiatives by manufacturers to develop advanced and wearable GPS trackers are driving the market expansion. In addition, manufacturers are developing GPS trackers with dash cameras that enable comprehensive location with real-time video capability.
GPS tracking is an advanced technology that uses satellite signals to determine the exact location of a vehicle or asset in real time. GPS tracking devices are used by vehicle owners and fleet managers to optimize route planning, provide improved customer service and increase cargo security. Small to large businesses are increasingly using GPS technology to manage a growing fleet of vehicles.
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Market overview:
|
report coverage |
details |
|
|
market revenue |
$2.8 billion |
|
|
Estimated value |
$7.4 billion |
|
|
Growth Rate – CAGR |
11.9% |
|
|
forecast period |
2023-2031 |
|
|
number of pages |
178 pages |
|
|
market segmentation |
By Type, Deployment, Application, Industry |
|
|
Regions Covered |
North America, Europe, Asia Pacific, Middle East & Africa, South America |
|
|
Covered Companies |
ArusNavi, AT&T Inc., ATrack Technology Inc., CalAmp Corp., Geotab Inc., GPS Insight, Meitrack Group, Navtelecom, LLC, Queclink Wireless Solutions Co., Ltd., Ruptela, Sensata Technologies Inc, Shenzhen Eelink Communication Technology Co. Ltd., Sierra Wireless, Inc., Trackimo |
|
Key Findings of the Study
increase of A
Introduction of GPS trackers for commercial and passenger fleet tracking
–
GPS tracking technology provides real-time location data, which is vital for fleet management. This capability is beneficial as it allows businesses and organizations to streamline their operations and achieve greater ROI.
Adopting fleet tracking solutions offers several benefits including increased productivity, improved ROI, theft recovery, and improved security for employees and assets. In addition, fleet tracking solutions enable vehicle utilization optimization, which can lead to a reduction in fleet size. This results in significant cost savings in operation, maintenance and replacement costs.
Increase in rescue and search operations
to stimulate market growth
–
Search and rescue operations play a crucial role in situations where there is a potential threat to human life. GPS tracking technology is used in support of these operations, allowing rescue teams to monitor their search areas and obtain information from people’s lost smartphones or GPS devices.
GPS trackers used in search and rescue operations provide several important functions, including tracking rescue teams, locating missing persons, monitoring dangerous areas, tracking vehicles and equipment used in search and rescue operations, and ensuring the situational awareness throughout the rescue operation.
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increase in demand for
Standalone trackers
Boost the market
revenue
–
Depending on the type, the standalone trackers segment is projected to account for a significant share of the global market during the forecast period.
Standalone GPS units are available in both wired and wireless versions and offer real-time tracking and monitoring capabilities. Wired standalone devices are tamper-proof so they can remain plugged in, making them the preferred choice for organizations seeking total fleet control.
Standalone GPS units are robust, making them suitable for heavy-duty vehicles operating in harsh weather conditions.
growth accelerator
-
The increasing use of GPS trackers for commercial and passenger fleet tracking is fueling the GPS tracker market
-
The increasing use of technology in rescue and search operations drives market growth
regional landscape
Europe is expected to account for a leading share of the global market during the forecast period. Europe accounted for almost 34.0% of the market share in 2022 as the region is increasingly adopting GPS tracking devices for security and resource management.
The market in North America is expected to grow during the forecast period due to the strong adoption of GPS trackers in commercial vehicles in the region. According to the American Trucking Association, trucks play a key role in the US freight industry, carrying about 72.6% of the nation’s freight weight. This boosts the demand for GPS trackers for safe freight transportation in the country and consequently increases the market statistics in the region.
competitive analysis
The global landscape is consolidated, with the presence of a few large players controlling most of the market share. Large companies invest heavily in the development of new products. Product portfolio expansion and mergers and acquisitions are key strategies of leading players.
Some of the prominent players in the GPS tracking devices market include Geotab Inc. and Navtelecom LLC. CalAmp Corp., Shenzhen Eelink Communication Technology Co.Ltd. and GPS Insight.
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The global GPS tracking devices market has been segmented as follows:
Global
GPS Tracking Devices Market, by T
Yes
-
Standalone trackers
-
OBD devices
-
Advanced trackers
Global GPS Tracking Devices Market by Application
-
commercial vehicles
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cargo and containers
Global GPS Tracking Devices Market by Application
-
fleet management
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wealth management
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Other
Global GPS Tracking Devices Market by Industry
-
Transportation & Logistics
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Aerospace & Defense
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Government
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Oil Gasoline
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construction
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metals and mining
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BFSI
-
Other
Global GPS Tracking Devices Market by Regions
-
North America
-
Europe
-
Asia Pacific
-
Middle East and Africa
-
South America
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