At a CAGR of 11.58%, the market dimension for GPS monitoring gadgets will attain $3.38 billion by 2025, in accordance with Brandessence Market Research

PUNE, India, October 14, 2021 /PRNewswire/ — According to Brandessence Market Research, “The market size for GPS tracking devices is rated at $1.57 billion in 2018 and is expected to be achieved $3.38 billion by 2025, with a CAGR of 11.58% over the forecast period.” The rise of real-time fleet monitoring, increasing mining and military activities around the world, and increasing use of GPS trackers in commercial vehicles are the main factors driving the growth of global GPS drive market for tracking devices

The GPS industry is a fragmented landscape thanks to low barriers, increased demand for standalone devices, and growing functional value for various stakeholders. The landscape remains innovative thanks to the increasing demand for cost-effective, easy-to-connect, easy-to-repair and advanced devices. Major players in the GPS industry are TomTom International BV, Calamp Corp., Orbocomm Inc., Sierra Wireless Inc., Queclink Wireless Solutions Co., Ltd., Shenzhen Concox Information Technology Co., Laird Plc., Meitrack Group, Teltonika UAB , ATrack Technology Inc., Trackimo LLC, Geotab

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Global GPS Tracking Devices Market Dynamics –

The rise of real-time fleet monitoring, increasing mining and military activities across the world, and increasing use of GPS trackers in commercial vehicles are the key factors fueling the growth of the global GPS tracking devices market. The use of GPS tracking systems is rapidly increasing, with the main concern of the proposed system being to identify vehicle theft or to monitor the exact position of vehicles. For example; VE Commercial Vehicles (VECV), a joint venture between Volvo Group and Eicher Motors, reported that they sold around 6,236 units December 2018. Additionally, lower prices of GPS tracking devices with route optimization and fuel cost reduction are expected to boost the market growth over the forecast period. Fuel costs are one of the top expenses in fleet management, but GPS trackers can help reduce those costs and save money. However, the mechanism of a GPS tracking system can provide inaccurate results that can hamper the growth of this market.

Asia Pacific High growth is expected in the global GPS tracking device market

Asia The Pacific Rim is expected to see strong growth in the GPS tracking device market due to increasing vehicle sales, increased adoption of new GPS technology with enhanced features, and increased implementation of a GPS-based personal location system in this region. In recent years, the lightweight GPS transmitters have been increasingly developed China to meet the need for wildlife tracking. New car sales in the Asia Pacific Region including passenger cars, trucks and buses has reached about 40.5 million units and the American Ford Motor Company has sold 126,834 vehicles Asia Pacific region in 2016. Europe to be the region with the second fastest market expansion due to increased commercial use of GPS tracking systems as well as increased government spending on telematics. Certain European countries are adopting GPS technology, focusing on applications in land surveying, vehicle tracking, geographic information systems, and coastal navigation.

The GPS Tracker market report is segmented into major Regions including: North America, Europe, Asia Pacific, middle East & Africaand Latin America. Including the North America Region is expected to hold the largest share of the global GPS tracker market. High penetration of OBD GPS trackers in cars according to government regulations, growing penetration of smartphones and Bluetooth beacons in commercial applications, as well as increasing innovation by big players in the technology industry remain key growth drivers in the region. The market for GPS trackers in Asia Pacific expected to grow fastest between 2020 and 2025. The high penetration of low-cost Android devices, the growing penetration of e-commerce and rising investments in logistics in various industries remain key growth drivers in the Asia Pacific region.

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GPS Tracker Market: What is a GPS Tracking Device?

Global GPS Tracking Device is a device that sends the signal to a global point of contact like a satellite and then helps transmit it to the authorized recipient. In the real scenario, your mobile device is a GPS tracking device that sends signals to authorized entities like Google (Android operators) that are used for commercial advancements of entities like Android apps and to improve user experience.

There are three main types of GPS trackers on the market. First, the advanced trackers are at the forefront of technological advances. These GPS trackers are also known for their ability to transmit data via GSM connectivity. These devices are the same across all smartphone brands and can transmit various types of data including total distance traveled, user’s physical information and sound bits with the help of microphone, emergency panic button response and several others.

Second common type of standalone trackers that work on their own backup power and are geared to provide dedicated location tracking. These devices are ideal for use in commercial vehicles as they can provide vehicle fleet operators with much-needed information without having to invest in expensive gadgets or power supplies. These are also ideal for use in retail stores where management can track customers and staff by attaching them to the trolley. These devices are also great for tracking valuable personal items like car keys, wallets, and more. Their compact nature and standalone application make them ideal for the sole purpose of tracking assets for commercial purposes.

The third type of GPS trackers are OBD devices. These devices are popular in most vehicles today. These are installed in OBD slots in vehicles and are often pre-installed when new vehicles are manufactured. These trackers are designed to meet the needs of law enforcement, regulators, and third parties like insurance companies. These can monitor movement and lack of movement and be powered by vehicle batteries. Advanced OBD trackers can also work independently if needed. These provide intermittent information in order to put as little pressure as possible on the vehicle batteries. OBD trackers are ideal for getting location tracking as well as vehicle information including theft alerts. These devices are quickly becoming the first port of call for various applications, as they can work simultaneously with multiple subsystems to communicate vehicle information with a simple plug-in capability.

Promising advances in GPS technology have helped democratize the technology with mainstream acceptance. Today, these devices help everyone involved in an economy, including consumers, to protect their assets and provide services such as key tracking. These devices also help law enforcement agencies monitor vehicles in real time and share information with third parties such as insurance companies when necessary. GPS trackers are also ideal for businesses as they offer important features like location tracking to improve efficiency and productivity. The increasing efficiency and reliability of GPS tracking, a key commercial application, and growing device cost-efficiency promise robust growth for the GPS industry over the period 2020-2025.

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GPS Tracker Market: Key Trends

When GPS trackers came into the limelight, their application in the logistics and transportation industry was pretty obvious. However, these devices continue to see robust use in industries such as mining, oil and gas, and even in niche applications such as environmental monitoring. Industries like mining and oil require high-end equipment as these industries often operate in remote locations.

In addition, their application includes ensuring the safety of their valuable assets and employees. As such, the GPS tracker industry often delivers devices that are highly accurate, designed for rugged operation, offer offline tracking, embed driver ID options, include accident detection, and even lone worker protection. The growing demand for GPS devices in key applications such as oil exploration represents a promising forecast for GPS tracker industry growth over the period 2020-2025.

Slowing oil demand and lower investments in oil wells remain a potential impediment to GPS tracker market growth. Despite the slowdown in oil production, the growth promise of end industries such as oil and gas remains tremendous for GPS tracker industry players. Potential interference between other applications such as mobile devices, military-grade security equipment and potential misuse remain the main threats to the growth of the GPS tracker market. While these restrictions and threats don’t raise alarms in most industries, they are of particular concern for industries like aviation. Recently, the FAA reported GPS interference with sea-based missile rigs that caused a civilian aircraft to lose location tracking access. Smart GPS location tracking and smart communication with relevant authorities may be the need of the hour in future developments. Increasing support for artificial intelligence in technologies such as the Internet of Things could promise further application in key industries such as aviation with more reliable exploitation.

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