Global GPS Tracking Devices Market Report 2024
“The Business Research Company recently published a comprehensive report on global GPS tracking devices market size and trends analysis with forecast 2024-2033. This latest market research report provides a wealth of valuable insights and data including global market size, regional shares, etc. It also covers current trends, future opportunities and essential data for success in the industry.
According to The Business Research Company, the market for GPS tracking devices has grown rapidly in recent years. It will grow from $2.91 billion in 2023 to $3.29 billion in 2024, at a compound annual growth rate (CAGR) of 13.3%. Growth over the historical period is driven by the rise of fleet management solutions, growth in e-commerce and last-mile delivery, regulatory mandates for vehicle safety, increasing adoption of asset tracking, and increasing concerns about personal safety.
The GPS tracking device market is expected to witness rapid growth in the next few years. In 2028, it will grow to $5.46 billion at a compound annual growth rate (CAGR) of 13.4%. The growth during the forecast period is attributed to the increase in autonomous vehicles, increasing demand for stolen vehicle recovery, focus on environmental sustainability, expanding use in healthcare, and demand for geo-fencing solutions. Key trends during the forecast period include integration with IoT ecosystems, advances in real-time tracking, longer battery life, use of artificial intelligence (AI) in analytics, expansion of satellite constellation, and integration with wearable devices.
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Market drivers and trends:
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 keep track of the vehicle, improve vehicle maintenance and improve customer service by providing real-time status. Therefore, increasing demand for commercial vehicles is driving the growth of the GPS tracking devices market. For example, in 2023, U.S. commercial vehicle production rose 10%, from 7,604,154 in 2021 to 8,308,603 in 2022, according to the International Organization of Motor Vehicle Manufacturers, a Paris-based international trade association Production of commercial vehicles vehicles in Argentina increased by 24% from 250,647 in 2021 279,388 in 2022. Therefore, increasing demand for commercial vehicles is driving the growth of GPS tracking devices market.
Product innovation is a major trend that is becoming increasingly popular in the GPS tracking device market. Large companies operating in the GPS tracking device market are focusing on developing new solutions to strengthen their position in the market. For example, ATrack Technology Inc., a China-based company that develops and manufactures telematics hardware, launched the AL300 LTE-M waterproof tracker with IP67 waterproof and dustproof capabilities in January 2022. The tracker is designed to support heavy machinery or transport equipment such as refrigerated trucks, trailers, scooters and heavy agricultural and construction machinery that need to be monitored and placed outdoors for long periods of time. It helps to effectively control costs for heavy outdoor machinery and transport equipment.
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Key Market Players:
CalAmp Inc.; ORBCOMM Inc.; Sierra Wireless Inc.; Shenzhen Jimi IoT Co. Ltd.; Queclink Wireless Solutions Co. Ltd.; Teltonika Networks; ATrack Technology Inc.; Geotab Inc.; Meitrack Group Co. Ltd.; Trackimo Ltd.; Starcom Systems International Inc.; TomTom International BV; Ruptela UAB; ICONCOX Co. Ltd.; Geoforce LLC; Laird plc; Verizon Wireless; Concox Information Technology Co. Ltd.; Laipac Technology Inc.; Maestro Wireless Solutions Ltd.; Pointer Telelocation Ltd.; Xirgo Technologies LLC; Fleet Complete Inc.; Spireon Inc.; GPSInsight LLC; Fleetmatics Group plc; Omnitracs LLC; Zonar Systems Inc.; SkyBitz Inc.; Trimble Inc.
Key Insights on GPS Tracking Devices Market 2024:
• The GPS tracking device market will grow to $5.46 billion in 2028 at a compound annual growth rate (CAGR) of 13.4%.
• Demand for commercial vehicles is driving market growth for GPS tracking devices
• Key players are introducing innovative products in the GPS tracking devices market
• Europe was the largest region in the GPS tracking device market in 2023
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