DUBLIN, April 26, 2023 (GLOBE NEWSWIRE) — Added the Global GPS Tracking Device Market Size, Share & Industry Trends Analysis Report by Type, Deployment, Industry, Regional Outlook and Forecast, 2022-2028 ResearchAndMarkets.com Offer.
The size of the global GPS tracking devices market is expected to reach US$5.5 billion by 2028, representing a market growth of CAGR 12.3% during the forecast period.
As it evolves, more and more fleets are using it to track their cars and get directions anywhere in the world. In order to monitor its real-time information about people, things and vehicles, the entire market has increased requirements in the fields of transportation, IT and telecommunications. The online GPS tracker helps improve the security of consumers and businesses.
Due to increasing internet usage on smartphones and other portable devices, digital maps are proliferating rapidly. GPS tracking gadgets are in high demand due to the increasing use of digital maps. In addition, most autonomous vehicles use digital map systems for route planning and navigation. Some of the key growth catalysts for the GPS tracking device market include recent developments in digital maps, such as 3D maps, and how easy it is to understand and find a position.
The market is expected to grow due to hardware and software advances in GPS tracking devices. Software, distance calculations and other techniques may be used to enable technological improvements such as real-time tracking and related information retrieval. The market is growing due to major software updates and improvements in device usability and effectiveness.
market growth factors
Increasing global demand for commercial vehicles
GPS tracking systems can find cars that use GPS to pinpoint their exact location. Monitoring is all the more important for safety and effective functioning. For this reason, many commercial vehicles are equipped with GPS devices. Sales of commercial vehicles are therefore increasing and supporting the GPS tracking device industry. In addition, it is also predicted that the growing influence of the e-commerce sector will increase the demand for tracking systems in light and medium-duty vehicles. Hence, all these factors will benefit the growth of the market throughout the forecast period.
The leading players on the market compete with a wide range of innovative offers in order to remain competitive on the market. The figure shows the percentage of sales of some of the leading companies in the market. The leading market players adopt different strategies to meet the demand from the various industries. The main development strategies in the market are acquisitions, as well as partnerships and collaborations.
Increasing use of GPS based tracking and surveillance in various marine applications
GPS data is increasingly used by seafarers and oceanographers for buoy placement and underwater surveys. Effective management of seaport facilities is enhanced through the integration of geographic information software (GIS) and GPS technology. With intelligent boating technology and an integrated GPS tracking system coupled with international LTE cellular connectivity, many industry participants have adopted next-generation connected boating devices. It is noted that these technological developments will propel the market forward in the coming years.
Market Inhibiting Factors
Poor user experience due to the use of non-standard products and environmental factors
Environmental factors such as tall structures, dense vegetation, cloud cover, rain, and thick foliage can weaken the GPS signal. This occasionally results in delays in reporting or follow-up. A clean line of sight (LoS) between the satellite and the receiver is necessary for the GPS tracker to work well in many devices or systems; alternatively, the signal may suffer. Poor consumer experience as well as poor quality are also the result of the cheap and inferior GPS trackers that many vendors and manufacturers sell to gain a competitive advantage. The market for GPS tracking devices is constrained by these limitations.
Enter Outlook
Based on type, the GPS tracking devices market is segmented into standalone trackers, OBD devices and advanced trackers. On-board diagnostics segment accounted for a significant revenue share of GPS tracking devices market in 2021. Many functions are available with on-board diagnostics (OBD) trackers. It is better suited for monitoring vehicles and is easier to set up and use. The tracker continuously monitors the vehicle once installed. Internet access enables sporadic monitoring of vehicle movements. The OBD GPS tracker device can save the recorded location data and download it to any internet connected device.
Deployment Outlook
On the basis of deployment, the GPS tracking devices market is segmented into Commercial Vehicles and Cargo & Containers. The commercial vehicle segment recorded the largest revenue share in the GPS tracking device market in 2021. The segment is growing because commercial GPS tracking is becoming very convenient for companies that employ cars and is gaining popularity. Users of GPS devices for commercial vehicles can improve business operations by knowing the precise position of vehicles at all times. Adding a GPS tracker that interacts with mapping software improves dispatching, routing and safety, reduces fuel costs and expands the range of tasks that can be completed.
Industry Outlook
By industry, the GPS tracking devices market is segmented into Transportation & Logistics, Construction, Government, Oil & Gas, Metals & Mining, and Others. Construction segment achieved remarkable growth rate in GPS tracking device market in 2021. Construction companies can use GPS to manage expensive machine types such as towers, mobile cranes, generators, compressors, service vehicles and heavy trucks. As a result, it has proven to be a crucial business tool in this sector. In addition, it is used for all construction-related assets. As a result, the demand in this industry is growing and driving the growth of the segment.
Regional Outlook
Regionally, the market for GPS tracking devices is analyzed in North America, Europe, Asia-Pacific and LAMEA. The Europe region acquired the highest revenue share in the GPS tracking devices market in 2021. The center of the automotive industry and the associated technological advances is in Europe. Numerous companies produce commercial vehicles in the region. The development of telematics technology, with most companies currently using telematics in fleet management, is the main reason driving the regional market.
The market research report includes the analysis of the major market players. Major companies featured in the report include TomTom NV, Sierra Wireless, Inc. (Semtech Corporation), Sensata Technologies Holdings PLC, CalAmp Corp, Orbcomm, Inc. (GI Partners LP), Shenzhen Jimi IoT Co., Ltd., Queclink Wireless Solutions Co., Ltd., Teltonika, ATrack Technology, Inc. and Ruptela.
Strategies Employed in the GPS Tracking Devices Market
Partnerships, collaborations and agreements:
- June 2022: CalAmp partners with Bristlecone, a provider of AI-powered application transformation services for the connected supply chain. Post-partnership, the companies aimed to develop joint solutions leveraging real-time data from CalAmp’s edge computing devices, supply chain visibility sensors and CalAmp Telematics Cloud and Bristlecone’s expertise in delivering end-to-end supply chain transformation services of analyzes and analyzes use AI to build enterprise-ready automation and logistics transparency solutions.
- June 2022: CalAmp announced a partnership with Techmatics, a leader in transportation and compliance. The company would provide commercial and public fleet operators with Techmatics’ guaranteed apollo Electronic Logging Device (ELD) solution, in addition to CalAmp’s edge computing devices, enabling them to record and log critical data necessary for compliance legal regulations are required.
Product launches and product enhancements:
- January 2023: Sensata Technologies launched new brands, Sensata INSIGHTS, offering end-to-end solutions for asset and site surveillance, telematics, and supply chain and logistics. The INSIGHTS platform connects the physical and digital worlds, empowering users to make the best possible decisions with superior data, a comprehensive understanding of the big picture and a greater commitment to our customer relationships. Sensata INSIGHTS offers proprietary technology to ensure the highest level of data quality and relevance to enable decisions and inspire just the right actions to reduce costs, prevent problems and improve security. Sensata INSIGHTS provides adaptable, end-to-end supply chain monitoring and management solutions characterized by more detailed data, superior insights and greater engagement with our customers and partners.
scope of the study
By type
- Advanced trackers
- Standalone trackers
- On-board diagnostics (OBD) devices
After deployment
- commercial vehicles
- Freight & Containers
By Industry
- Transportation & Logistics
- construction
- Government
- Oil Gasoline
- Metals & Mining
- Other
According to geography
North America
- US
- Canada
- Mexico
- Rest of North America
Europe
- Germany
- United Kingdom
- France
- Russia
- Spain
- Italy
- rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Important market participants
List of companies profiled in the report:
- TomTom NV
- Sierra Wireless, Inc. (Semtech Corporation)
- Sensata Technologies Holdings PLC
- CalAmp Corp
- Orbcomm, Inc. (GI Partners LP)
- Shenzhen Jimi IoT Co., Ltd.
- Queclink Wireless Solutions Co., Ltd.
- teltonics
- ATrack Technology, Inc.
- Rupella
Main topics covered:
Chapter 1. Market Scope and Methodology
Chapter 2. Market Overview
Chapter 3. Competitive Analysis – Global
Chapter 4. Global GPS Tracking Devices Market by Type
Chapter 5. Global GPS Tracking Devices Market by Deployment
Chapter 6. Global GPS Tracking Devices Market by Industry
Chapter 7. Global GPS Tracking Devices Market by Region
Chapter 8. Company Profiles
companies mentioned
- TomTom NV
- Sierra Wireless, Inc. (Semtech Corporation)
- Sensata Technologies Holdings PLC
- CalAmp Corp
- Orbcomm, Inc. (GI Partners LP)
- Shenzhen Jimi IoT Co., Ltd.
- Queclink Wireless Solutions Co., Ltd.
- teltonics
- ATrack Technology, Inc.
- Rupella
For more information about this report, visit https://www.researchandmarkets.com/r/o1iqpp
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