DUBLIN, March 31, 2023 (GLOBE NEWSWIRE) — The “GPS Tracking Devices Market by Type (Standalone Trackers, OBD Devices, Advanced Trackers), Deployment (Commercial Vehicles, Cargo & Containers), Communications Technologies (Satellite, Cellular), Industrial and Region – Global Forecast to 2028” has been added ResearchAndMarkets.com Offer.
The GPS tracking device market is expected to grow from $3.1 billion in 2023 to $5.7 billion in 2028; It is expected to grow at a CAGR of 13.1% over the forecast period. Advances in GPS tracking devices have developed features like real-time monitoring, geofencing, custom reporting, etc. Such initiatives have made GPS tracking devices more attractive to the transportation, logistics, construction, and agriculture industries.
Advance trackers are expected to capture the largest market share during the forecast period
Advance trackers are better than standalone trackers, especially for in-vehicle applications, as they capture vehicle performance parameters directly from the engine rather than its own sensors. These devices are used by various fleet management service providers to offer superior services beyond vehicle location and tracking. Fleet owners are interested in increasing operational efficiencies to achieve higher ROI. However, the availability of advanced data analysis tools further favors their demand.
Cargo and container segment to provide significant growth opportunities during the forecast period
Business owners focus on better supply chain visibility and cargo and container security enabled by GPS tracking devices; Hence, the market of these cargo and container equipment is expected to grow at the highest growth rate during the forecast period. Valuable goods and freight are often transported around the world. Loss of or damage to this container or cargo can result in significant financial loss to the manufacturer or buyer. Therefore, it is very important to keep an eye on containers during their transport.
The Asia Pacific market is set to grow at the highest CAGR during the forecast period
The Asia Pacific GPS tracking devices market is being driven primarily by a combination of factors including increasing focus on security, growing e-commerce market, government initiatives and technological advancements. Commercial vehicles play an important role in China’s economy. As a global manufacturing hub, transportation and logistics are crucial industries for the country’s development. Road transport accounts for a large part of the total goods transported in the Chinese market. Therefore, the GPS tracking device market in China is expected to see high growth.
- Increasing demand for commercial vehicles
- Demand for compact and durable GPS trackers
- Increasing popularity of cloud computing and IoT
- Impact of non-standard products will lead to poor user experience
- Demand for GPS tracking devices for usage-based insurance
- Development of real-time monitoring functions
- Increasing adoption of hardware independent tracking solutions and regular maintenance of GPS devices
|number of pages||163|
|forecast period||2023 – 2028|
|Estimated market value (USD) in 2023||$3.1 billion|
|Projected market value (USD) by 2028||$5.7 billion|
|Annual growth rate||13.1%|
Main topics covered:
2 research methodology
4 premium insights
5 Market Overview
6 GPS Tracking Devices Market by Type
6.2 Standalone Trackers
6.3 OBD Devices
6.4 Advanced Trackers
7 GPS Tracking Devices Market by Deployment
7.2 Commercial Vehicles
7.3 Freight and Containers
8 communication technologies for GPS tracking devices
9 GPS Tracking Devices Market by Industry
9.2 Transportation and Logistics
9.4 Oil and Gas
9.5 Metals & Mining
10 GPS Tracking Devices Market by Geography
11 competitive landscape
12 company profiles
13 Neighboring and Related Markets
- Arknav International, Inc.
- Atrack Technology Inc.
- Azuga Inc
- Brickhouse security
- Calamp Corp
- Geotab Inc.
- Laipac Technology, Inc.
- Meitrack Group
- Orbcomm Inc.
- Queclink Wireless Solutions Co. Ltd.
- Sensata Technologies, Inc.
- Shenzhen Concox Information Technology Co.Ltd.
- Sierra Wireless, Inc.
- Skypatrol LLC
- Spytec GPS
- Suntech International Ltd.
- T42 IoT Tracking Solutions plc
- Teltonika Uab
- Tkstar Technology Co. Limited
- Tomtom International Bv
- Trackingfox, Inc.
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Global GPS Tracking Devices Market