GPS Tracking Device Market Size, Share, Trends, Statistics and Industry Growth Analysis
Updated on : October 22, 2024
GPS Tracking Device Market Size
The global GPS tracking device market size in terms of revenue was estimated to be worth USD 3.1 billion in 2023 and is poised to reach USD 5.7 billion by 2028, growing at a CAGR of 13.1% from 2023 to 2028. The new research study consists of an industry trend analysis of the market.
The market growth is driven by factors including increasing demand for commercial vehicles, demand for compact size and durable GPS tracking devices, and increasing popularity of cloud computing and IoT. Additionally, factors such as demand for GPS tracking devices for usage-based insurance and development of real-time monitoring features are expected to create high growth opportunities for the market. However, increasing adoption of hardware-agnostic tracking solutions may restrain the growth of GPS tracking device industry .
GPS Tracking Device Market Statistics Forecast to 2028
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GPS Tracking Device Market Trends :
DRIVERS : Increasing demand for commercial vehicles
The growing number of commercial vehicles, such as trucks, buses, and vans, drive the market for GPS tracking devices. Vehicles that are engaged in the transportation of men, material, or machinery-where on-time delivery can make a significant difference in cost and productivity-are prompting players to adopt GPS-tracking devices. School buses, city, and state transport buses, cash vans, cargo vans, police petrol vans, radio taxis, courier pickup, and delivery vans, and others are prospects for vehicle tracking systems. The increasing demand for commercial vehicles is likely to increase the sales of GPS tracking devices owing to the usage of GPS tracking devices for multiple benefits such as theft protection, usage-based insurance (UBI), and prevention of unauthorized usage. As commercial vehicle sales increase, the demand for GPS tracking devices also rises. These devices are used to track and manage vehicles in real-time. The owners or enterprises efficiently utilize their resources, which helps them ensure vehicle safety.
RESTRAINT: Impact of nonstandard products leads to poor user experience
GPS tracking technology is widely adopted by users owing to its uniformity in performance and low costs. Thus, to fulfill the demand for GPS tracking devices, various companies are involved in the manufacturing of these devices, resulting in increased competition. To gain a competitive advantage, some manufacturers are introducing low-cost GPS tracking devices in the market. These devices may lead to poor user experience because of poor GPS tracking device quality. A low-cost GPS module has a low-quality GPS receiver antenna and poor position algorithm, which may hamper the performance of GPS tracking devices.
OPPORTUNITIES : Demand for GPS tracking devices for usage-based insurance
Insurance companies are adopting GPS tracking technology to calculate car insurance premiums. The driving patterns, such as speeding and rash driving, monitored by the insurance companies using GPS tracking device, helps to quote the appropriate premium rate. For instance, a driver who frequently exceeds the speed limit and brakes harshly may be deemed a higher risk and pay a higher premium. This helps the company finalize the affordable insurance premium for the user and the company. The GPS tracking device will help insurance companies to lower the car insurance premium. Insurance companies are looking forward to this technology, and thus in the near future, the installation of GPS tracking devices in cars may become a mandate to avail car insurance. Thus, the GPS tracking device market share finds significant opportunities in the calculation of insurance premiums.
CHALLENGES: Increasing adoption of hardware-agnostic tracking solutions
The technological revolution helps manufacturers introduce a variety of smartphones at lower prices. Advancements in technology and different software applications allow smartphone users to access GPS signals to track vehicles, etc. These software applications are easy to install, provide a user-friendly graphical user interface (GUI), and are affordable. Thus, the adoption of smartphones as tracking devices is increasing rapidly. Many cab service providers, such as Uber Technologies Inc. (US) and transportation companies, use smartphones as vehicle tracking devices.
GPS Tracking Device Market Ecosystem
Prominent companies in this market include well-established, financially stable manufacturers and providers of GPS tracking devices. These companies have been operating in the market growth for several years and possess a diversified product portfolio, state-of-the-art technologies, and strong global sales and marketing networks. Prominent companies in this market include CalAmp Corp. (US), Orbcomm Inc. (US), Sierra Wireless, Inc. (Canada), Queclink Wireless Solutions Co., Ltd. (China), and Shenzhen Concox Information Technology Co., Ltd. (China).
Commercial vehicles segment is expected to account for largest market share during the forecast period
In vehicle tracking, a GPS receiver is installed in the vehicle, which is either self-powered with its own battery or takes power from the vehicle. Vehicle tracking is used for fleet tracking, routing, dispatching, onboard information, and security. It also includes monitoring driving patterns and theft protection. Advance trackers are more popular with commercial vehicle owners as they offer advanced vehicle diagnostics data that can be further monetized to increase the fleet operational performance and usage-based insurance calculation, and maintenance schedule. Vehicle tracking is shifting from basic automatic vehicle location to a data-driven solution. Therefore, organizations are looking to get beyond location and are more interested in engine performance parameters.
Transportation & logistics industry is expected to dominate the market during the forecast period
The transportation & logistics industry uses GPS tracking solutions for vehicle tracking, route management, fuel efficiency monitoring, driver safety, minimizing the risk of theft, asset tracking, real-time vehicle tracking, and performance tracking. In the transportation industry, GPS tracking devices are used to track assets through GPS and other solutions. This helps to track the information related to the assets efficiently, make decisions to reduce the speed, divert the vehicle to an alternate route, and take other actions to improve the reliability and safety of the overall operations. With GPS tracking devices’ adoption is expected to be significant in commercial vehicles used for transportation & logistics such as trucks, trailers, buses, and light commercial vehicles for tracking purposes, the market in this industry is expected to grow at highest CAGR during the forecast period.
GPS Tracking Device Market Size Regional Analysis
Europe to account for largest market share between 2023 and 2028
Europe is the hub of automotive industry and related technological innovations. The region has presence of a large number of commercial vehicles manufacturing companies. Germany, the UK, and France are the major countries for GPS tracking device market size in the region. In the UK, the main factor driving the industry is the adoption of telematics technology, where most enterprises are already integrating telematics in fleet operations, is the main factor driving the industry. Germany has already adopted the GPS tracking device technology, and it is a mature market with the presence of many telematics service providers. Commercial vehicles also play a significant role in the ecosystem of Germany. The French GPS tracking device market, similar to that in other countries, is dominated by commercial vehicles. There are many innovative uses of GPS trackers in France across various industries, for example, GPS trackers are used in precision farming to optimize crop management and increase efficiency.
GPS Tracking Device Market Statistics by Region
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- CalAmp Corp. (US),
- Orbcomm Inc. (US),
- Sierra Wireless, Inc. (Canada),
- Shenzhen Concox Information Technology Co., Ltd. (China),
- Queclink Wireless Solutions Co., Ltd. (China),
- TomTom International BV (Netherlands),
- Teltonika UAB (Lithuania),
- ATrack Technology Inc. (Taiwan),
- Ruptela (Lithuania), and
- Sensata Technologies, Inc. (US).
GPS Tracking Device Market Report Scope :
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Report Metric |
Details |
| Estimated Market Size | USD 3.1 Billion |
| Projected Market Size | USD 5.7 Billion |
| Growth Rate | CAGR of 13.1% |
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Market Size Available for Years |
2019–2028 |
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GPS Tracking Device Market Share , Base Year |
2022 |
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GPS Tracking Device Market Size, Forecast Period |
2023–2028 |
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Units |
Value (USD Billion/Million) |
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Segments Covered |
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Geographic Regions Covered |
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Companies Covered |
Major Players: CalAmp Corp. (US), Orbcomm Inc. (US), Sierra Wireless, Inc. (Canada), Shenzhen Concox Information Technology Co., Ltd. (China), Queclink Wireless Solutions Co., Ltd. (China), TomTom International BV (Netherlands), Teltonika UAB (Lithuania), ATrack Technology Inc. (Taiwan), Ruptela (Lithuania), Sensata Technologies, Inc. (US) and Others- total 25 players have been covered |
| Key Market Driver | Increasing demand for commercial vehicles |
| Key Market Opportunity | Demand for GPS tracking devices for usage-based insurance |
| Largest Growing Region | Europe |
| Largest Market Share Segment | Commercial Vehicles |
GPS Tracking Device Market Size & Highlights
This research report categorizes the GPS tracking device market size by type, deployment, industry, Trends and region.
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GPS Tracking Device Market Size, By Type: |
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GPS Tracking Device Market Share, By Industry: |
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Recent Developments in GPS Tracking Devices Industry :
- In September 2022, Concox launched LL303, which is a 4G solar tracker designed for tracking ships and construction vehicles. In LL303, by integrating GPS, BDS, LBS, and WiFi multiple positioning systems, the cloud platform provides vehicle location and trajectory information outside vehicle location and trajectory information outside the production site to ensure production safety and productivity.
- In July 2022, Geotab Inc. expanded its position as the top telematics supplier for governmental organizations in North America. The company has been chosen as the e State of Ohio’s telematics provider of the State of Ohio to assist in meeting the State’s requirement to improve its fleet management.
- In June 2022, CalAmp Corp. announced a new partnership with Assured Telematics. Together with its CalAmp’s edge computing devices, the company would offer commercial and public fleet operators the assured apollo electronic logging device (ELD) solution.
- In January 2022, ATrack Technologies Inc. launched announced the launch of the AL300 LTE-M waterproof tracker with IP67 waterproof and dustproof functions, particularly designed for heavy machinery or transportation equipment that needs to be monitored for a long time and placed outdoors, such as refrigerated trucks, scooters, trailers, and agricultural and construction heavy machinery.
Frequently Asked Questions (FAQ):
What is the total CAGR expected to be recorded for the GPS tracking device market during 2023-2028?
The global GPS tracking device market is expected to record a CAGR of 13.1% from 2023–2028.
What are the driving factors for the GPS tracking device market?
Increasing demand for commercial vehicles and demand for compact size and durable GPS tracking devices.
Which type of GPS tracking device to drive the growth of the overall market?
Advance trackers are likely to see significant adoption in commercial vehicles and drive the growth of the market.
Which end-user industries are likely to create high growth opportunities for GPS tracking device market?
GPS tracking device market is estimated to be majorly driven by transportation & logistics industry. As GPS tracking devices automates workflow process and ensures streamlined operations in industry applications like from material loading to final delivery. This is likely to generate more demand for GPS tracking devices. Additionally, industries including construction and government applications are expected to create ample growth opportunities for the market.
Which regions are expected to drive the GPS tracking device market in future?
Europe is expected to hold largest market share throughout the forecast period, while market in Asia Pacific is projected to grow at highest CAGR between 2023 and 2028.
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