GPS Tracking Devices Market Valued at $5.7 Billion in 2028 – Exclusive Report by MarketsandMarkets™

CHICAGO, March 23, 2023 /PRNewswire/ — The market for GPS tracking devices is expected to continue growing $3.1 billion 2023 to $5.7 billion in 2028; It is projected to grow at a CAGR of 13.1% from 2023 to 2028, according to a new report by MarketsandMarkets™. The growth of the market is attributed to the introduction of more advanced ones with smaller sizes, greater durability and functionality. With recent advances in technology, it is possible to develop thumbnail-sized GPS receivers and tiny batteries that make GPS trackers a long-lasting application.

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Advanced trackers to consider the largest market during the forecast period.

Advance Trackers are professionally installed devices in an automobile to record information related to vehicle crashes or crashes along with engine diagnostics and their location. These devices connect to the vehicle communications port to provide information about speed, location, driving patterns, and other vehicle-related data. These devices 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.

The transportation and logistics segment is expected to register the highest CAGR during the forecast period.

Global sales of commercial vehicles increased by 3.27% and 4.37% in 2021 and 2022, respectively. This factor is driving the deployment of GPS tracking of commercial vehicles, which in turn is fueling the growth of the transportation and logistics industry. A GPS tracking device is suitable for the logistics and transportation industry as it automates the workflow and also ensures streamlined operations from material loading to final delivery. This factor, along with the growth of temperature-controlled logistics and taxi services, particularly in Asia Pacificcreates a demand for GPS tracking devices.

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Europe is expected to register the largest market share in 2023.

Europe, as an automotive hub, is one of the leading markets for GPS tracking devices. All major European truck manufacturers such as AB Volvo (Sweden), Daimler AG (Germany), MAN SE (Germany), DAF Trucks NV (Netherlands) and IVECO SpA (Italy) offer integrated GPS tracking devices as part of their product portfolio. ERA-GLONASS is an important development for GPS tracking devices in the European market. Teltonika UAB (Lithuania), Ruptela UAB (Lithuania) and Baltic Car Equipment Ltd. (Lithuania) are the manufacturers of GPS tracking devices in Europe.

Major players in the market include CalAmp Corp. (USA), Orbcomm Inc. (USA), 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), Ruptella (Lithuania) and Sensata Technologies, Inc. (USA).

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