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According to a report by InForGrowth, the global GPS tracking device market was valued at $ 1,567 million in 2018 and is expected to grow by 12.2% in the forecast period of 2026.
The increasing demand for fleet telematics and affordable prices for GPS tracking devices should drive growth in the GPS tracking device market.
However, according to the report, environmental barriers and non-standard products are likely to hamper the growth of the market in the coming years.
The growth of the market for GPS tracking devices is due to the increasing demand for fleet telematics in the transport and logistics sector. Government agencies are enacting rules and regulations for fleet tracking systems in commercial vehicles to improve passenger safety, the report said. In addition, car rental companies are using an increased number of GPS tracking devices in their fleets.
Next, advances in technology such as self-driving vehicles and connected vehicle technology rely primarily on GPS-based tracking systems to improve navigation accuracy and reliability. According to the report, many developing countries like India are focusing on advancing their navigation technology. The introduction of 5G communication technology will also help advance driverless vehicle technology, which uses GPS tracking devices for movement and route planning.
Finally, the affordability of GPS tracking devices has fueled market growth, the report said. This in turn has increased competition between manufacturers to develop updated technology-based GPS tracking devices.
InForGrowth is a market intelligence company based in Dublin, California. You can find the full report here.
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