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Global GPS Tracking Device Market Size to Grow to USD 5.7 billion in 2028

03-25-2023 01:26 PM CET | Business, Economy, Finances, Banking & Insurance

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GPS Tracking Device Market

GPS Tracking Device Market

The GPS tracking device market refers to the market for devices that use global positioning system (GPS) technology to track the location and movements of vehicles, people, and assets. GPS tracking devices use satellite signals to determine the location of the device, which is then transmitted to a central server or software application for monitoring and analysis.

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The global GPS tracking device market is expected to grow significantly in the coming years, driven by increasing demand for fleet management solutions, asset tracking, and personal safety applications. The GPS tracking device market is projected to grow from USD 3.1 billion in 2023 to USD 5.7 billion in 2028; it is expected to grow at a CAGR of 13.1% during the forecasted period. Advancements in GPS tracking devices have developed features such as real-time monitoring, geofencing, custom reporting, etc. Such initiatives have made GPS tracking devices more attractive to transportation, logistics, construction, and agriculture industries.

The market is being driven by factors such as the increasing use of GPS tracking devices for fleet management, the rising demand for real-time tracking and monitoring solutions, and the need for enhanced security and safety measures. GPS tracking devices can help companies to optimize their fleet operations, reduce fuel costs, and improve the overall efficiency of their logistics operations.

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Major players profiled in this report are as follows: 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). These companies are investing heavily in research and development to introduce innovative GPS tracking devices and software solutions to the market. The market is highly competitive, and companies are focusing on offering cost-effective and feature-rich solutions to gain a competitive advantage.

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