Global GPS Trackers Market Expected to Experience Robust Growth by 2028 With A CAGR Of 13.1% During The Forecast Perio

According to a new market research report by Market Square Insights, the global GPS trackers market is expected to experience significant growth over the next five years. The report predicts that the market will grow at a CAGR of 13.1% during the forecast period from 2023 to 2028. It is projected to grow from USD 3 billion in 2023 to USD 5.5 billion in 2028

The report provides a comprehensive analysis of the market, including market size, market share, growth drivers, challenges, opportunities, and competitive landscape. The study finds that the increasing demand for GPS trackers in various end-use industries such as transportation & logistics, construction, and healthcare is driving the growth of the market.



Highlights and driving factors of the market:

Furthermore, the report highlights the growing trend of using GPS trackers in personal applications, such as tracking children and elderly family members, which is also contributing to the market's growth. In addition, the adoption of GPS-tracking technology in emerging economies is expected to create significant growth opportunities for market players.

The report also profiles key players in the market, including TomTom International BV, Garmin Ltd., AT&T Inc., Verizon Communications Inc., and Robert Bosch GmbH. These companies are focusing on product innovation and strategic partnerships to strengthen their market position.

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Market analysis:

Key Companies Profile in the Report:
Amber Alert GPS
BrickHouse Security
Trackimo
AngelSense
Spy Tec
Trax
Spot Gen3
Yepzon
KidGPS

By Type:
Built-in GPS Receiver
Cellular Radio Transmitter

By Application:
Automobile
Mobile



Consumer stories:

• A transportation and logistics company implemented GPS trackers in their fleet and saw a 20% reduction in fuel consumption and a 30% improvement in delivery times. The company also reported increased driver safety and reduced vehicle maintenance costs.

• A construction company began using GPS trackers to monitor the location and status of their equipment on job sites. This helped the company prevent theft and misuse of equipment, resulting in significant cost savings and improved project efficiency.

• A parent used a GPS tracker to monitor their child's location at school or with friends. This provided peace of mind and allowed the parent to quickly locate their child in case of an emergency.

• A healthcare provider used GPS trackers to monitor the location and movement of patients with dementia or Alzheimer's disease. This helped prevent wandering and provided a way to quickly locate patients who became lost or disoriented.




The GPS trackers market is highly competitive, with several major players vying for market share. Some of the key players in the market include:

1. TomTom International BV: A Dutch company that specializes in GPS navigation and mapping products, including GPS trackers for personal and commercial use.

2. Garmin Ltd.: A Swiss company that designs and manufactures GPS-based navigation and wearable technology products, including GPS trackers for fitness and outdoor activities.

3. AT&T Inc.: An American multinational telecommunications corporation that provides a range of services including GPS tracking and fleet management solutions for businesses.

4. Verizon Communications Inc.: An American telecommunications company that offers GPS tracking and telematics solutions for fleet management and asset tracking.

5. Robert Bosch GmbH: A German multinational engineering and technology company that offers a range of products and services, including GPS tracking and telematics solutions for fleet management and logistics.

6. In recent years, these companies have focused on product innovation and strategic partnerships to strengthen their market position. For example, Garmin has expanded its product line to include GPS trackers for pets and children, while AT&T and Verizon have formed partnerships with other companies to offer integrated GPS tracking and telematics solutions.

7. As the GPS trackers market continues to grow, it is likely that competition will increase and new players will enter the market. However, these established companies are well-positioned to maintain their dominance and capture new market share.

8. These regulations help ensure that GPS tracking technology is used responsibly and ethically and provide consumers with protection against potential misuse of their data. Companies operating in the GPS trackers market must adhere to these regulations to maintain compliance and avoid penalties.




Government regulations play a significant role in the GPS trackers market, with several countries implementing laws and guidelines to ensure the responsible use of tracking technology. Some of the key regulations include:

• GDPR (General Data Protection Regulation): Implemented by the European Union, this regulation requires companies to obtain explicit consent from users before collecting and using their data, including location data from GPS trackers.

• Children's Online Privacy Protection Act (COPPA): Implemented in the United States, this law requires companies to obtain parental consent before collecting location data from GPS trackers used by children under the age of 13.

• Federal Motor Carrier Safety Administration (FMCSA) regulations: Implemented in the United States, these regulations require commercial vehicles to use electronic logging devices (ELDs) to track driver hours and ensure compliance with safety regulations.

• Data Protection Act: Implemented in India, this law requires companies to obtain consent from individuals before collecting their data, including location data from GPS trackers.

• China Cybersecurity Law: Implemented in China, this law requires companies to obtain permission from users before collecting and using their data, including location data from GPS trackers.




Advancements in GPS technology have played a significant role in the growth of the GPS trackers market. Some of the key advancements include:

• Improved accuracy: With the introduction of new GPS satellites and technology, GPS trackers can now provide more accurate location data than ever before, with some devices achieving an accuracy of within a few centimeters.

• Real-time tracking: GPS trackers can now provide real-time location data, allowing users to monitor the location and movement of assets or people in real time.

• Extended battery life: Advances in battery technology have led to the development of GPS trackers with longer battery life, enabling users to track assets or people for extended periods without needing to recharge. Other advancements include integration with other technologies and miniaturization.

These advancements in GPS technology have made GPS trackers more effective, efficient, and accessible than ever before, driving the growth of the GPS trackers market. As technology continues to improve, GPS trackers will likely become even more advanced and useful for a wider range of applications.

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Highlights of the topics Covered in The Report:

> The points that are discussed within the report are the major market players that are involved in the market such as market players, raw material suppliers, equipment suppliers, end users, traders, distributors, etc.

> The complete profile of the companies is mentioned. And the capacity, production, price, revenue, cost, gross, gross margin, sales volume, sales revenue, consumption, growth rate, import, export, supply, future strategies, and the technological developments that they are making are also included within the report. This report analyzed 12 years of data history and forecast.

> The growth factors of the market are discussed in detail wherein the different end users of the market are explained in detail.

> Data and information by market player, region, type, application, etc, and custom research can be added according to specific requirements.

> The report contains a SWOT analysis of the market. Finally, the report contains the conclusion part where the opinions of the industrial experts are included.




Key Reasons to Purchase:

> To gain insightful analyses of the market and have a comprehensive understanding of the global market and its commercial landscape.

> Assess the production processes, major issues, and solutions to mitigate the development risk.

> To comprehend the industry's most important driving and restraining forces, as well as their influence on the global market.

> Learn about the market strategies used by the most successful companies in their fields.

> To understand the future outlook and prospects for the market.

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Table of contents of the report:

1. Executive Summary
2. Introduction
3. Market Analysis
4. Competitive Landscape
5. Government Regulation
6. Advancements in GPS Technology
7. Market Segmentation by Application
8. Market Segmentation by Region
9. Case Studies
10. Conclusion
11. References

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At Market Square Insights, we understand research requirements and help a client in taking informed business-critical decisions. The company focuses on helping clients achieve transformational growth by helping them make crucial business decisions. At Market Square Insights, we diligently study emerging trends across various global and regional industries to identify potential opportunities for our clients.

This release was published on openPR.