GPS Tracking DeviceMarket Opportunities, Business Forecast To 2029

The global gps tracking device market size was valued at USD 2,692.6 million in 2022 and is expected to grow at a CAGR of 12.3% during the forecast period 2023 to 2029. The primary drivers of the expansion of the global GPS tracking device market include increasing demand for IoT and cloud technology, the increasing sales of commercial vehicles, The increasing incidence of road accidents and increasing thefts are expected to fuel the market growth rate in the forecasted period.

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Cargo & Container Segment is expected to Dominate the GPS Tracking Device Market:
Based on the deployment type, the global GPS Tracking Device market is segmented into commercial vehicle, cargo & containers and others. The Cargo and Container segment is expected to account for larger share in the global GPS tracking device market in the forecasted years. The GPS tracking system is cost efficient and helps to track on real time location of the good or shipment and securing it thus increases profitability. GPS tracking devices is used to get aware of whereabouts of the shipping containers within the cellular coverage and thus reduces the need of human inventory count.

Asia Pacific GPS Tracking Device Market:
The Asia Pacific GPS tracking device market is expected to increase over the forecast period due to the presence of potential market in countries like Japan, South Korea, China, India in this region. Rapid evolution of technology and manufacturing sectors across the Asia Pacific region especially in China, India and Japan has shown a significant growth in the market. The deployment of GPS in smart phones, networking devices, IoT devices and cars are expected to boost growth of market at an significant rate. The Europe GPS tracking device market is expected to have a significant growth in the forecasted years due to the rise in sale of low costing tracking devices in this region.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global GPS Tracking Device market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance, In July 2021, Atrack Technology Inc., launched its product AK7V, an advanced vehicle tracking device which helps in fleet management for the customer. In February 2021, GPS Trackit announced its acquisition on companies like TSO mobile, Intouch GPS, FleetTrax.
The GPS tracking device market is segmented based on type, deployment type, end user, component, and geography.

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Based on the type, the market is segmented into the following:
• Standalone Tracker
• OBD Device
• Advanced Tracker

Based on the deployment type, the market is segmented into the following:
• Commercial vehicle
• Cargo & Containers

Based on the end user, the market is segmented into the following:
• Automotive
• Aerospace
• Defense
• Healthcare transportation
• Others

Based on the component, the market is segmented into the following:
• Personal GPS tracker
• Real Time GPS tracker
• GPS logger

Based on geography, the market is segmented into the following:
• North America
• Europe
• The Asia Pacific
• Latin America
• MEA

Key players profiles in the gps tracking device market report are Laird PLC, Calamp Corp., Teltonika UAB, Concox Wireless Solutions Co., Ltd., Tomtom International BV, Sierra Wireless Inc., Geotab Inc, Meitrack Group, Atrack Technology Inc, Orbocomm Inc, Ltd, Trackimo LL, Queclink Wireless Solutions Co., Ltd., Meiligao Groupteltonika, Spy Tec International, Rekvizitai.Lt Lithuania, Lantronix, Inc, Xirgo Technologies., GPS Insight, ClearpathGPS Inc.

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