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Global GPS Tracking Device Market Growth Prospects, Future Industry Landscape 2033
GPS Tracking Device Global Market Report 2024
According to The Business Research Company's, The gps tracking device market size has grown rapidly in recent years. It will grow from $2.91 billion in 2023 to $3.29 billion in 2024 at a compound annual growth rate (CAGR) of 13.3%. The growth in the historic period can be attributed to rise in fleet management solutions, growth in e-commerce and last-mile delivery, regulatory mandates for vehicle safety, increased adoption in asset tracking, rise in personal safety concerns.
The gps tracking device market size is expected to see rapid growth in the next few years. It will grow to $5.46 billion in 2028 at a compound annual growth rate (CAGR) of 13.4%. The growth in the forecast period can be attributed to rise in autonomous vehicles, increasing demand for stolen vehicle recovery, focus on environmental sustainability, expansion of usage in healthcare, demand for geo-fencing solutions. Major trends in the forecast period include integration with iot ecosystems, advancements in real-time tracking, enhanced battery life, use of artificial intelligence (ai) in analytics, satellite constellation expansion, integration with wearable devices.
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Market Drivers and Trends:
The increasing demand for commercial vehicles is expected to propel the growth of the GPS tracking device market going forward. A commercial vehicle refers to a vehicle registered to a company, such as company cars, fleet vehicles, or other vehicles that are used to transport goods and general equipment for commercial or business purposes. GPS tracking devices are used in commercial vehicles to keep track of the vehicle, improve vehicle maintenance, and enhance customer service by providing real-time status. Therefore, the increasing demand for commercial vehicles is driving the growth of the GPS tracking device market. For instance, in 2023, according to the International Organization of Motor Vehicle Manufacturers, a Paris-based international trade association, production of commercial vehicles in the USA increased by 10% from 7,604,154 in 2021 to 8,308,603 in 2022. Further, the production of commercial vehicles in Argentina increased by 24% from 250,647 in 2021 to 279,388 in 2022. Therefore, the increasing demand for commercial vehicles is driving the growth of the GPS tracking device market.
Product innovations are a key trend gaining popularity in the GPS tracking device market. Major companies operating in the GPS tracking device market are focused on developing new solutions to strengthen their position in the market. For instance, in January 2022, ATrack Technology Inc., a China-based company that designs and manufactures telematics hardware, launched the AL300 LTE-M waterproof tracker with IP67 waterproof and dustproof functions. The tracker is designed to support heavy machinery or transportation equipment such as refrigerated trucks, trailers, scooters, and agricultural and construction heavy machinery that needs to be monitored for a long time and placed outdoors. It assists with heavy outdoor machinery and transportation equipment to effectively control costs.
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Major Key Players of the Market:
CalAmp Inc.; ORBCOMM Inc.; Sierra Wireless Inc.; Shenzhen Jimi IoT Co. Ltd.; Queclink Wireless Solutions Co. Ltd.; Teltonika Networks; ATrack Technology Inc.; Geotab Inc.; Meitrack Group Co. Ltd.; Trackimo Ltd.; Starcom Systems International Inc.; TomTom International BV; Ruptela UAB; ICONCOX Co. Ltd.; Geoforce LLC; Laird plc; Verizon Wireless; Concox Information Technology Co. Ltd.; Laipac Technology Inc.; Maestro Wireless Solutions Ltd.; Pointer Telocation Ltd.; Xirgo Technologies LLC; Fleet Complete Inc.; Spireon Inc.; GPS Insight LLC; Fleetmatics Group plc; Omnitracs LLC; Zonar Systems Inc.; SkyBitz Inc.; Trimble Inc.
GPS Tracking Device Market 2024 Key Insights:
• The gps tracking device market size will grow to $5.46 billion in 2028 at a compound annual growth rate (CAGR) of 13.4%.
• Commercial Vehicle Demand Boosts Gps Tracking Device Market Growth
• Key Players Introducing Innovative Products In The Gps Tracking Device Market
• Europe was the largest region in the GPS tracking device market in 2023
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