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Growing Adoption In Commercial Vehicle Tracking To Drive Market Expansion: Key Factor Driving The Growth In The GPS Equipment Market
GPS Equipment
What Is the Current GPS Equipment Market Size and Its Estimated Growth Rate?
The market size for GPS equipment has experienced rapid expansion in recent years. The value is expected to escalate from $2.96 billion in 2024 to $3.32 billion in 2025 with a compound annual growth rate (CAGR) of 12.3%. The historical rise can be credited to factors such as military use, the surge in consumer electronics, the prevalence of the Global Positioning System (GPS) satellite, the adoption within the automotive industry, and government initiatives and investments.
In the coming years, the GPS equipment market size is predicted to experience a swift expansion and is projected to reach $5.17 billion in 2029, with a compound annual growth rate (CAGR) of 11.7%. The surge in the projected period can be ascribed to growth in IoT and connected devices, measures for security and anti-theft, the utilization of data analytics and location-based services, an upward trend in demand for emergency response and disaster management, and integration with autonomous drones. Key trends in the forecast period include the expansion of outdoor recreation, increasing safety concerns, the advent of autonomous vehicles, growing use in the agriculture sector, and government initiatives and regulations.
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How Are Emerging Segments Shaping the GPS Equipment Market Landscape?
The GPS equipment market covered in this report is segmented -
1) By Product Type: Data Loggers, Data Pushers, Data Pullers, Covert GPS Trackers
2) By Application: Road, Aviation, Marine, Location-based services, Surveying And Mapping, Other Applications (Hospitality, Education, Retail, Agriculture, And Healthcare)
3) By End-Use Industry: Transportation And Logistics, Construction, Oil And Gas, Metals And Mining, Government, Other End-Use Industries
Subsegments:
1) By Data Loggers: Portable Data Loggers, Fixed Data Loggers
2) By Data Pushers: Real-Time GPS Trackers, Cellular Data Pushers
3) By Data Pullers: Request-Based Trackers, Remote Data Pullers
4) By Covert GPS Trackers: Battery-Powered Trackers, Hardwired Covert Trackers
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Which Growth Factors Are Influencing GPS Equipment Market Expansion?
The expansion of the GPS equipment market is attributed to the heightened usage of GPS tracking technology in commercial transportation. Commercial vehicles such as trucks, buses, extensive duty vehicles, and construction conveyances benefit from GPS tracking instruments by providing real-time monitoring and management. The advantages of real-time updates, optimal route utilization, improved efficiency, and enhanced fuel economy are some of the benefits companies can achieve through GPS trackers. The trend of businesses adopting GPS for vehicle tracking gives them competitive leverage by enhancing customer experience. As such, the escalating use of GPS instruments in commercial vehicles is a central contributor to the development of the GPS equipment market.
Who Are the Dominant Players Across Different GPS Equipment Market Segments?
Major companies operating in the GPS equipment market include Garmin Ltd., Sensata Technologies Inc., Trimble Navigation Limited, Jimi IoT, MiTAC Digital Technology Corporation (Navman), Eelink Communication Technology Limited, Queclink Wireless Solutions Co. Ltd., TomTom International BV, Geotab Inc., Teltonika UAB, Calamp Corporation, Sierra Wireless Inc., Mio Technology Corporation, Verizon, Orbocomm Inc., Concox Wireless Solution, Shenzhen Concox Information Technology Co. Ltd., ATrack Technology Inc., Meitrack Group, Trackimo LLC, Ruptela UAB, Xirgo Technologies Inc., Shenzhen Coban Electronics Co. Ltd., Maestro Wireless Solutions, Spy Tec Inc.
What Are the Latest Developing Trends in the GPS Equipment Market?
The evolution of software that is compatible with GPS trackers is quite remarkable. This high-tech software serves to provide real-time and specific location data. The advanced software has remarkably enhanced mapping skills and its ability to collaborate with resources like Google Earth and predictive diagnostics. For example, in September 2022, a resource monitoring platform named Trackem, which is based in the United States, introduced the newest iteration of its GPS tracking platform for its client base. The upgraded system comprises tools for monitoring fuel charges, entire fleet fuel usage, mileage appraisal, and driver scorecards. Such scorecards allow for an easier evaluation of drivers who habitually speed up or exceed the speed limit, both of which amplify fuel use. This information can be utilized for either corrective or educative purposes. The comprehensive reports divulge several areas in the fleet that can be tweaked to improve fuel economy. Also, with the newly introduced Maintenance section, fleet managers or business proprietors can now maintain and fix their vehicles in order to optimize fuel efficiency. The creation of this improved GPS tracker is becoming increasingly popular, thereby pushing market growth.
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Which Geographic Regions Are Expected to Dominate the GPS Equipment Market in the Coming Years?
Asia-Pacific was the largest region in the GPS equipment market in 2024. Asia-Pacific is expected to be the fastest-growing region in the global GPS equipment market share during the forecast period. The regions covered in the gps equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the GPS Equipment Market?
2. What is the CAGR expected in the GPS Equipment Market?
3. What Are the Key Innovations Transforming the GPS Equipment Industry?
4. Which Region Is Leading the GPS Equipment Market?
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