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GPS Tracking Device Market Trends That Will Shape the Next Decade: Insights from Key Players Introducing Innovative Products In The GPS Tracking Device Market
GPS Tracking Device
How Large Will the GPS Tracking Device Market Size By 2025?
The market size of GPS tracking devices has witnessed substantial expansion in the past few years. This market is anticipated to escalate from $3.22 billion in 2024 to reach $3.61 billion in 2025, representing a compound annual growth rate (CAGR) of 12.1%. The historic growth period could be linked to an increase in fleet management solutions, an escalation in e-commerce and last-mile delivery, government regulation for vehicle safety, a surge in asset tracking adoption, and growing concerns over personal safety.
How Big Is the GPS Tracking Device Market Size Expected to Grow by 2029?
In the coming years, the GPS tracking device market is poised for swift expansion, with predicted growth to "$6.39 billion by 2029, reflecting a compound annual growth rate (CAGR) of 15.3%. The surge during the forecast period can be traced back to several factors, such as the prevalence of self-driving cars, risen need for recovery of stolen vehicles, emphasis on environmental sustainability, wider adoption in the healthcare sector, and the rising need for geo-fencing solutions. Key trends set to shape the market during this period encompass integration with IoT ecosystems, progress in real-time tracking, improved battery life, the application of artificial intelligence (AI) in analytics, growth of satellite constellations, and increasing compatibility with wearable tech.
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Which Key Market Drivers Powering GPS Tracking Device Market Expansion and Growth?
The growth of the GPS tracking device market is set to surge due to the escalating demand for commercial vehicles. Commercial vehicles are those affiliated with a company or business, like fleet vehicles, company cars, or any vehicle utilized to transport commercial goods or operative equipment. These vehicles employ GPS tracking devices for purposes such as monitoring vehicle location, boosting vehicle maintenance, and ameliorating customer service by delivering real-time updates. Thus, the rising demand for commercial vehicles is fueling the expansion of the GPS tracking device market. To illustrate, data from the International Organization of Motor Vehicle Manufacturers, a Paris-based global trade association, shows that commercial vehicle production in the USA experienced a 10% increase, rising from 7,604,154 in 2021 to 8,308,603 in 2022. Moreover, in Argentina, commercial vehicle production saw a 24% rise, jumping from 250,647 in 2021 to 279,388 in 2022. Consequently, the amplified demand for commercial vehicles is accelerating the progress of the GPS tracking device market.
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Which Fast-Growing Trends Are Poised to Disrupt the GPS Tracking Device Market?
Companies in the GPS tracking device market are focusing on product innovation to expand their market position. In January 2022, China-based ATrack Technology Inc. launched the AL300 LTE-M waterproof tracker with IP67-rated protection, designed for outdoor use on machinery and vehicles such as trucks, scooters, trailers, and agricultural equipment.
What Are the Emerging Segments in the GPS Tracking Device Market?
The GPS tracking device market covered in this report is segmented -
1) By Type: Standalone Trackers, OBD Devices, Advance Trackers
2) By Deployment: Commercial Vehicles, Cargo And Containers
3) By Application: Automotive, Aerospace And Defense, Healthcare, Transportation
Subsegments:
1) By Standalone Trackers: Personal GPS Trackers, Pet GPS Trackers, Asset GPS Trackers
2) By OBD Devices: OBD-II Plug-And-Play Trackers, OBD Devices With Diagnostics Features
3) By Advance Trackers: Real-Time Tracking Devices, Fleet Management Trackers, GPS Tracking Devices With Geofencing Features, GPS Trackers With Fuel Monitoring
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Who Are the Global Leaders in the GPS Tracking Device Market?
Major companies operating in the GPS tracking device market include 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.
Which are the Top Profitable Regional Markets for the GPS Tracking Device Industry?
Europe was the largest region in the GPS tracking device market in 2024. The regions covered in the GPS tracking device market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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