GPS Equipment Market on Track for Strong Growth, Estimated to Grow at 10% CAGR Through 2029

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What Is the Expected CAGR for the GPS Equipment Market Through 2025?
The market size of gps equipment has been on a healthy growth trajectory in the past few years. The market, which was worth $2.84 billion in 2024, is projected to reach $3.11 billion in 2025, translating to a compound annual growth rate (CAGR) of 9.4%. Factors such as usage in military applications, a surge in consumer electronics, the utility of global positioning system (GPS) satellites, the embrace by the automotive industry, along with government initiatives and investments, have all contributed to the growth observed in the historical period.

What's the Projected Size of the Global GPS Equipment Market by 2029?
The size of the gps equipment market is predicted to increase rapidly in the upcoming years. By 2029, it's projected to reach a net worth of $4.55 billion, expanding at a compound annual growth rate (CAGR) of 10.0%. This anticipated rise in the forecast period is due to the enhancement in IoT and connected devices, security enhancements and theft protection measures, data analysis and location-centric services, increased demand in emergency handling and disaster control, and collaboration with autonomous drones. Key upcoming trends in the forecast period encompass outdoor recreation expansion, escalating safety worries, the emergence of autopilot vehicles, growing application in the farming sector, and government guidelines and initiatives.

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Top Growth Drivers in the GPS Equipment Industry: What's Accelerating the Market?
The proliferation of GPS tracking devices in commercial vehicles has had a significant impact on the expansion of the GPS equipment market. These tracking devices offer real-time monitoring for commercial vehicles such as trucks, buses, heavy-duty commercial vehicles, and construction vehicles. By actively tracking and managing these vehicles with GPS equipment, businesses can realize real-time updates, enhance route optimization, boost efficiency, and heighten fuel economy, among other benefits. The growing trend of businesses adopting GPS for vehicle tracking gives them a competitive advantage by delivering superior customer experience. Hence, the adoption of GPS devices in commercial vehicles serves as a critical driving force for the expansion of the GPS equipment market.

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What Trends Will Shape the GPS Equipment Market Through 2029 and Beyond?
The progression in the field of software linked with GPS tracking systems has been considerable. The use of advanced software allows access to real-time data pertaining to a particular location. Augmented software has improved map-drawing capabilities and its compatibility with resources like Google Earth and predictive diagnosis. In the case of Trackem, a U.S.-based resource, supply and job progression monitoring platform, they launched an updated version of their GPS tracking platform for clients in September 2022. The upgraded system includes provisions for keeping track of fuel invoices, comprehensive fleet fuel utility, mileage analysis, and driver scorecards. These scorecards facilitate the identification of drivers who frequently accelerate abruptly or exceed the speed limit, both of which contribute to greater fuel consumption. This gathered data can be utilized for either disciplinary or educational measures. Detailed reports can help identify various aspects in the fleet that can be altered to improve fuel economy. Furthermore, the new Maintenance section aids fleet managers or business owners in keeping up-to-date and servicing their vehicles to optimize fuel efficiency. The surge in development of advanced GPS tracking technology is proving beneficial and promoting market growth.

What Are the Main Segments in the GPS Equipment Market?
The gps equipmentmarket 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 Top Companies are Driving Growth in the GPS Equipment Market?
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.

Which Regions Will Dominate the GPS Equipment Market Through 2029?
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.

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