GPS Tracking Device Market Forecasts to 2028 - Global Analysis By Type, By Communication Technologies, By Component, By Deployment, By Application, By End User and By Geography

According to Stratistics MRC, the Global GPS (Global Positioning System) Tracking Device Market is accounted for $2.45 billion in 2022 and is expected to reach $5.47 billion by 2028 growing at a CAGR of 14.3% during the forecast period. A global positioning system (GPS) tracking system is a portable device that allows users to track and monitor its location. These devices are most commonly employed in vehicle tracking systems. There are only a few differences between tracking systems and in-car navigation systems. GPS navigation systems show drivers their location on a computer map and then provide driving instructions to get them to a specific destination. GPS trackers, on the other hand, use GPS technology to track a vehicle's present location and trip history. The GPS information is subsequently transmitted to a smart phone, computer, or tablet.

According to the organisation internationale des constructeurs d'automobiles (OICA), in 2015 the sales of commercial vehicles was 23.3 million and it has grown up to 24.3 million in 2016.

Market Dynamics:

Driver:

Improved sales of commercial vehicles

The GPS device industry is expanding as a result of the device's durability and its use in commercial vehicle tracking systems. GPS tracking devices can detect automobiles that use GPS to track their precise location as the retail sector grows. This enhances the importance of monitoring for safety and efficiency. As a result, many commercial vehicles now have GPS systems. As a result, the market for GPS tracking devices expands. The growing popularity of e-commerce is expected to boost demand for GPS tracking systems in light commercial vehicles.

Restraint:

Impact of nonstandard products leads to poor user experience

GPS tracking technology is frequently used by consumers because of its consistency in performance and low cost. As a result, numerous companies are involved in the manufacturing of GPS tracking devices to meet the demand, resulting in increasing competition. To obtain a competitive advantage, some firms are selling low-cost GPS tracking gadgets to the market. Because of the poor quality of the GPS tracking technology, these gadgets may provide a poor user experience. A low-cost GPS module contains a low-quality GPS receiver antenna and a poor location algorithm, which may impair GPS tracking device functionality.

Opportunity:

Use of digital map and other technical advances

The digital map is expanding rapidly as the number of internet subscribers and smart phone and portable device internet users increases. The growing use of digital maps propels the market for GPS tracking devices. Most self-driving cars use digital map systems for navigation and route planning. Recent improvements in digital maps, such as 3D maps, and the simplicity of comprehending and locating a location are the key growth drivers for the GPS tracking industry.

Threat:

Increasing adoption of hardware-agnostic tracking solutions

The technology revolution enables manufacturers to release a wider range of smart phones at reduced prices. Smartphone users can now use GPS signals to track automobiles, due to advances in technology and various software programmes. These software packages are simple to install, have a user-friendly graphical user interface (GUI), and are inexpensive. As a result, the use of smart phones as tracking devices is rapidly expanding. Numerous cab firms, including Uber Technologies Inc. (US) other transportation businesses, employ smart phones as vehicle tracking systems.

COVID-19 Impact:

The introduction of COVID-19 has slowed the growth of the GPS Tracking Device market due to the implementation of partial and total lockdown in several nations throughout the world, which has hurt the manufacturing and industrial sectors. Due to the shutdown of manufacturing operations in the region, many countries under lockdown have experienced significant commercial and revenue losses. The COVID-19 epidemic has had a significant influence on the operations of the industrial and manufacturing industries, resulting in a pause in the expansion of the GPS tracking device market.

The OBD devices segment is expected to be the largest during the forecast period

The OBD devices segment is estimated to have a lucrative growth. On-Board Diagnostics (OBD) devices provide a variety of functions. It's easy to set up and use, and it's more suited for vehicle tracking. The tracker will begin its continuing observation of the vehicle after the device is installed. With internet access, one can monitor the vehicle's behaviour on a regular basis. The recorded location data is saved in the OBD GPS tracker device and may be transferred to any internet-connected device. Users can remotely monitor the vehicle using both the smart phone app and the web app. Pollution control, fuel consumption, and speeding can all be tracked with the OBD tracker.

The transportation & logistics segment is expected to have the highest CAGR during the forecast period

The transportation & logistics segment is anticipated to witness the highest CAGR growth during the forecast period. GPS tracking devices are used in the transportation industry to track assets using GPS and other methods. This enables effective tracking of asset information, decision-making to reduce speed, redirect the vehicle to an alternate route, and other steps to improve the overall reliability and safety of operations. Because GPS tracking devices are likely to be widely employed in commercial vehicles used for transportation and logistics, such as trucks, trailers, buses, and light commercial vehicles, the market in this industry is expected to develop at the fastest CAGR during the forecast period.

Region with largest share:

Asia Pacific is projected to hold the largest market share during the forecast period. Japan, South Korea, China, and India have all been considered as prospective markets. The remaining Asia-Pacific countries are modest, rising markets. Developing economies like as India, China, and Japan are making technical advances, which is strengthening the market. Throughout the forecast period, the expanding adoption of GPS technology in smart phones, tablets, networking devices, IoT devices, and connected vehicles will contribute considerably to the global market's revenue. Growing urbanisation, particularly in Asia's developing countries, is growing need for navigation, monitoring, and security, propelling the GPS tracking device market forward.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period. GPS tracking assists in maintaining asset control and tracking their location. The region's GPS tracking market is growing as commercial vehicle sales rise and tracking gadgets become more inexpensive. Germany, the region's country, is one of the world's major economies; thus, an increase in people's greater income for expenditure on extra gadgets and pricey technologies and their protection is predicted to boost the expansion of Germany's GPS tracking device market. Additionally, prominent companies in the GPS tracking device market are looking to acquire local players in order to extend their geographical presence and capabilities.

Key players in the market:

Some of the key players profiled in the GPS (Global Positioning System) Tracking Device Market include: ATrack Technology Inc., Box Telematics, Calamp Corp, Concox Information & Technology Co., Ltd, Innolux Corp, Meitrack Group, Qualcomm Technologies, Inc, Queclink Wireless Solutions Co., Ltd, Shenzhen Concox Information Technology Co. Ltd, Sierra Wireless, Spy Tech, Inc, Starcom Systems Ltd, Tomtom International Bv, Trackimo Group And Verizon Wireless.

Key Developments:

In September 2022, Concox launched LL303, which is a 4G solar tracker designed for tracking ships and construction vehicles. In LL303, by integrating GPS, BDS, LBS, and WiFi multiple positioning systems, the cloud platform provides vehicle location and trajectory information outside vehicle location and trajectory information outside the production site to ensure production safety and productivity.

In July 2022, Geotab Inc. expanded its position as the top telematics supplier for governmental organizations in North America. The company has been chosen as the e State of Ohio's telematics provider of the State of Ohio to assist in meeting the State's requirement to improve its fleet management.

In June 2022, CalAmp Corp. announced a new partnership with Assured Telematics. Together with its CalAmp's edge computing devices, the company would offer commercial and public fleet operators the assured apollo electronic logging device (ELD) solution.

In January 2022, ATrack Technologies Inc. launched announced the launch of the AL300 LTE-M waterproof tracker with IP67 waterproof and dustproof functions, particularly designed for heavy machinery or transportation equipment that needs to be monitored for a long time and placed outdoors, such as refrigerated trucks, scooters, trailers, and agricultural and construction heavy machinery.

Types Covered:

• OBD Devices
• Standalone Trackers
• Advance Trackers
• Covert GPS Trackers
• Data Loggers
• Data Pullers
• Data Pushers

Communication Technologies Covered:

• Cellular
• Satellite

Components Covered:

• GPS Loggers
• Real Time GPS Trackers
• Personal GPS Trackers

Deployments Covered:

• Cargo and Containers
• Commercial Vehicles

Applications Covered:

• Construction
• Oil & Gas
• Transportation & Logistics
• Government
• Metals & Mining
• Other Applications

End Users Covered:

• Automotive
• Aerospace
• Defense
• Industrial Electronics
• Retail
• Other End Users

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances