Wilmington, Delaware, United States, Aug. 17, 2023 (GLOBE NEWSWIRE). Transparency Market Research Inc. – The global GPS tracking device market valued at US$ 2.8 Bn in 2022. The projection indicates an expansion at a Compound Annual Growth Rate (CAGR) of 11.9% from 2023 to 2031. Increase in adoption of fleet and asset-tracking solutions for commercial and passenger vehicles and accuracy of technology in search and rescue operations are fueling the GPS tracking device market. People use GPS trackers in challenging situations, such as vehicle breakdowns, fleet-related crime, or unauthorized stops.
Initiatives of manufacturers in the development of advanced and portable GPS trackers is fueling market expansion. Furthermore, manufacturers are developing GPS trackers with dash cameras that provide comprehensive tracking with real-time video capability.
GPS tracking is an advanced technology that utilizes satellite signals to determine the real-time accurate location of a vehicle or an asset. It also benefits vehicle owners and fleet managers by optimizing routing, enhancing service, and boosting cargo security effectively. Small to large-scale companies are increasingly deploying GPS technology to manage an expanding fleet of vehicles.
Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 2.8 Bn | |
| Estimated Value | US$ 7.4 Bn | |
| Growth Rate – CAGR | 11.9% | |
| Forecast Period | 2023-2031 | |
| No. of Pages | 178 Pages | |
| Market Segmentation | By Type, Deployment, Application, Industry Vertical | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | ArusNavi, AT&T Inc., ATrack Technology Inc., CalAmp Corp., Geotab Inc., GPS Insight, Meitrack Group, Navtelecom, LLC, Queclink Wireless Solutions Co., Ltd., Ruptela, Sensata Technologies Inc, Shenzhen Eelink Communication Technology Co. Ltd., Sierra Wireless, Inc., Trackimo | |
Key Findings of Study
Increase in Adoption of GPS Trackers for Commercial and Passenger Fleet Tracking. The GPS tracking technology provides real-time location data, which is critical for fleet management. Moreover, this capability is beneficial, as it enables businesses and organizations to optimize their operations and attain a higher ROI.
Fleet tracking solutions provide benefits: higher productivity, better ROI, theft recovery, enhanced safety for staff and assets. Furthermore, fleet tracking solutions enable optimizing vehicle utilization, which can lead to reduction in fleet size. This results in significant cost savings on operation, maintenance, and replacement expenses.
Rise in Rescue and Search Operations to Fuel Market Growth – Search and rescue operations play a critical role in situations involving potential threat to human lives. Furthermore, it use GPS tracking technology to aid in these operations. Which will enable rescue teams to monitor their search areas and obtain information from lost smartphones or GPS devices of individuals.
GPS trackers used in search and rescue provide several essential functions, including tracking rescue teams, locating missing individuals, surveying hazardous areas, tracking vehicles and equipment used in search and rescue mission, and assuring situational awareness throughout the rescue operation.
Increase in Demand for Standalone Trackers Boosting Market Revenue – Based on type, the standalone trackers segment is anticipated to account for significant share of the global market during the forecast period.
Both wired and wireless variants of standalone GPS devices offer real-time tracking and monitoring capabilities. Tamper-proof wired devices, preferred by businesses, stay affixed for full fleet control due to their standalone nature.
Standalone GPS devices are robust, making them suitable for heavy-duty vehicles that operate in harsh weather conditions.
Growth Drivers
- Increase in adoption of GPS trackers for commercial and passenger fleet tracking is fueling the GPS tracking device market
- Rise in adoption of technology in rescue and search operations is augmenting market growth
Regional Landscape
Anticipate that Europe will hold a leading share of the global market throughout the forecast period.Europe accounted for nearly 34.0% of market share in 2022 due to increase in adoption of GPS tracking devices for security and resource management in the region.
The market in North America is anticipated to expand during the forecast period, owing to the substantial adoption of GPS trackers in commercial vehicles in the region. According to data of the American Trucking Association, trucks play a key role in the U.S. freight industry, accounting for movement of approximately 72.6% of the country’s freight by weight. This fuels demand for GPS trackers for safe movement of freight in the country, and consequently boosts market statistics in the region.
Competitive Analysis
The global landscape is consolidated, with the presence of a few large vendors that control majority of the market share. Large companies are investing significantly on new product development. Moreover, expansion of product portfolios and M&As are key strategies adopted by leading players.
Prominent players in the GPS tracking device market include Geotab Inc., Navtelecom LLC. CalAmp Corp., Shenzhen Eelink Communication Technology Co. Ltd., and GPS Insight.
