The global GPS tracking device market is estimated to exceed US$ 2.56 billion in 2023 to US$ 7.71 billion by 2032, growing at a compound annual growth rate (CAGR) of 13% during the forecast period from 2024 to 2032.
A GPS tracking device is a device that utilizes the global positioning system (GPS) to record and determine the precise location of a vehicle, object, or person in real time or at regular intervals. These devices normally consist of a GPS receiver that receives signals from satellites orbiting the Earth and a communication module that sends the location data to a user interface or central server. These tracking devices vary in complexity, size, and features, ranging from small, discreet devices for personal tracking to ruggedized units created for harsh environments. They also present additional functionalities such as alerts for unauthorized movement, geofencing (setting up virtual boundaries), historical location tracking, and integration with other applications or systems.
Growth in Adoption of GPS Tracking and Monitoring in Marine Applications
The growing demand for automation of marine functions such as navigation, speed measurement, search and rescue, and location determination to gain real-time position information for improving efficiency and safety mitigating the risks related to potential hazards or accidents is augmenting the market. Increasing penetration of GPS data for navigational hazard location, underwater surveying, and mapping is set to drive the market.
Also, the growing demand for GPS tracking devices in commercial fishing fleets for determining optimum fishing location, tracking fish migrations ensuring adherence to regulations has contributed to the growth of the market. Integration of geographic information software (GIS) with GPS technology is improving the efficient management of maritime port facilities and thus stimulating the market. Such technological advancements are analyzed to drive the growth of the market during the forecast period.
Data Security and Impact of Nonstandard Products Leads to Poor User Experience
The alarming growth in security threats and cyber-attacks is hampering the adoption. According to reports, many GPS tracking devices are exposing real-time information such as phone numbers, location information, device model and type information, audio recordings, and images resulting in a multitude of privacy concerns. However, continuous advancements in cyber-security are expected to offset this challenge and foster healthy growth during the later stages of the forecast period from 2024 to 2030.
However, GPS tracking technology is widely adopted by users due to its uniformity in low costs and performance. Thus, to meet the demand for these tracking devices, different companies are involved in the manufacturing of these devices, resulting in augmented competition. To gain a competitive benefit, some manufacturers are introducing low-cost GPS tracking devices in the market.
These devices may lead to poor user experience because of the poor quality of these devices. A low-cost GPS module has a low-quality GPS receiver antenna and poor position algorithm, which may impede the performance of GPS tracking devices. Hence, all these factors are hindering the growth of the market.
Increasing Focus Towards Security and Safety and Growing Usage of Digital Map
GPS tracking devices are normally utilized in taxis, trains, buses, and other private and public transportation modes. An increasing emphasis on the safety and security of passengers and vehicles creates immense market expansion. The Ministry of Road Transport & Highways mandated in 2021 that all oxygen-transporting cars be fitted with a GPS tracking device for proper protection and monitoring, thereby preventing any diversion or delay in the procedure.
Also, the digital map is encountering extreme growth due to the rising internet subscribers and smartphone and portable device internet usage. The expansion in the usage of digital maps creates beneficial opportunities for the global market. Many autonomous vehicles have digital map systems for route navigation and planning. The recent advancements in digital maps, for instance, 3D maps, and the ease of understanding and locating a location are the primary growth factors for the market throughout the projection period.
By Technology
In 2023, the advanced tracker segment dominated the global GPS tracking devices market in terms of revenue and is anticipated to dominate its position during the forecast period. This growth can be attributed to the fact that these trackers offer improved features and abilities beyond basic tracking functionalities. These trackers typically include robust software solutions, refined technologies, and additional sensors to deliver users with a complete set of monitoring and tracking capabilities.
Also, these advanced trackers deliver real-time tracking abilities, allowing users to monitor the movement and location of their vehicles, assets, or personnel in real time. This allows businesses to have instant visibility into their functions and make timely decisions based on up-to-date information. These trackers use advanced GPS technology and multiple positioning techniques to guarantee high precision and accuracy in tracking, which is anticipated to drive the growth of this segment in the market.
By Usage
In 2023, the transportation segment dominated the market in terms of revenue and is anticipated to maintain its dominance throughout the projection period. This growth can be attributed to the fact this is an application of GPS technology within the transportation industry to monitor, track, and manage vehicles, fleets, and assets. This segment contains a broad range of solutions and applications tailored to the requirements of logistics providers, fleet operators, transportation companies, and other stakeholders involved in the movement of goods and people.
Also, these tracking devices are utilized to manage and monitor different types of assets within the transportation industry, including containers, trailers, and cargo. Asset tracking solutions allow these device companies to track the status and location of their assets ensuring visibility, supply chain, and accountability. This helps prevent loss, theft, and damage to valuable assets, while also enhancing inventory management and asset utilization. Therefore, all these factors are driving the growth of this segment in the market over the forecast period.
Regional Analysis
Europe region is anticipated to dominate the global GPS tracking devices market during the forecast period. This growth is attributed to the fact that this region is the hub of the automotive industry and related technological innovations. The region has presence of a large number of commercial vehicle manufacturing companies. The UK, Germany, and France are the major countries in the market in the region. In the UK, the main factor propelling the industry is the adoption of telematics technology, where most enterprises are already incorporating telematics in fleet operations, is the main factor driving the industry.
Also, Germany has already adopted GPS tracking device technology, and it is a mature market with the presence of many telematics service providers. Commercial vehicles also play an important role in the ecosystem of the country. The French GPS tracking device market, similar to that in other countries, is dominated by commercial vehicles.
There are many innovative usages of GPS trackers in the country across different industries, for instance, GPS trackers are utilized in precision farming to optimize crop management and increase efficiency. Hence, all such factors are driving the growth of the market in this region.
Key Companies Operating in the Global GPS Tracking Device Market
Market Segmentation Outline
By Technology
By Type
By Usage
By Region
1 INTRODUCTION OF GLOBAL GPS TRACKING DEVICE MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: GPS TRACKING DEVICE MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL GPS TRACKING DEVICE MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL GPS TRACKING DEVICE MARKET, BY TECHNOLOGY
5.1 OVERVIEW
5.2 STANDALONE TRACKER
5.3 OBD (ON-BOARD DIAGNOSTICS) DEVICE
5.4 ADVANCED TRACKER
6 GLOBAL GPS TRACKING DEVICE MARKET, BY TYPE
6.1 OVERVIEW
6.2 DATA LOGGER
6.3 DATA PUSHER
6.4 DATA POOLER
7 GLOBAL GPS TRACKING DEVICE MARKET, BY USAGE
7.1 OVERVIEW
7.2 CAR
7.3 AEROSPACE & DEFENSE
7.4 HEALTH CARE
7.5 TRANSPORTATION FACILITIES
7.6 OTHERS
8 GLOBAL GPS TRACKING DEVICE MARKET, BY GEOGRAPHY
8.1 OVERVIEW
8.2 NORTH AMERICA
8.2.1 NORTH AMERICA MARKET SNAPSHOT
8.2.2 U.S.
8.2.3 CANADA
8.2.4 MEXICO
8.3 EUROPE
8.3.1 EUROPE MARKET SNAPSHOT
8.3.2 WESTERN EUROPE
8.3.2.1 THE UK
8.3.2.2 GERMANY
8.3.2.3 FRANCE
8.3.2.4 ITALY
8.3.2.5 SPAIN
8.3.2.6 REST OF WESTERN EUROPE
8.3.3 EASTERN EUROPE
8.3.3.1 POLAND
8.3.3.2 RUSSIA
8.3.3.3 REST OF EASTERN EUROPE
8.4 ASIA PACIFIC
8.4.1 ASIA PACIFIC MARKET SNAPSHOT
8.4.2 CHINA
8.4.3 JAPAN
8.4.4 INDIA
8.4.5 AUSTRALIA & NEW ZEALAND
8.4.6 ASEAN
8.4.7 REST OF ASIA PACIFIC
8.5 MIDDLE EAST & AFRICA
8.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
8.5.2 UAE
8.5.3 SAUDI ARABIA
8.5.4 SOUTH AFRICA
8.5.5 REST OF MEA
8.6 SOUTH AMERICA
8.6.1 SOUTH AMERICA MARKET SNAPSHOT
8.6.2 BRAZIL
8.6.3 ARGENTINA
8.6.4 REST OF SOUTH AMERICA
9 GLOBAL GPS TRACKING DEVICE MARKET COMPETITIVE LANDSCAPE
9.1 OVERVIEW
9.2 COMPANY MARKET RANKING
9.3 KEY DEVELOPMENT STRATEGIES
9.4 COMPETITIVE DASHBOARD
9.5 PRODUCT MAPPING
9.6 TOP PLAYER POSITIONING, 2022
9.7 COMPETITIVE HEATMAP
9.8 TOP WINNING STRATEGIES
10 COMPANY PROFILES
10.1 SIERRA WIRELESS, INCORPORATED
10.1.1 OVERVIEW
10.1.2 FINANCIAL PERFORMANCE
10.1.3 PRODUCT OUTLOOK
10.1.4 KEY DEVELOPMENTS
10.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.2 ORBCOMM
10.2.1 OVERVIEW
10.2.2 FINANCIAL PERFORMANCE
10.2.3 PRODUCT OUTLOOK
10.2.4 KEY DEVELOPMENTS
10.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.3 ATRACK TECHNOLOGY
10.3.1 OVERVIEW
10.3.2 FINANCIAL PERFORMANCE
10.3.3 PRODUCT OUTLOOK
10.3.4 KEY DEVELOPMENTS
10.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.4 GEOTAB INCORPORATED
10.4.1 OVERVIEW
10.4.2 FINANCIAL PERFORMANCE
10.4.3 PRODUCT OUTLOOK
10.4.4 KEY DEVELOPMENTS
10.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.5 BOX TELEMATICS
10.5.1 OVERVIEW
10.5.2 FINANCIAL PERFORMANCE
10.5.3 PRODUCT OUTLOOK
10.5.4 KEY DEVELOPMENTS
10.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.6 MEITRACK GROUP
10.6.1 OVERVIEW
10.6.2 FINANCIAL PERFORMANCE
10.6.3 PRODUCT OUTLOOK
10.6.4 KEY DEVELOPMENTS
10.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.7 TRACKIMO GROUP
10.7.1 OVERVIEW
10.7.2 FINANCIAL PERFORMANCE
10.7.3 PRODUCT OUTLOOK
10.7.4 KEY DEVELOPMENTS
10.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.8 CALAMP CORPORATION
10.8.1 OVERVIEW
10.8.2 FINANCIAL PERFORMANCE
10.8.3 PRODUCT OUTLOOK
10.8.4 KEY DEVELOPMENTS
10.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.9 STARCOM SYSTEMS LIMITED
10.9.1 OVERVIEW
10.9.2 FINANCIAL PERFORMANCE
10.9.3 PRODUCT OUTLOOK
10.9.4 KEY DEVELOPMENTS
10.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.10 CONCOX WIRELESS SOLUTION
10.10.1 OVERVIEW
10.10.2 FINANCIAL PERFORMANCE
10.10.3 PRODUCT OUTLOOK
10.10.4 KEY DEVELOPMENTS
10.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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