Global GPS Tracking Device Market Ascends at a Noteworthy CAGR of 12.6% 

Introduction

The global positioning system (GPS) is a cluster of satellites that enables highly accurate positioning, navigation, and timing (PNT) measurements worldwide. As one of the earliest satellite positioning systems, GPS has become an indispensable component of international work. GPS provides precise location data of a car, piece of equipment, or person. Tracking devices that use GPS transmit satellite signals decoded by a receiver. These receivers monitor the exact location of the device and calculate its travel time and speed.

Increased demand for IoT & cloud technology and a surge in commercial vehicle sales are the primary factors propelling the GPS tracking device market. The global GPS tracking devices market also benefits from the presence of numerous established players. With extensive technical and financial resources, vendors of GPS tracking device technologies are expected to gain the upper hand over their rivals because they can meet market demands.

Market Dynamics

Growing Market for IoT & Cloud Technology and Improved Sales of Commercial Vehicles Spur the GPS Tracking Device Market

The GPS tracker, created using modern technology such as IoT and cloud technology, enables it to serve various purposes. GPS trackers are loaded with electronics and internet connectivity, transforming them into intelligent devices and objects capable of connecting to the cloud, being remotely controlled, and communicating with one another. As a result, the increasing demand for IoT and cloud technology fuels the growth of the GPS tracking market.

The durability of GPS devices and their increasing use in commercial vehicle tracking systems are driving the market growth. As the retail sector grows, GPS tracking devices can detect vehicles that use GPS to pinpoint their location. This improves necessity tracking for the sake of efficiency and safety. As a result, many commercial vehicles are equipped with GPS systems. As a result, commercial vehicle sales rise, stimulating the market for GPS tracking devices. The increased penetration of the e-commerce industry also boosts the demand for GPS tracking systems in light commercial vehicles.

Regional Insights

Asia-Pacific holds the largest market share and is expected to grow at a CAGR of 13.5% during the forecast period. Asia-Pacific is among the fastest-growing GPS tracking device markets. Potential markets such as Japan, South Korea, China, and India were identified. The remaining Asia-Pacific countries are small, emerging markets. The technological progress of emerging economies, including India, China, and Japan, boost the market. During the forecast period, the increasing deployment of GPS technology in smartphones, tablets, networking devices, IoT devices, and connected vehicles is anticipated to contribute significantly to the global market's revenue. Increasing urbanization, particularly in Asia's developing nations, is increasing the demand for navigation, tracking, and security, driving the market growth for GPS tracking devices.

Europe is the second-largest region and is expected to be valued at USD 515 million by 2030, growing at a CAGR of 8.5%. Europe is a significant market for GPS tracking devices. GPS tracking enables the management of assets and the monitoring of their locations. The growth of the GPS tracking market in the region is propelled by a rise in the sale of commercial vehicles and the low cost of tracking devices. Germany is one of the world's largest economies; therefore, an increase in people's disposable income for expenditures on additional gadgets and expensive machines and their protection is projected to fuel the growth of the German GPS tracking device market. In addition, key players in the GPS tracking device market seek to acquire regional competitors to expand their geographic presence and bolster their capabilities.

Key Highlights

• The global GPS tracking device market size was worth USD 2,192 million in 2021. It is expected to be valued at USD 6,378 million by 2030, growing at a CAGR of 12.6% during the forecast period (2022–2030).
• Based on end-user, the global GPS tracking device market is divided into Automotive, Aerospace & Defense, Healthcare, Transportation, and Others. The Transportation segment is expected to hold the largest market share, growing at a CAGR of 10.6% during the forecast period.
• Based on technology,the global GPS tracking device market is divided into Standalone Trackers, OBD Devices, and Advance Trackers. The Advanced Tracker is expected to hold the largest market share, growing at a CAGR of 14.9% during the forecast period.
• Based on type, the global GPS tracking device market is divided into Data Loggers, Data Pushers, and Data Pullers. The Data Pushers segment is expected to hold the largest market share, growing at a CAGR of 14.1% during the forecast period.
• Region-wise, the global GPS tracking device market isanalyzed across North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. Asia-Pacific Surpasses the other regions.

Competitive Players

1. Meitrack Group
2. Starcom System Ltd
3. Geotab Inc
4. Atrack Technology
5. Trackimo Group
6. Sierra Wireless
7. Calamp Corp
8. Box Telematics

Recent Developments

• 2022- Meitrack Group partnered strategically with Toyota and Microsoft on a socially valuable IoT project that uses AI, IoT, and vehicle-to-everything technologies.
• 2022- Meitrack Group released its first AI four-channel mobile DVR MD500S.
• 2022- Meitrack Group announced the release of the basic 4G vehicle tracker T711L.
• 2022- Sierra Wireless announced the launch of its next-generation radiofrequency optimized 5G module.

Segmentation

1. By End-User
   1. Automotive
   2. Aerospace & Defense
   3. Healthcare
   4. Transportation
   5. Metal & Mining
   6. Others
2. By Technology
   1. Standalone Tracker
   2. Advance Tracker
   3. OBD Device
3. By Type
   1. Data Loggers
   2. Data Pushers
   3. Data Pullers
4. By Application
   1. Vehicle Tracking
   2. Fleet Management
   3. Car Rental Services
   4. Stolen Vehicle Recovery 
   5. Asset Tracking
   6. Equipment & Machinery
   7. Cargo & Freight
   8. Personal Tracking
   9. Elderly & Patient Safety
   10. Fitness & Sports
   11. Pet Tracking
5. By GPS Tracking Device
   1. Cellular
   2. Satellite