Executive Summary

The Global GPS Tracking Device market size was projected to be US$ 3.1 billion in 2023. By the end of 2024, the industry is likely to reach a valuation of US$ 3.5 billion. During the forecast period, the global market for GPS tracking Device is expected to garner a 13.1% CAGR and reach a size US$ 12 billion by 2034.

The purpose of a GPS tracking device is to locate and follow a person, vehicle, or object via navigation. GPS determines the location of an object or person on Earth with astounding accuracy. Among the industries that utilize GPS tracking devices are agriculture, mining, and vehicles.

The growth of the GPS monitoring device market is primarily propelled by the rising demand for IoT and cloud technologies, as well as the escalation in sales of commercial vehicles. Nonetheless, the GPS tracking device market is anticipated to face significant challenges from non-standard products and a number of environmental factors that result in a negative user experience. In addition, the increasing adoption of digital maps and the rapid development and upgrade of software utilized in GPS tracking devices are anticipated to generate profitable prospects for the expansion of the worldwide market for GPS tracking devices.

As a result of the rise in road accidents, fleet management companies and government agencies have mandated that all vehicles be equipped with monitoring devices to monitor their speed and location. Moreover, the increasing adoption of intelligent transportation systems and the integration of 5G technology into vehicle connectivity are expected to drive market expansion. Additionally, the evolving market for autonomous and semi-autonomous vehicles drives the need for sophisticated and conventional vehicle tracking systems.

The GPS tracker's versatility is a result of its construction utilizing cutting-edge technologies including the Internet of Things and cloud computing. By integrating internet connectivity and electronic components, GPS trackers are rendered sentient objects and devices capable of cloud connectivity, remote control, and inter-object communication. The market for GPS tracking consequently expands due to the increasing demand for cloud computing and IoT.

This increases the requirement for monitoring in order to ensure efficient and safe operation. As a result, a considerable number of commercial vehicles are outfitted with GPS systems. As a consequence, there is a surge in the sales of commercial vehicles, which in turn drives the demand for GPS tracking devices. It is expected that the expanding prevalence of the e-commerce sector will contribute to a rise in the need for GPS tracking systems in light commercial vehicles.

GPS tracking devices are currently diminutive in size, and this trend is anticipated to continue over time. The development of GPS receivers and batteries on the order of a thumbnail size has been made feasible by technological advancements, thereby extending the life of this application. The battery life of the GPS tracking device is approximately three to four years, which facilitates operations. Additionally, numerous market leaders and significant corporations will be able to obtain a substantial return on investment (ROI) despite the shortened payback period.

Certain sophisticated GPS tracking devices have the capability to furnish vital data pertaining to vehicles, including engine diagnosis, temperature, and additional relevant information. Moreover, these devices have the capability to remotely monitor vehicles. In addition to these advantages, software-enabled technological advancements can supply real-time data to a variety of industries. Furthermore, the integration of enhanced mapping capabilities with predictive diagnostics will stimulate the need for GPS tracking devices to be implemented in diverse sectors, thereby propelling the expansion of the worldwide GPS Tracking Device Market.

On the contrary to the aforementioned factors that propel the market, the GPS Tracking Device Market will encounter certain obstacles and constraints that impede its expansion. As a result of environmental factors and the consequences of substandard products, customers have had a negative experience. Certain manufacturers, to attain a competitive edge, offer products of inferior quality, thereby diminishing the overall functionality of GPS tracking devices. The aforementioned factors are exhibiting themselves as impediments to the expansion of the worldwide GPS tracking device market.

Definition

A GPS tracking device is a compact electronic device equipped with Global Positioning System (GPS) technology, designed to determine, and record the precise location of an object, person, or vehicle in real-time. These devices receive signals from a network of orbiting satellites to triangulate and pinpoint the device's exact coordinates.

Commonly used in fleet management, personal navigation, and security applications, GPS tracking devices provide valuable location data, enabling users to monitor and track the movement of assets, vehicles, or individuals efficiently. This technology has become integral in enhancing logistics, improving safety, and optimizing various tracking and monitoring activities across diverse industries.

Trend

Increasing integration of advanced technologies to enhance functionality and user experience

With the advent of Internet of Things (IoT) and Artificial Intelligence (AI), GPS tracking devices are evolving beyond simple location monitoring. These devices now often come equipped with features such as predictive analytics, real-time data insights, and smart connectivity. The integration of IoT allows for seamless communication between devices and enables users to remotely manage and control assets or vehicles.

Additionally, AI algorithms enhance the devices' capabilities, providing more accurate and predictive data for better decision-making. This trend reflects a shift towards more sophisticated and comprehensive solutions within the GPS tracking device market, catering to the growing demand for intelligent and efficient tracking solutions across various industries.

Drivers

The rising demand for commercial vehicles among motorists

As the number of commercial vehicles, including buses, trucks, and trailers, increases, so does the demand for GPS tracking devices. Vehicles used for the transportation of personnel, materials, or equipment, where punctual delivery can have a substantial impact on costs and efficiency, are compelling participants to implement GPS-tracking devices. Prospects for vehicle tracking systems include school buses, city and state transport buses, cash vans, cargo vans, police petrol vans, radio taxis, courier pickup and delivery vans, and others. Sales of GPS tracking devices are anticipated to rise in tandem with the expanding market for commercial vehicles.

This is due to the fact that GPS tracking devices offer numerous advantages, including larceny prevention, usage-based insurance (UBI), and usage-based insurance (UBI). As the sales of commercial vehicles increase, so does the demand for GPS tracking devices. These devices are utilized for real-time vehicle tracking and management. The proprietors or organizations utilize their resources effectively, thereby ensuring vehicle safety.

Restraints

Substandard products have a negative effect on the user experience.

GPS tracking technology is extensively embraced by consumers due to its consistent performance and economical pricing. Consequently, the production of GPS tracking devices is a collaborative effort between numerous firms, which has led to heightened levels of competition. In an effort to attain a competitive edge, certain manufacturers are venturing into the market with inexpensive GPS tracking devices.

These devices may result in an unsatisfactory user experience due to the substandard quality of the GPS tracking device. The substandard position algorithm and low-quality GPS receiver antenna of an inexpensive GPS module may hinder the performance of GPS tracking devices.

Opportunities

Demand for GPS tracking devices for usage-based insurance presents an opportunity.

Automobile insurance premiums are being computed utilizing GPS tracking technology by insurance companies. Monitoring driving patterns, such as speeding and reckless driving, with a GPS tracking device assists insurance companies in determining the appropriate premium rate. For example, an individual who consistently surpasses the speed limit and applies excessive force when braking might be considered a more dangerous driver and subject to a greater insurance premium.

 This facilitates the company in reaching a mutually agreeable insurance premium for the client and itself. By utilizing the GPS tracking device, auto insurers will be able to reduce premiums. Insurance companies are highly anticipatory of this technology; consequently, the implementation of GPS tracking devices in vehicles may become a requirement for auto insurance in the near future. Consequently, the market for GPS tracking devices encounters substantial prospects in the domain of insurance premium computation.

Challenges

Increasing the adoption of hardware-independent monitoring solutions presents obstacles.

The technological revolution enables the introduction of an extensive range of devices at reduced costs by manufacturers. Smartphone users can now access GPS signals for purposes such as vehicle tracking, thanks to technological advancements and a variety of software applications.

 These software applications are reasonably priced, feature an intuitive graphical user interface (GUI), and are simple to implement. Thus, smartphones are increasingly being utilized as monitoring devices. As vehicle tracking devices, numerous taxi service providers, including Uber Technologies Inc. (US), and transportation companies employ smartphones.

Impact of COVID-19

The COVID-19 pandemic has had a multifaceted impact on the GPS tracking device market. Initially, the global economic slowdown and disruptions in supply chains affected the production and distribution of these devices. However, as the pandemic prompted a heightened focus on remote monitoring and contactless operations, the demand for GPS tracking devices surged in sectors such as logistics, transportation, and healthcare.

The need for real-time tracking of essential goods, medical supplies, and personnel became paramount, driving the adoption of GPS solutions. Moreover, the pandemic underscored the importance of workforce safety, leading to increased interest in employee tracking for health and security purposes. As businesses adapted to remote working models, the GPS tracking device market witnessed a shift in demand towards solutions supporting efficient remote management. Overall, while the early impact was challenging, the ongoing adaptation to new operational norms has spurred a renewed interest and application for GPS tracking devices across diverse industries.

Segmentations

By Type

Standalone trackers operate independently and do not rely on external devices. They are self-contained units capable of tracking and transmitting location information. On-Board Diagnostics (OBD) devices are plugged into a vehicle's OBD-II port, providing real-time data on the vehicle's performance and location. Advanced trackers incorporate cutting-edge technology to offer enhanced features and capabilities beyond basic tracking functions.

• Standalone Tracker
• OBD Device
• Advance Tracker
• Others

By Components

Data loggers’ devices record location and other relevant data over time for later analysis and review. Data pushers transmit real-time information, continuously updating the user on the tracked subject's location. Data pullers allow users to request specific information from the tracking device, providing on-demand updates. Personal GPS trackers are designed for individual use, offering features like location sharing and emergency alerts. Real-time trackers provide instant location information, making them suitable for applications requiring immediate updates.

• Data Loggers
• Data Pushers
• Data Pullers
• Personal GPS Trackers
• Real-Time GPS Trackers
• Others

By Application

GPS Vehicle Tracking is Monitoring the real-time location and status of vehicles, useful for logistics, transportation, and fleet management. Tracing Missing People Employed in search and rescue operations to locate missing individuals. Stolen Vehicle Recovery is GPS trackers aid in recovering stolen vehicles by providing accurate location information to law enforcement. Fleet Management is Optimizing the operations of a fleet of vehicles, ensuring efficiency and cost-effectiveness. Asset Tracking is Tracking valuable assets like equipment, machinery, and inventory to prevent theft or loss. Personal Tracking is Ensuring the safety of individuals, such as children, elderly family members, or outdoor enthusiasts. Fitness & Sports used in sports applications to monitor the performance and location of athletes during training or competitions. Pet Tracking used for the location of pets for their safety and retrieval if they go missing. Supporting law enforcement and private investigators in surveillance and tracking activities.

• GPS Vehicle Tracking
• Tracing Missing People
• Stolen Vehicle Recovery
• Vehicle Tracking
• Fleet Management
• Car rental services
• Asset Tracking
• Equipment & Machinery
• Cargo & Freight
• Personal Tracking
• Elderly & Patient Safety
• Fitness & Sports
• Pet Tracking
• Investigation
• Others

By End Use Industry

Integration of GPS tracking in vehicles for navigation, security, and performance monitoring. Employed in defense applications for tracking and navigation purposes. Used for patient tracking and ensuring the safety of medical equipment. Also Utilized for public safety, law enforcement, and government asset tracking. Transportation & Logistics for Tracking shipments, optimizing routes, and managing fleets efficiently. Metal & Mining is for Tracking vehicles and equipment in large mining and extraction operations. Construction & Heavy Equipment Monitors the location and usage of construction machinery. Retail & E-commerce Tracks inventory, delivery vehicles, and optimizing supply chain operations. And Others Various industries adopting GPS tracking for specific needs, such as agriculture, energy, and environmental monitoring.

• Automotive
• Aerospace & Defence
• Healthcare
• Government
• Transportation & Logistics
• Metal & Mining
• Construction & Heavy Equipment
• Retail & E-commerce
• Others

Geography Chapter

Asia Pacific is experiencing significant growth in GPS Tracking Device Market

With the expanding adoption of smart city initiatives, logistics optimization, and an increasing emphasis on fleet management, the demand for GPS tracking devices is on the rise. Countries like China and India are witnessing substantial market growth due to the rapid expansion of their transportation and logistics sectors.

Additionally, the integration of GPS technology into various industries, including e-commerce, agriculture, and healthcare, is further propelling market expansion in the region. As businesses recognize the importance of real-time tracking and data-driven decision-making, the Asia-Pacific GPS tracking device market is poised for continued expansion, with a focus on innovation and diverse applications.

The Asia Pacific region has witnessed a surge in the adoption of GPS technology across various sectors. Industries such as transportation, logistics, construction, and agriculture have increasingly embraced GPS tracking devices to enhance efficiency, improve safety, and optimize operations. The demand for efficient fleet management solutions has been on the rise, driven by the need to monitor and manage commercial vehicles effectively.

GPS tracking devices play a crucial role in providing real-time location data, route optimization, and other features that contribute to better fleet management. The increasing awareness of the importance of asset security has led businesses and individuals to invest in GPS tracking devices. This is particularly evident in sectors where the protection of valuable assets, such as high-value goods in transit or expensive equipment, is paramount.

Europe is characterized by a mature and sophisticated ecosystem

European countries, known for their well-established automotive and transportation industries, are increasingly incorporating GPS tracking devices for efficient fleet management, logistics, and vehicle security.

The demand for advanced tracking solutions is also rising in sectors such as healthcare, where GPS devices are used for patient monitoring and asset tracking. Moreover, stringent regulations on vehicle safety and emissions are driving the integration of GPS technology in the automotive sector. The European GPS tracking device market is poised for steady growth, with a focus on delivering precise and reliable location-based services across diverse industries in the region.

Europe has been quick to adopt and integrate advanced technologies across various industries. The GPS tracking device market benefits from this environment, with businesses and consumers leveraging cutting-edge solutions for real-time tracking, fleet management, and asset monitoring.

Europe has established stringent regulations and standards related to privacy, data protection, and telecommunications. The mature GPS tracking device market in the region complies with these regulations, ensuring that the technology is used responsibly and respects individual privacy rights.

The GPS tracking device ecosystem in Europe spans a wide range of applications. Beyond standard uses like vehicle and fleet tracking, the technology is applied in logistics, healthcare, agriculture, and various industrial sectors. The diversity of applications demonstrates the maturity and adaptability of GPS tracking solutions.

Company Landscape

Currently, there are multiple companies vying for dominance in the GPS Tracking device market, intensifying the competition. It is unlikely that any of the competitors will be able to dominate the majority of the market.

The key players profiled in GPS tracking device market analysis include Sierra Wireless, Orbocomm, Atrack Technology, Geotab Inc., Box Telematics, Meitrack Group, Trackimo Group, Calamp Corp, Starcom System Ltd., and Concox Wireless Solution. These key players have adopted strategies, such as product portfolio expansion, mergers & acquisitions, agreements, regional expansion, and collaborations, to enhance their market penetration.

Recent Market Developments

• In March 2023, Masimo introduced the FreedomTM smartwatch, a groundbreaking addition to their wearable product line. Engineered to redefine the wearable technology landscape, the Masimo Freedom smartwatch offers precise and continuous health tracking, ensuring personal health insights.
• In January 2023, Pod Group, a subsidiary of Giesecke+Devrient (G+D), unveiled a game-changing tracking device as a Smart Label. This innovation is set to revolutionize the logistics industry by enabling the tracking of small and lightweight items that were previously challenging to monitor with traditional devices.

Company Profile

Sierra Wireless, a Semtech Company, is a global leader in IoT solutions that unlocks value in the connected economy through the integration of devices, network services, and software. Organizations around the world are implementing 4G, 5G, and LPWA solutions in an effort to increase revenue streams, streamline operations, and enhance the consumer experience.

Sierra Wireless collaborates with its clientele to innovate industry-specific solutions for their Internet of Things (IoT) implementations. These solutions may consist of a software/API service to oversee operations involving billions of connected assets, an integrated solution to facilitate the connection of edge devices to the cloud, or a platform to extract real-time data for the purpose of enhancing business decision-making. Sierra Wireless, boasting over 25 years of experience in cellular IoT, is the worldwide collaborator that clients rely on to provide their forthcoming IoT solutions.

Conclusion:

The global market for GPS tracking devices is characterized by intense competition due to the formidable market share of established vendors. It is expected that technology vendors specializing in GPS tracking devices, who possess substantial financial and technical capital, will attain a competitive advantage over their counterparts by effectively meeting market demands. The market is anticipated to experience a heightened level of competition due to the proliferation of technological advancements, product diversification, and alternative approaches implemented by major vendors.

The market for GPS tracking devices exhibits significant potential for expansion at an international level. It is anticipated that its market contribution will increase substantially over the forecast period. Recent innovations and discoveries have paved the way for a multitude of competitors to enter the GPS tracking device market.

The market expands due to the rising demand for tracking devices in the transportation and commercial vehicle industries. Rainfall and dense tree cover are environmental factors that reduce GPS range and produce a weakened signal, which is the greatest obstacle to the market's expansion.

Some commercial adaptations in the GPS Tracking Device Market:

• 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.

The primary impediments to the expansion of this market are limited knowledge among small-scale manufacturers and competition from power supply systems that are constant and do not fluctuate. The opportunity is to raise awareness regarding the expanding necessity for GPS and security in developing nations.

Additionally, the market is segmented by end use into the automotive, aerospace & defense, healthcare, and transportation industries, among others. The market is analyzed in terms of region, encompassing LAMEA (Latin America, the Middle East, and Africa), North America, Europe, and Asia-Pacific.