GPS Tracking Device Market Size, Share, Trends, Statistics and Industry Growth Analysis by Type (Standalone Trackers, OBD Devices, Advance Trackers), Deployment (Commercial Vehicles, Cargo and Containers), Communication Technologies (Satellite, Cellular), Industry and Region - Global Forecast to 2028
Updated on : Sptember 10, 2024
GPS Tracking Device Market Size & Share
The global GPS tracking device market size in terms of revenue was estimated to be worth USD 3.1 billion in 2023 and is poised to reach USD 5.7 billion by 2028, growing at a CAGR of 13.1% from 2023 to 2028. The new research study consists of an industry trend analysis of the market.
The market growth is driven by factors including increasing demand for commercial vehicles, demand for compact size and durable GPS tracking devices, and increasing popularity of cloud computing and IoT. Additionally, factors such as demand for GPS tracking devices for usage-based insurance and development of real-time monitoring features are expected to create high growth opportunities for the market. However, increasing adoption of hardware-agnostic tracking solutions may restrain the growth of GPS tracking device industry .
GPS Tracking Device Market Statistics Forecast to 2028
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GPS Tracking Device Market Trends :
DRIVERS : Increasing demand for commercial vehicles
The growing number of commercial vehicles, such as trucks, buses, and vans, drive the market for GPS tracking devices. Vehicles that are engaged in the transportation of men, material, or machinery-where on-time delivery can make a significant difference in cost and productivity-are prompting players to adopt GPS-tracking devices. School buses, city, and state transport buses, cash vans, cargo vans, police petrol vans, radio taxis, courier pickup, and delivery vans, and others are prospects for vehicle tracking systems. The increasing demand for commercial vehicles is likely to increase the sales of GPS tracking devices owing to the usage of GPS tracking devices for multiple benefits such as theft protection, usage-based insurance (UBI), and prevention of unauthorized usage. As commercial vehicle sales increase, the demand for GPS tracking devices also rises. These devices are used to track and manage vehicles in real-time. The owners or enterprises efficiently utilize their resources, which helps them ensure vehicle safety.
RESTRAINT: Impact of nonstandard products leads to poor user experience
GPS tracking technology is widely adopted by users owing to its uniformity in performance and low costs. Thus, to fulfill the demand for GPS tracking devices, various companies are involved in the manufacturing of these devices, resulting in increased competition. To gain a competitive advantage, some manufacturers are introducing low-cost GPS tracking devices in the market. These devices may lead to poor user experience because of poor GPS tracking device quality. A low-cost GPS module has a low-quality GPS receiver antenna and poor position algorithm, which may hamper the performance of GPS tracking devices.
OPPORTUNITIES : Demand for GPS tracking devices for usage-based insurance
Insurance companies are adopting GPS tracking technology to calculate car insurance premiums. The driving patterns, such as speeding and rash driving, monitored by the insurance companies using GPS tracking device, helps to quote the appropriate premium rate. For instance, a driver who frequently exceeds the speed limit and brakes harshly may be deemed a higher risk and pay a higher premium. This helps the company finalize the affordable insurance premium for the user and the company. The GPS tracking device will help insurance companies to lower the car insurance premium. Insurance companies are looking forward to this technology, and thus in the near future, the installation of GPS tracking devices in cars may become a mandate to avail car insurance. Thus, the GPS tracking device market finds significant opportunities in the calculation of insurance premiums.
CHALLENGES: Increasing adoption of hardware-agnostic tracking solutions
The technological revolution helps manufacturers introduce a variety of smartphones at lower prices. Advancements in technology and different software applications allow smartphone users to access GPS signals to track vehicles, etc. These software applications are easy to install, provide a user-friendly graphical user interface (GUI), and are affordable. Thus, the adoption of smartphones as tracking devices is increasing rapidly. Many cab service providers, such as Uber Technologies Inc. (US) and transportation companies, use smartphones as vehicle tracking devices.
GPS Tracking Device Market Ecosystem
Prominent companies in this market include well-established, financially stable manufacturers and providers of GPS tracking devices. These companies have been operating in the market for several years and possess a diversified product portfolio, state-of-the-art technologies, and strong global sales and marketing networks. Prominent companies in this market include CalAmp Corp. (US), Orbcomm Inc. (US), Sierra Wireless, Inc. (Canada), Queclink Wireless Solutions Co., Ltd. (China), and Shenzhen Concox Information Technology Co., Ltd. (China).
Commercial vehicles segment is expected to account for largest market share during the forecast period
In vehicle tracking, a GPS receiver is installed in the vehicle, which is either self-powered with its own battery or takes power from the vehicle. Vehicle tracking is used for fleet tracking, routing, dispatching, onboard information, and security. It also includes monitoring driving patterns and theft protection. Advance trackers are more popular with commercial vehicle owners as they offer advanced vehicle diagnostics data that can be further monetized to increase the fleet operational performance and usage-based insurance calculation, and maintenance schedule. Vehicle tracking is shifting from basic automatic vehicle location to a data-driven solution. Therefore, organizations are looking to get beyond location and are more interested in engine performance parameters.
Transportation & logistics industry is expected to dominate the market during the forecast period
The transportation & logistics industry uses GPS tracking solutions for vehicle tracking, route management, fuel efficiency monitoring, driver safety, minimizing the risk of theft, asset tracking, real-time vehicle tracking, and performance tracking. In the transportation industry, GPS tracking devices are used to track assets through GPS and other solutions. This helps to track the information related to the assets efficiently, make decisions to reduce the speed, divert the vehicle to an alternate route, and take other actions to improve the reliability and safety of the overall operations. With GPS tracking devices’ adoption is expected to be significant in commercial vehicles used for transportation & logistics such as trucks, trailers, buses, and light commercial vehicles for tracking purposes, the market in this industry is expected to grow at highest CAGR during the forecast period.
GPS Tracking Device Market Size Regional Analysis
Europe to account for largest market share between 2023 and 2028
Europe is the hub of automotive industry and related technological innovations. The region has presence of a large number of commercial vehicles manufacturing companies. Germany, the UK, and France are the major countries for GPS tracking device market in the region. In the UK, the main factor driving the industry is the adoption of telematics technology, where most enterprises are already integrating telematics in fleet operations, is the main factor driving the industry. Germany has already adopted the GPS tracking device technology, and it is a mature market with the presence of many telematics service providers. Commercial vehicles also play a significant role in the ecosystem of Germany. The French GPS tracking device market, similar to that in other countries, is dominated by commercial vehicles. There are many innovative uses of GPS trackers in France across various industries, for example, GPS trackers are used in precision farming to optimize crop management and increase efficiency.
GPS Tracking Device Market Statistics by Region
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Top GPS Tracking Device Companies - Key Market Players
- CalAmp Corp. (US),
- Orbcomm Inc. (US),
- Sierra Wireless, Inc. (Canada),
- Shenzhen Concox Information Technology Co., Ltd. (China),
- Queclink Wireless Solutions Co., Ltd. (China),
- TomTom International BV (Netherlands),
- Teltonika UAB (Lithuania),
- ATrack Technology Inc. (Taiwan),
- Ruptela (Lithuania), and
- Sensata Technologies, Inc. (US).
GPS Tracking Device Market Report Scope :
Report Metric |
Details |
Estimated Market Size | USD 3.1 Billion |
Projected Market Size | USD 5.7 Billion |
Growth Rate | CAGR of 13.1% |
Market Size Available for Years |
2019–2028 |
GPS Tracking Device Market Share , Base Year |
2022 |
GPS Tracking Device Market Size, Forecast Period |
2023–2028 |
Units |
Value (USD Billion/Million) |
Segments Covered |
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Geographic Regions Covered |
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Companies Covered |
Major Players: CalAmp Corp. (US), Orbcomm Inc. (US), Sierra Wireless, Inc. (Canada), Shenzhen Concox Information Technology Co., Ltd. (China), Queclink Wireless Solutions Co., Ltd. (China), TomTom International BV (Netherlands), Teltonika UAB (Lithuania), ATrack Technology Inc. (Taiwan), Ruptela (Lithuania), Sensata Technologies, Inc. (US) and Others- total 25 players have been covered |
Key Market Driver | Increasing demand for commercial vehicles |
Key Market Opportunity | Demand for GPS tracking devices for usage-based insurance |
Largest Growing Region | Europe |
Largest Market Share Segment | Commercial Vehicles |
GPS Tracking Device Market Highlights
This research report categorizes the GPS tracking device market by type, deployment, industry, Trends and region.
Segment |
Subsegment |
GPS Tracking Device Market Size, By Type: |
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By Deployment: |
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GPS Tracking Device Market Share, By Industry: |
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By Region: |
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Recent Developments in GPS Tracking Devices Industry :
- 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.
Frequently Asked Questions (FAQ):
What is the total CAGR expected to be recorded for the GPS tracking device market during 2023-2028?
The global GPS tracking device market is expected to record a CAGR of 13.1% from 2023–2028.
What are the driving factors for the GPS tracking device market?
Increasing demand for commercial vehicles and demand for compact size and durable GPS tracking devices.
Which type of GPS tracking device to drive the growth of the overall market?
Advance trackers are likely to see significant adoption in commercial vehicles and drive the growth of the market.
Which end-user industries are likely to create high growth opportunities for GPS tracking device market?
GPS tracking device market is estimated to be majorly driven by transportation & logistics industry. As GPS tracking devices automates workflow process and ensures streamlined operations in industry applications like from material loading to final delivery. This is likely to generate more demand for GPS tracking devices. Additionally, industries including construction and government applications are expected to create ample growth opportunities for the market.
Which regions are expected to drive the GPS tracking device market in future?
Europe is expected to hold largest market share throughout the forecast period, while market in Asia Pacific is projected to grow at highest CAGR between 2023 and 2028.
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The study involved four major activities in estimating the size of the GPS tracking device market. Exhaustive secondary research was done to collect information on the market, peer market, and parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across value chains through primary research. The bottom-up and top-down approaches were employed to estimate the overall market size. After that, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.
Secondary Research
In the secondary research process, various sources were referred to for identifying and collecting information important for this study. Secondary sources include corporate filings (such as annual reports, investor presentations, and financial statements, press releases); trade, business, and professional associations; white papers, tracking device journals, and certified publications; articles by recognized authors; gold and silver standard websites; and directories.
Secondary research was mainly conducted to obtain key information about the market value chain, the industry supply chain, the total pool of key players, market classification and segmentation according to industry trends to the bottom-most level, and key developments from both markets- and technology-oriented perspectives. Data from secondary research was collected and analyzed to arrive at the overall market size, which was further validated by primary research.
Primary Research
Extensive primary research has been conducted after understanding and analyzing the GPS tracking device market through secondary research. Several primary telephonic interviews have been conducted with key opinion leaders from the demand- and supply-side vendors across four major regions—North America, Europe, Asia Pacific, and the Rest of the World (RoW). Moreover, questionnaires and emails were also used to collect the data.
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
In this report, for the complete market engineering process, both top-down and bottom-up approaches were used, along with several data triangulation methods, to estimate, forecast, and validate the size of the market and its segments and subsegments listed in the report. Extensive qualitative and quantitative analyses were carried out to list the key information/insights pertaining to the GPS tracking device market. Major players in the GPS tracking device market have been identified through secondary research, and their market shares in the respective regions have been determined through primary and secondary research. The entire research methodology included the study of annual and financial reports of top players and interviews with experts (such as CEOs, VPs, directors, and marketing executives) for key insights (quantitative and qualitative). All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources. This data was consolidated and enhanced with detailed inputs and analysis from MarketsandMarkets and presented in this report.
GPS Tracking Device Market: Bottom-Up Approach
- Identifying various segments currently using or expected to implement GPS tracking devices, along with the related technology.
- Identifying major companies across various sectors and their adoption of the GPS tracking device.
- Analyzing the ecosystem of start-up companies and their product portfolio to identify the impact of these developments on market growth.
- Tracking the ongoing and upcoming GPS tracking device solutions/products by companies and forecasting the market size on the basis of these developments and other critical parameters.
- Conducting multiple discussion sessions with key opinion leaders to understand the communication technology being used in GPS tracking devices, implementation, and applications in various industries, which would help in analyzing the break-up of the scope of work carried out by each major company.
- Verifying and crosschecking the estimates at every level with key opinion leaders, including CEOs, directors, and operation managers, and then finally with the MarketsandMarkets domain experts.
- Studying various paid and unpaid sources of information such as annual reports, press releases, white papers, and databases
GPS Tracking Device Market: Top-Down Approach
- Focusing initially on the top-line investment and expenditures being made in the ecosystems of the GPS tracking market. Further splitting into type, deployment type, and listing key developments in the key market areas.
- Identifying all major players in each category (personal tracking and commercial tracking) of the GPS tracking device market through secondary research and dully verified with a brief discussion with the industry experts.
- Analyzing revenue, product mix, geographic presence, and key applications served by all the identified players to estimate and arrive at the percentage splits for all the key segments.
- Discussing these splits with many industry experts to validate the information and identify the key growth pockets across all the key segments.
- Breaking down the total market based on the verified splits and key growth pockets across all segments
Data Triangulation
After arriving at the overall size of the GPS tracking device market through the process explained above, the total market has been split into several segments. The market breakdown and data triangulation procedures have been employed, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics for all segments. The data has been triangulated by studying various factors and trends from the demand and supply sides. The market has also been validated using top-down and bottom-up approaches.
Market Definition
A GPS tracking device is hardware that can detect the precise location of moving objects such as vehicles or persons with the help of a global positioning system (GPS), and the detected location can be sent to the remote location database with the help of cellular (GPRS, HSPA, and LTE) or satellite modem embedded in it. Some of the devices can store the detected location in the same device.
Key Stakeholders
- Analysts and strategic business planners
- GNSS Module Supplier
- GNSS IC Supplier
- Governments, financial institutions, and investment communities
- Original equipment manufacturers (OEMs) of electronic components
- Product manufacturers
- Raw material and manufacturing equipment suppliers
- Research organizations
- Suppliers of chipsets and inductive components
- Technology investors and venture capital firms
- Technology standard organizations, forums, alliances, and associations
Report Objectives
- To define, describe, and forecast the global GPS tracking device market in terms of value, segmented on the basis of type, deployment, and industry
- To define and describe the communication technology used in GPS tracking device
- To forecast the market size, in terms of value, for various segments with regard to four main regions—North America, Europe, Asia Pacific, and the Rest of the World (RoW)
- To provide detailed information regarding major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
- To analyze the value chain of the GPS tracking device market
- To strategically analyze the micromarkets1 with respect to the individual growth trends, future prospects, and contribution to the overall GPS tracking device market
- To analyze opportunities in the market for stakeholders by identifying high-growth segments of the global GPS tracking device market
- To strategically profile key players and comprehensively analyze their market ranking and core competencies2, along with detailing the competitive landscape for market leaders
- To analyze the key vendors and their ecosystems in the global GPS tracking device market
- To analyze competitive developments such as joint ventures, mergers and acquisitions, product launches, and research and development in the global GPS tracking device market
Available Customizations
Based on the given market data, MarketsandMarkets offers customizations in the reports according to the client’s specific requirements. The available customization options are as follows:
Company Information
- Detailed analysis and profiling of additional market players (up to 5)
Growth opportunities and latent adjacency in GPS Tracking Device Market