The GPS tracking device market is projected to grow from USD 3.1 billion in 2023 to USD 5.7 billion in 2028; it is expected to grow at a CAGR of 13.1% from 2023 to 2028. The growth of the market is attributed to 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.
Key players operating in the market include 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). Major strategies adopted by top players to enhance their product portfolios, provide services, increase their market share, and expand their presence in the market mainly include new product launches with the latest technology and innovation and deals, such as partnerships.
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Top 3 Players in GPS Tracking Device Market:
CalAmp Corp. (US) is one of the pioneered companies in mobile resource management and M2M communication. The company designs and develops wireless communication solutions for industry verticals such as transportation, construction, oil & gas, and water and wastewater. CalAmp Corp. operates through two business segments—Software & Subscription Services and Telematics Products. The Software & Subscription Services segment offers cloud-based application enablement and telematics service platforms. It facilitates the integration of applications and third parties through open applications programming Interfaces ("APIs") to deliver full-featured IoT solutions to a wide range of customers and markets. The Telematics Products segment offers a portfolio of wireless data communications products, including asset tracking units, mobile telematics devices, fixed and mobile wireless gateways, and routers.
Sierra Wireless, Inc. (Canada) is one of the leading Internet of Things (IoT) device manufacturers. The company has a comprehensive product portfolio for wireless modules, gateways, and cloud-based services. The company offers its customers comprehensive IoT solutions such as connectivity services, embedded modules, router solutions, and all-in-one edge-to-cloud solutions for connecting industrial assets. It provides asset tracking for commercial vehicles, mobile asset tracking, and cold chain integrity that offers driver safety, tracking fuel usage, and loss and theft. The devices are rugged in design so that they can function effortlessly in harsh environmental conditions.
Orbcomm Inc. (US) is a leading global IoT and M2M communication solutions provider. In September 2021, Orbcomm Inc. was acquired by GI Partners (US). The company offers solutions for network connectivity, device management, and web reporting applications. The company provides its products and services to different industry verticals, including transportation, heavy industry, marine applications, natural resources, and government. Orbcomm Inc. offers satellite, cellular, and dual-mode network connectivity and hardware. The company designs and manufactures hardware and solutions for remote tracking and monitoring fixed and mobile assets such as heavy equipment, industrial fixed assets, trucks, and transportation.
GPS Tracking Device Market 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
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