GPS Tracking Device Market Analysis

The global GPS tracking device market is projected to reach USD 2.53 billion at a healthy 11.9% CAGR between 2017- 2023, states the new Market Research Future (MRFR) analysis. A GPS tracking device, simply put, is a navigation device that is used for tracking the device’s movements and determining its geographical position. Advance tracker, covert GPS trackers, standalone tracker, and others are the different types of GPS trackers.

Various factors are fuelling the demand for the global GPS tracking device market. Such factors, as revealed by the new MRFR analysis, include the booming transportation sector, expanding tourism industry, people’s increasing disposable income, development of wireless networks, advances in data analytics, and growing demand for automotive. Additional factors adding market growth include increasing awareness about safety, mandatory regulations for telematics, a rise in commercial car sales, vehicle theft protection, high ROI, affordable price, and different government mandates like electronic logging devices.

On the contrary, several environmental factors, the impact of non-standard products, the presence of cost-effective substitutes, and the ongoing COVID-19 impact may limit the global GPS tracking device market growth over the forecast period.

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Market Segmentation

The global GPS tracking device market is bifurcated on the basis of end user, component, and type.

By type, the global GPS tracking device market is segmented into the advance tracker, covert GPS trackers, standalone tracker, and others. Of these, the advance trackers will lead the market over the forecast period. Increasing use in commercial cars to offer data associated with engine diagnosis and performance-based information, and basic functionalities are adding to the growth of the segment.

By components, the global GPS tracking device market is segmented into GPS loggers, personal GPS trackers, real-time GPS trackers, and others.

By end users, the global GPS tracking device market is segmented into hospitality, government and defense, automotive and aerospace, industrial, transportation, retail, education, healthcare, and others. Of these, the transportation segment will command the largest share in the market over the forecast period. The rise in technological advances in the auto sector, such as autonomous cars and C-V2X technology that are largely dependent on GPS tracking devices to improve the reliability and accuracy of navigation is fuelling the growth of the segment.

Regional Outlook

By region, the GPS tracking device market covers the growth opportunities and recent trends across Europe, North America, the Asia Pacific (APAC), & the Rest of the World (RoW). Among these, North America will lead the market over the forecast period. Increasing use of GPS tracking devices and locators for personal safety, wide applications in personal and commercial purposes for anti-poaching patrol cars, extensive research and development activities to note advances, and people’s high disposable income are fuelling the global GPS tracking device market growth in the region.

The global GPS tracking device market in Europe is predicted to hold the second-largest share over the forecast period. Increasing use of real-time personal and car GPS for safety, tracking vehicle speeds, real-time vehicle location updates, and instant alert message regarding bad driver behavior is adding to the global GPS tracking device market growth in the region.

The global GPS tracking device market in the APAC region is predicted to grow at a quick pace over the forecast period. Increasing use of car GPS trackers as an indispensable tool in India and Japan, critical aspect of an application in drones and self-driving cars, growing popularity of automation, favorable initiatives from the government, and the booming transport industry are adding to the global GPS tracking device market growth in the region. China, South Korea, and Japan hold the maximum share in the market for the constant surge in demand for GPS tracking device for car.

The global GPS tracking device market in the Rest of the World is predicted to have sound growth over the forecast period.

Key Players

Leading contenders profiled in the global GPS tracking device market report include Queclink Wireless Solutions Co., Ltd. (China), Verizon Wireless (U.S), Spy tech, Inc. (U.S), Concox Information Technology Co., Ltd. (China), Laipac Technology, Inc. (Canada), Sierra Wireless Inc. (Canada), Orbocomm Inc. (US), Calamp Corp. (US), Tomtom International Bv ( Neitherland), and Atrack Technology Inc. (Taiwan).

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Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.

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