GPS Tracking Device Market Analysis | 2022-2028

Market Insights

The GPS Tracking Device Market was estimated at US$ 1.92 billion in 2021 and is expected to grow at a healthy CAGR of 12.58% during 2022-2028 to reach US$ 4.42 billion by 2028.

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What is a GPS Tracking Device?

A GPS tracking device is a compact electronic device equipped with a Global Positioning System (GPS) receiver that accurately determines its location by receiving signals from satellites. These devices are designed to track the real-time location of objects or individuals to which they are attached.

GPS tracking devices can be used for various purposes, including vehicle tracking, asset tracking, personal tracking, and fleet management. They typically transmit location data wirelessly to a central server or user interface, allowing users to monitor the location and movement of the tracked object or individual remotely. GPS tracking devices are widely used in logistics, transportation, security, and personal safety applications.

Market Dynamics

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These factors collectively contribute to the growth of the GPS tracking device market on a global scale during the forecast period.

• Growing Sales of Commercial Vehicles: Increased sales of commercial vehicles contribute to the demand for driving the adoption of GPS tracking devices.

• Vehicle Theft Protection: GPS tracking devices offer an effective solution for preventing vehicle theft, providing peace of mind to vehicle owners and operators.

• High Return on Investment (ROI): Users of GPS tracking devices can expect a high return on investment due to improved fleet management, reduced fuel costs, and enhanced security.

• Government Mandates: Government regulations, such as the electronic logging device (ELD) mandate, drive the adoption of GPS tracking devices for compliance and regulatory purposes.

Segments Analysis

By Device Type

The market is segmented into standalone trackers, OBD devices, and advance trackers. The advance tracker segment is likely to be the fastest-growing segment during the forecast period. Installed in vehicles, cargo & containers, the advance tracker not only helps in tracking vehicle location but also helps in engine diagnosis.

By Deployment Type

The GPS tracking device market is segmented into commercial vehicles, cargo & containers, and others. The commercial vehicle segment held the largest share of the market due to its extensive use in the transportation industry. The segment is expected to maintain its legacy during the forecast period as well.

By End-Use Industry Type

The market is segmented into transportation & logistics, metals & mining, construction, oil & gas, government, and others. The transportation & logistics segment is the largest as well as the fastest-growing industry in the GPS tracking device market, driven by its extensive use in a large number of commercial vehicles.

Regional Analysis

In terms of regions, Europe holds the largest share of the market and is expected to continue its leading position during the forecast period as it is the automotive manufacturing hub.

On the other hand, Asia-Pacific is likely to grow at the highest CAGR during the forecast period, with China and India as the major countries offering lucrative growth opportunities. North America is also expected to offer considerable growth opportunities in the coming five years.

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Key Players

Some of the major players in the GPS tracking device market are-

• ATrack Technology Inc.
• Calamp, Corp.
• Laird plc.
• Meitrack Group
• Orbocomm Inc
• Queclink Wireless Solutions Co, Ltd
• Shenzhen Concox Information Technology Co
• Sierra Wireless Inc.
• Teltonika UAB
• Trackimo LLC.

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

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Company Profiling

• Detailed profiling of additional market players (up to 3 players).
• SWOT analysis of key players (up to 3 players).

Market Segmentation

• Current market segmentation of any one of the product types by application type.  

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

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