Global GPS Tracking Device Market Size Zooming More Than 3.5X to Touch USD 7.6 Billion by 2029

Published | 25 May 2023

Global GPS tracking device market is flourishing because of increasing popularity of cloud computing & IoT and high demand for commercial vehicles.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global GPS tracking device market size at USD 2.04 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the global GPS tracking device market size to grow at an impressive CAGR of 13.7% reaching a value of USD 7.58 billion by 2029. Major growth drivers for the global GPS tracking device market include the growing demand for real-time location tracking for safety and security purposes, increasing adoption of GPS technology in fleet management, logistics, and transportation, and rising demand for advanced tracking solutions in industries such as healthcare, construction, and agriculture. Also, the popularity of digital maps is rapidly increasing due to the rising usage of smartphones and other portable devices to access the internet. This trend is driving the demand for GPS tracking devices. Autonomous vehicles primarily rely on digital maps for route planning and navigation. The market is further influenced by the increasing use of cloud-based GPS tracking solutions, the integration of GPS technology with other technologies, such as IoT and AI, and the emergence of new applications for GPS tracking devices, such as geofencing and route optimization. However, the negative impact of nonstandard products is anticipated to restrain the growth of the global GPS tracking device market during the period in analysis.

Global GPS Tracking Device Market – Overview

The GPS tracking device market refers to the industry that produces and sells devices that use the Global Positioning System (GPS) to track and monitor the location of people, vehicles, and other assets. These devices are designed to collect and transmit data about the location, speed, and direction of movement of the object being tracked. The market includes a wide range of products, from simple GPS trackers that can be attached to a keychain or a pet's collar to complex systems used by commercial fleets for real-time monitoring and management of their vehicles. The GPS tracking device market is driven by increasing demand for location-based services, growing concerns about security and safety, and advances in technology that have made GPS tracking devices more affordable, accurate, and easy to use.

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Impact of COVID-19 on Global GPS Tracking Device Market

COVID-19 pandemic adversely affected the global GPS tracking device market. The lockdown resulted in the suspension of production, assembly, and manufacturing in various sectors, including the automotive industry, across Europe, the Americas, and Asia. The shutdown caused a decline in demand for both commercial and passenger vehicles. The impact of reduced demand for the products was also felt in the development of software and hardware for vehicle tracking systems. Hence, the GPS tracking device market suffered a setback due to the pandemic.

Global GPS Tracking Device Market – By Deployment

Based on deployment, the global GPS tracking device market is bifurcated into Commercial Vehicles and Cargo & Containers segments. The commercial vehicles segment holds the highest share in the global GPS tracking device market because commercial vehicles, such as trucks, trailers, and vans, are extensively used for the transportation of goods and people in various industries, such as logistics, construction, and public transport. GPS tracking devices are essential for monitoring the movement and location of these vehicles in real-time to ensure efficient operations, timely delivery, and safety. Also, the use of GPS tracking devices in commercial vehicles helps to reduce fuel consumption, maintenance costs, and insurance premiums. The growing demand for fleet management solutions to enhance operational efficiency, reduce costs, and improve customer service has also contributed to the high demand for GPS tracking devices in the commercial vehicles segment.

Competitive Landscape

Major players operating in the global GPS tracking device market include Calamp, Orbocomm, Qualcomm Technologies, Inc., Sierra Wireless, Hexagon, Queclink Wireless Solutions Co, Ltd, Shenzhen Concox Information Technology Co. Ltd, Laird, TomTom International BV, Meitrack Group, Teltonika, TomTom International BV, ATrack Technology Inc., Verizon, Trackimo, and Geotab Inc.  To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Global GPS Tracking Device Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global GPS Tracking Device Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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