CHICAGO, March 23, 2023 /PRNewswire/ — 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 according to a new report by MarketsandMarkets™. The growth of the market is attributed introduction of more advanced with smaller sizes, greater durability, and functionality. With recent technological advancements, it is possible to develop thumbnail-sized GPS receivers and tiny batteries, which make GPS tracking devices a long-lasting application.
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Advance trackers to account for largest market during the forecast period.
Advance trackers are professionally installed device in an automobile to record information related to vehicle crashes or accidents along with engine diagnostics and its location. These devices are connected to the automotive communication port to provide information on speed, location, driving patterns, and other vehicle-related data. These devices are better than standalone trackers, especially in-vehicle applications, as they capture vehicle performance parameters directly from the engine rather than its own sensors.
Transportation & logistics segment is expected to register highest CAGR in the forecast period.
Global commercial vehicle sales have surged by 3.27% and 4.37% in 2021 and 2022. This factor drives the deployment of GPS tracking of commercial vehicles, which in turn drives the growth of the transportation and logistics industry. A GPS tracking device is suitable for the logistics & transportation industry as it automates the workflow process and also ensures streamlined operations from material loading to final delivery. This factor, along with the growth of temperature-controlled logistics and taxi-hailing services, especially in Asia Pacific, generates demand for GPS tracking devices.
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Europe is expected to register largest market share in 2023.
Europe, being an automotive hub, is one of the prominent markets for GPS tracking devices. All major European truck manufacturers such as AB Volvo (Sweden), Daimler AG (Germany), MAN SE (Germany), DAF Trucks NV (Netherlands), and IVECO S.p.A (Italy) offer integrated GPS tracking devices as a part of their product portfolio. ERA-GLONASS is an important development for GPS tracking devices in the European market. Teltonika UAB (Lithuania), Ruptela UAB (Lithuania), and Baltic Car Equipment Ltd. (Lithuania) are the GPS tracking device manufacturers in Europe.
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).
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