Market Overview
The global GPS Tracker Market Size is to grow from USD 2.8 Billion in 2023 to USD 6.5 Billion by 2030 during the review period. Further, the same market is anticipated to increase the market growth at a 12.8 % CAGR during the forecast period of 2023 to 2030.
The GPS tracking system is widely used for fleet management, patrols, asset tracking, and transport security purposes. Hence, the increasing demand for GPS tracking systems is driving the GPS Tracker Market Growth during the forecast period. Moreover, these GPS tracking devices have many major benefits, such as tracking and navigation accuracy, high compatibility with smartphones, and simplified and easy operation. Additionally, this GPS tracker device has other benefits like the removal of employee fraud, better customer service, management of field personnel activity, and reduced labor costs.
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Furthermore, there are some important features of GPS tracking devices that include historic fleet data feed, automated alerts, geofencing, real-time updates, and reporting. For instance, the increasing demand for advanced GPS trackers in government & defense, transport & logistics, and other industries is expected to expand the global market during the review period. Moreover, the growing concerns over theft and personals are another major growth driving factor for the global market. However, the lack of global standards might hinder the market growth in the forecast period.
Keyplayers
Some of the key market players are Sierra Wireless, Orbocomm, Atrack Technology, Geotab Inc., Box Telematics, Meitrack Group, Trackimo Group, Calamp Corp, Starcom System Ltd. and, Concox Wireless Solution
Market Segmentation
According to the GPS Tracker Market Forecast report, there are various market segments that are propelling the market revenue. These segments include Network, Type, and Vertical. The global market has been segmented into 2G, LTE, and 3G
based on the network segment.
The present market has been segregated into Standalone Tracker, Covert GPS Tracker, and Advanced Tracker in terms of type segment. For instance, the wearable type GPS tracker is projected to hold the largest GPS Tracker Market Share in the research period because of its advantages like children's safety, easy availability, cost-effectiveness, and multiutility.
On the basis of the vertical segment, the worldwide market has been classified into Healthcare, Automotive & Aerospace, Government & Defense, Transportation & Logistics, Metals & Mining, Oil & Gas, and others.
Regional Analysis
The GPS Tracker Market Analysis highlights that geographical locations like Asia Pacific, Europe, North America, Latin America, and the rest of the world are the major hubs of the GPS tracker industry.
Among all, the Asia Pacific regional market is anticipated to witness the highest CAGR during the forecast period of 2018 to 2023. This regional market is expanding due to the growth in vehicle production in developing markets of China and India; and the development of strict government regulations. According to the International Organization of Motor Vehicle Manufacturers (OICA), growth has been witnessed in commercial vehicles production in India. In 2016, the production was 4.51 million, and further, it has increased to 4.78 million by the end of the year 2017.
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Industry News
Presently, the leading market player for GPS trackers market is ORBCOMM. This company provides Machine-to-Machine (M2M) communications solutions and Industrial Internet of Things (IoT) that are helpful to monitor, track, and manage mobile and fixed assets.
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