A recent report published by Infinium Global Research on GPS tracking device market provides in-depth analysis of segments and sub-segments in the global as well as regional GPS tracking device market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional GPS tracking device market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global GPS tracking device market. According to the report, the global GPS tracking device market is projected to grow up to USD 4 Billion in 2026 from USD 2 Billion in 2020 with a CAGR of 12.5% over the forecast period of 2020-2026.

Market Insight

GPS Tracking has three different data sets which it tracks are namely positioning, timing and navigation. GPS network consists of 24 different satellites in space. The devices on the ground use the network of these 24 satellites to track the position of an object, of a person on any other thing on the surface of the earth. GPS was originally built for military use in the period of 1960s. It became available for use by the public in 1983. GPS tracking devices are actively used across various industrial verticals such as transportation and logistics, healthcare, aerospace, oil & gas, and others. These devices are also portable in nature and can be used for personal use also. Handheld GPS tracking devices are common across people who are engaged in adventure sports, outdoor activities such as hiking/trekking, camping, and many others. It enables to constantly track the position of a person, vehicle, object and do not get lost.

The demand for GPS tracking devices is rapidly increasing. Their use in commercial vehicles is growing rapidly. Commercial vehicles are widely used by transportation and logistics and E-commerce businesses. In recent times these two industries have seen rapid growth. In order to fulfill the demands and requirements of their customers, they need to rapidly deploy their vehicle fleet. Therefore the efficient and effective management of this mobility is very important. The use of GPS tracking devices on board their vehicles enables them to properly track, monitor, and manage their vehicle fleets and operations. The prices of these devices are very low. Thus this is leading to widespread adoption of these devices across different industrial verticals. The prices of these devices are low due to the presence of many manufacturers in the market.

The integration of new technologies such as cloud-based solutions and artificial intelligence with these devices is making them more user-friendly and effective. The integration of these technologies leads to better optimization of the data collected from these devices. The data can be more effectively shared across other connected GPS tracking devices. These factors are thus majorly driving the market. The only restraint the market faces is the low accuracy of these devices in certain geographies and under certain conditions. As these devices are connected through cellular or satellite networks they tend to get affected by geographical and climatic conditions. Such as while commuting through mountains or harsh weather conditions. New opportunities are expected to arise in the market as the new innovative products will enter the market.

North America is expected to dominate the market while Asia-Pacific is expected to grow at the fastest rate in the market. GPS tracking device manufacturers such as Sierra Wireless Inc., Orbcomm Inc, and Calamp Corporation are present in North America. The transportation and logistics industry is quite strong in the region as well as the E-commerce industry. Companies such as UPS, Inc. and FedEx Corporation, Amazon, Inc. have some of the largest commercial vehicle fleets. Also, the area is the prime defense manufacturing hub. Therefore, the use and demand for GPS tracking devices are high in the region. Asia-Pacific is also seeing rapid growth in transport and logistics and e-commerce industries. The region is experiencing an economic boom. These are the main reasons for the fastest growth of the region.

Segment Covered

The report on the global GPS tracking device market covers segments such as type, wireless technology, deployment, and end user. On the basis of type, the sub-markets include advanced trackers , standalone trackers, OBD device, and others. On the basis of wireless technology, the sub-markets include satellite, and cellular. On the basis of deployment, the sub-markets include cargo and container, commercial vehicles, and others. On the basis of end user, the sub-markets include oil and gas, transportation and logistics, government, healthcare, retail, aerospace, and others.

Companies Profiled:

The report provides profiles of the companies in the market such as Sierra Wireless Inc., Orbcomm Inc, Tomtom International BV, Queclink Wireless Solutions Co., Ltd,, Calamp Corporation, MeitrackGroup, Atrack Technology Inc., Geotab Inc., Concox Information Technology Co., Ltd., and Teltonika UAB.

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of GPS tracking device market. Moreover, the study highlights current market trends and provides forecast from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.