GPS Tracking Device System Market to Grow with a CAGR of 9.97% through 2028
Increasing demand for fleet management solutions and
Increasing demand for security and surveillance solutions are likely to drive
the market in the forecast period.
According to TechSci Research report, “GPS Tracking
Device System Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global GPS Tracking Device
System Market stood at USD 2.01 billion in 2022 and is anticipated to
grow with a CAGR of 9.97% in the forecast period, 2024-2028. The Global GPS Tracking Device System market is
experiencing significant growth due to the increasing demand for vehicle
telematics solutions. Telematics refers to the integration of
telecommunications and informatics to provide real-time data and remote
communication capabilities in vehicles. This driver is fueled by several
factors:
Businesses with vehicle fleets are increasingly
adopting GPS tracking systems as part of their telematics solutions. These
systems provide real-time data on vehicle location, speed, fuel consumption,
and driver behavior. By optimizing routes, reducing fuel consumption, and
improving maintenance scheduling, companies can achieve substantial cost
savings and operational efficiency. The automotive industry is rapidly
integrating GPS tracking and telematics into connected car services. These
services offer features like navigation, real-time traffic updates, remote
diagnostics, and emergency assistance. As consumer demand for connected car
features grows, so does the market for GPS tracking solutions. Insurance
companies are using GPS tracking devices to offer usage-based insurance (UBI)
programs. These programs monitor driving habits, such as speed, distance
traveled, and braking patterns, to calculate personalized insurance premiums.
This data-driven approach to insurance pricing appeals to both insurers and policyholders.
Some regions have introduced regulations that require the use of GPS tracking
and telematics systems in commercial vehicles for compliance with safety and
environmental standards. These regulations are driving the adoption of GPS
tracking devices across various industries.
The Global GPS Tracking Device System market is also
propelled by growing concerns about vehicle security and asset protection. This
driver is rooted in the need to safeguard vehicles, valuable assets, and even
individuals, and it includes the following factors. GPS tracking devices act as
powerful theft deterrents. When potential thieves know that a vehicle is
equipped with a GPS tracking system, the risk of being caught increases
significantly, discouraging criminal activity. This has led to increased adoption
of tracking systems for personal vehicles, commercial fleets, and high-value
assets. In cases where theft does occur, GPS tracking systems play a crucial
role in the rapid recovery of stolen vehicles or assets. Real-time location
information enables law enforcement agencies and asset owners to track and
locate stolen property quickly, minimizing potential damage or loss. Many
insurance companies offer discounts to policyholders who have GPS tracking
systems installed in their vehicles or on insured assets. These incentives
encourage individuals and businesses to invest in GPS tracking technology as a
means of reducing insurance costs and mitigating risk. Beyond vehicle security,
GPS tracking is increasingly used for personal safety. .
Browse over XX market data Figures spread
through XX Pages and an in-depth TOC on "Global GPS Tracking Device System Market.”
The Global GPS Tracking Device System Market is
segmented into technology, network, product type, type, end user and region.
Based on technology, The Standalone Trackers segment
had the largest market share in 2022 & expected to maintain in the forecast
period. Standalone trackers are versatile and can be used for diverse purposes.
They are employed in tracking vehicles, personal items, pets, and even people.
This versatility broadens their market appeal. Standalone trackers are
generally user-friendly, making them accessible to a wide range of consumers
and businesses. They often come with simple interfaces and user-friendly mobile
apps. Compared to complex, integrated tracking systems, standalone trackers
tend to be more cost-effective. This affordability appeals to individuals and
small businesses. As the name suggests, standalone trackers operate
independently. They don't rely on external infrastructure, such as vehicle
telematics systems, making them reliable even in remote areas. The market for
standalone trackers within the Global GPS Tracking Device System is expected to
remain robust.
Based on end user, The Automotive segment had the
largest market share in 2022 and is projected to experience rapid growth during
the forecast period. The automotive sector plays a pivotal role in the Global
GPS Tracking Device System market, accounting for a significant portion of its
growth. This segment encompasses a wide range of applications within the
automotive industry, from fleet management to individual vehicle tracking,
Fleet management remains one of the most prominent applications of GPS tracking
devices in the automotive segment. Commercial fleets, including delivery
trucks, taxis, and long-haul vehicles, leverage GPS tracking to optimize
routes, monitor driver behavior, reduce fuel consumption, and enhance overall
operational efficiency. GPS tracking devices are integral to vehicle security
Major companies
operating in Global GPS Tracking Device System Market are:
- TomTom International BV
- Verizon
- CalAmp Wireless Networks Corporation
- Sierra Wireless S.A
- Trackimo Inc,
- Orbcomm Inc
- Microchip Technology Inc.
- Queclink Wireless Solutions
- Geotab Inc
- Spireon LLC
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“The Global GPS Tracking Device System market
is expected to rise in the upcoming years and register a significant CAGR
during the forecast period. Fleet management solutions use GPS tracking to
track the location and movement of vehicles. These solutions are used by
businesses to improve the efficiency of their operations, reduce fuel costs,
and improve driver safety. Telematics is a technology that uses GPS tracking to
collect and transmit data about vehicles. This data can be used to monitor
vehicle performance, improve driver behavior, and prevent accidents. GPS
tracking is used in security and surveillance solutions to track the movement
of people and assets. These solutions are used by businesses and governments to
protect their assets and prevent crime. Additionally, Personal tracking devices
are used to track the location of people. These devices are used by parents to
track their children, by businesses to track their employees, and by
individuals to track their own activities. Therefore, the market of GPS
Tracking Device System is expected to boost in the upcoming years.,” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based
management consulting firm.
“GPS Tracking Device System Market – Global
Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By
Technology (Standalone Trackers, Convert Trackers, and Advance Trackers), By
Network (3G & 4G), By Product Type (Handheld & Mounted), By Type (Data
Loggers, Data Pushers, and Data Pullers), By End User (Automotive, Aerospace
& Defense, Healthcare, and Others), By Region, By
Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Global GPS Tracking Device System Market
and provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global GPS Tracking Device System Market.
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