by The global GPS tracker market comprises GPS-enabled devices that are implanted in vehicles, freight containers, smartphones and other valuables to monitor their live locations. GPS trackers help track the movements of vehicles, valuables and people via satellite navigation. They are increasingly being used by transportation and logistics companies to manage their vehicle fleets and shipping containers. They are also widely adopted by individuals and families to track elderly people or children. GPS trackers for pets help locate lost or stray animals. With the integration of GPS technology in smartphones and other smart devices, location-based applications have emerged for navigation, logistic fleet management and emergency response services.
The global GPS tracker market is estimated to be valued at US$ 3.1 Billion in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
The growth of the GPS tracker market will be driven by the increasing demand and penetration of GPS-integrated smart devices. As digitization accelerates across industries, more applications and services are leveraging location intelligence to improve productivity, safety and experience. For example, the integration of GPS in smartphones has enabled live monitoring and emergency response services through dedicated applications. GPS trackers are also witnessing increased demand from the transportation and logistics sector to optimize fleet and resource management. They help minimize transit time and fuel costs. Government mandates in some countries require the installation of GPS trackers in commercial vehicles for security monitoring. This will further stimulate the adoption of GPS tracking solutions in coming years. However, high costs of GPS trackers may restrain their demand, especially in price-sensitive areas. Ongoing technological advancements to reduce device sizes and costs while improving location accuracy will create new opportunities for market growth over the forecast period.
Segment Analysis
The GPS Tracker Market Demand is dominated by the asset tracking segment which holds more than 50% share of the overall market. Asset tracking allows companies to monitor high-value equipment, vehicles and other assets in real-time. Given the growing e-commerce industry and need to efficiently manage delivery logistics, the demand for asset tracking is increasing steadily. Smaller items such as pets and children can also be tracked using GPS tracking devices designed for individual monitoring.
PEST Analysis
Political: Regulations regarding privacy and data protection related to GPS tracking will have a significant impact on the market. Favorable privacy laws can boost the adoption of GPS trackers.
Economic: A strong economy favors increased spending on safety, security and advanced location tracking solutions. Rise in disposable incomes positively influences the demand.
Social: Rising public safety concerns and focus on children/pet safety is a key driver. Parents/owners increasingly use GPS trackers for monitoring locations.
Technological: Integration of advanced technologies like IoT, AI and reduced device costs propels the market. Falling prices and improved battery lives boost mass adoption.
Key Takeaways
The global GPS tracker market is expected to witness high growth.
Regional Analysis: North America currently dominates due to stringent workplace safety laws and high demand for asset-tracking solutions across industries. Asia Pacific is expected to witness fastest growth due to rising safety concerns, the bustling logistics industry and growing penetration of smartphones.
Key players operating in the GPS tracker market are Medtronic plc., CONMED Corporation, Ethicon, Inc., and Symmetry Surgical Inc. Key players focus on product development and partnerships to strengthen their presence. For instance, in 2022 Ethicon launched several new advanced surgical technologies and Medtronic collaborated with Medacta for joint replacement robotics platform.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
