May 29, 2024
GPS Tracker Market

GPS Tracking Market is Estimated to Witness High Growth Owing to Increased Adoption by Logistics and Transportation Industries

GPS tracker is a tracking device that uses Global Positioning System (GPS) network to provide real-time information on the location of various assets and vehicles fitted with such trackers. GPS trackers today find widespread use in tracking the location of vehicles in logistics and transportation industries, security of important assets, location tracking for kids, seniors or pets, and recovery of stolen goods or vehicles. The increasing digital transformation of the logistics & transportation industry along with rising focus on security and asset tracking have propelled the demand for GPS trackers in recent years.

The global GPS Tracker Market is estimated to be valued at US$ 6 Bn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023-2033, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
One key growth driver for the GPS tracker market has been the increased adoption by logistics and transportation companies to enable fleet management and optimization of transportation operations. GPS trackers help fleet owners monitor their vehicles in real-time, receive alerts on vehicle speed or location, set geofence boundaries and get notifications if vehicles leave predetermined routes. This has resulted in improved efficiency, lower fuel costs and reduced risks of theft for logistics companies. Furthermore, growing e-commerce industry is also boosting transportation needs, thereby propelling demand for GPS trackers from this end-use industry.

SWOT Analysis
Strength: GPS Trackers offer location tracking features that provide safety and peace of mind to users. Their small size allows them to be easily hidden on vehicles, pets, or other assets without obstructing normal use. GPS signals work outdoors and provide accurate location data.

Weakness: GPS Trackers require a subscription plan to utilize location services, incurring ongoing costs. Their batteries need regular recharging which can be an inconvenience. Indoor and urban environments can sometimes interfere with GPS signals, reducing location accuracy.

Opportunity: The growth of remote work arrangements is driving demand for monitoring company vehicles and ensuring employee safety. GPS tracking allows for optimized routing and reduced fuel costs. Localization services for elderly family members or individuals with special needs represent an emerging market opportunity.

Threats: Some individuals raise privacy concerns over widespread adoption of tracking technology. Strict data protection regulations differ by region and new laws pose compliance challenges. Alternative location technologies like Bluetooth and WiFi positioning threaten GPS dominance.

Key Takeaways

The Global GPS Tracker Market Share is expected to witness high growth over the forecast period driven by expanding applications across industries. Growing demand for fleet management, asset tracking, and personal safety solutions drives incorporation of GPS into more devices and vehicles.

Regional analysis: North America currently dominates the global GPS tracker market due to widespread early adoption. However, Asia Pacific is expected to become the fastest growing regional market due to the large vehicle fleet in China and India. Growing emphasis on security, coupled with industrial development across Southeast Asian nations will boost regional demand.

Key players: Key players operating in the GPS tracker market are CalAmp, Sierra Wireless, Orbocomm, Queclink Wireless Solutions, Concox Information Technology, Laird, Tomtom International, Meitrack Group, Teltonika, ATrack Technology, Trackimo, and Geotab. CalAmp has a strong portfolio of fleet management and vehicle tracking solutions while Sierra Wireless is a leader in IoT connectivity devices.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it