According to a recent report by Emergent Research, the global GPS or global positioning system tracking device market size reached USD 2.15 billion in 2021 and is projected to grow at a revenue CAGR of 12.3% during the forecast period. Increased demand for the Internet of Things (IoT) and cloud technologies, rising sales of commercial vehicles, rising use of digital maps, and improvements and upgrades to the software used in GPS tracking devices are all contributing reasons to the growth of the global GPS tracking market. Every car monitoring system relies on GPS tracking, which has become a fundamental part of modern life.
A group of satellites known as the global positioning system (GPS) permits extremely precise positioning, navigation, and timing (PNT) measurements all over the world. Since it was one of the first satellite positioning systems, GPS has grown to be a crucial tool for worldwide business. A person, vehicle, or piece of equipment can be accurately located with the use of GPS. GPS tracking devices broadcast satellite signals that are decoded by a receiver. These receivers compute the device’s trip time and speed while tracking its precise position.
The main drivers of the GPS tracking device market are a rise in commercial vehicle sales and a rise in demand for IoT and cloud technology. The existence of multiple well-established competitors is advantageous for the market for GPS tracking devices globally. Vendors of GPS tracking device technologies are predicted to outperform their competitors since they can match market demands with their considerable technical and financial resources.
Some Key Highlights From the Report
In 2021, the segment for commercial vehicles had a little revenue share. Commercial GPS tracking is very helpful and becoming more and more common among companies that use vehicles. Using a GPS tracker for commercial vehicles to constantly identify the precise location of drivers can enhance business operations. By installing a GPS tracker that communicates with mapping software, you may improve routing, dispatch, and safety while saving money on gasoline and completing more work.
In 2021, the onboard diagnostic market had a sizable revenue share. An OBD Tracker GPS device can scan engine problem codes, engine RPM, and vehicle speed, among other things. It is better suited for vehicle tracking and is simpler to set up and use. The area of application is widened. Once it is installed, the device will start tracking the vehicle continuously.
CalAmp, ORBCOMM, Sierra Wireless, ATrack Technology Inc., Geotab Inc., Concox, Trackimo, Meitrack Group, RUPTELA, and Geoforce, Inc. are a few of the significant firms mentioned in the global market study.
Emergen Research has segmented the global GPS tracking device market based on technology type, deployment type, end-user, and region:
- Technology Type Outlook (Revenue, USD Billion; 2019-2030)
- Standalone Tracker
- OBD Device
- Advance Tracker
- Deployment Type Outlook (Revenue, USD Billion; 2019-2030)
- Commercial Vehicles
- Cargo & Containers
- End-Use Outlook (Revenue, USD Billion; 2019-2030)
- Aerospace & Defense
- Transportation & Logistics
- Regional Outlook (Revenue, USD Billion; 2019-2030)
- North America
- the U.S.
- the U.K.
- Rest of Europe
- the Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- North America