The current location is tracked and ascertained using the GPS tracker device. This technology is mostly used by moving vehicles or people to determine their precise location. The Internet of Things and cloud computing are the two main market drivers for GPS tracking devices. The GPS Tracker was created using cutting-edge technology, and its unique characteristics can be used for a variety of purposes. Based on their size and range, the GPS tracker device can be placed anyplace for surveillance. Additionally, the use of solitary and sophisticated tracking devices is growing in acceptance. The GPS Tracker can be used by people, businesses, and the government to monitor its real-time data in terms of national safety.
According to a recent report by Emergen 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. The system comprises a network of satellites that orbit the Earth and tools that can pinpoint an object’s location.
With the capacity to monitor people, animals, automobiles, and other objects in real-time, this gadget enhances communication between devices and users while also delivering high levels of accuracy, precision, and dependability. Additionally, GPS tracking aids in the efficient and prompt operation of businesses, which in turn helps them maintain client satisfaction through precise timekeeping and scheduling. Therefore, during the anticipated period, this aspect is anticipated to fuel the expansion of the GPS tracker market. However, GPS trackers can malfunction in adverse weather situations like heavy rain, snowfall, and others, which is anticipated to hinder market growth for GPS trackers over the foreseeable future.
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.
- In terms of revenue share in 2021, aerospace and defense accounted for a sizable portion. Globally, aviators use GPS to increase flight efficiency and safety. GPS provides a continuous satellite navigation service to meet the needs of a variety of aviation users thanks to its accurate, continuous, and global capabilities. In addition to airport surface navigation, space-based positioning and navigation offer three-dimensional location determination for all flight phases, including takeoff, en route, and landing. GPS continues to support the development of shorter, more direct flight paths.
- 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
- Others
- End-Use Outlook (Revenue, USD Billion; 2019-2030)
- Automotive
- Aerospace & Defense
- Healthcare
- Transportation & Logistics
- Others
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