GPS Tracking Device Market - By Type (Standalone GPS, Advance Tracker, OBD Device), By Application (Vehicle Tracking, Asset Tracking, Personal Tracking), By End-use Industry, Forecast 2023 - 2032

GPS Tracking Device Market Size

GPS Tracking Device Market size was valued at over USD 2.9 billion in 2022 and is anticipated to grow at a CAGR of over 12.5% between 2023 and 2032. One of the major drivers of the market is the increasing adoption of fleet management solutions by businesses.
 

GPS tracking devices offer real-time visibility into the entire fleet. Fleet managers can monitor vehicle movements, driver behavior, and operational activities remotely. This enhanced visibility leads to better decision-making, improved resource allocation, and overall operational efficiency. For businesses with valuable assets on the move, GPS tracking devices provide a layer of security. In case of theft, the real-time tracking capabilities enable swift recovery of stolen vehicles or goods, minimizing losses and ensuring asset security. Major players are continuously focusing on offering technologically advanced GPS trackers to enhance fleet management.
 

For instance, in July 2023, Systems & Technology Corp. launched the EZ2 LTE model, a GPS tracker with 4G LTE Cat 1 network coverage. The EZ2 LTE is a small and compact tracker that fulfills vehicle telematics requirements. It supports simultaneous connection of digital or analog accessories and RS-232 connections to external equipment. EZ2 LTE supports multiple LTE frequency bands and is available in 4G Cat 1 with a fallback to 2G. EZ2 is ideal for applications such as logistics, fleet management, or refrigerated transportation, and is also beneficial for insurance & car rental.
 

A GPS tracking device is a compact electronic gadget equipped with a Global Positioning System (GPS) receiver. It accurately determines and records a device's location, speed, and direction. Utilized in diverse applications, from vehicle tracking and fleet management to personal safety, it provides real-time & historical location data for monitoring and security purposes.
 

The data collected and transmitted by GPS tracking devices are sensitive and subject to potential breaches. Protecting this data from cyber threats, hacking attempts, and unauthorized access is paramount. A single security breach can result in legal repercussions, financial losses, and reputational damage. Continuous investments in robust cybersecurity measures are necessary to safeguard GPS tracking systems and their users. These factors can therefore hinder the market growth.
 

COVID-19 Impact

The COVID-19 pandemic had significant impacts on the GPS tracking device market. COVID-19 led to significant disruptions in global supply chains due to factory closures, restrictions on transportation, and workforce shortages. This impacted the production and availability of GPS tracking devices & components, leading to delays and shortages in the market. However, the surge in online shopping during lockdowns led to an increased demand for GPS tracking devices in the e-commerce sector. Companies invested in GPS solutions to optimize delivery routes, enhance customer experience, and provide accurate real-time tracking information, thereby ensuring efficient last-mile deliveries.
 

GPS Tracking Device Market Trends

Real-time data analytics using GPS data has become a significant trend. Businesses have been leveraging sophisticated analytics tools to process GPS data in real-time, enabling them to make instant decisions, optimize routes, predict maintenance needs, and improve overall operational efficiency. For transportation and logistics companies, this tool aids in dynamically optimizing routes based on traffic, weather, and other factors. In emergency services, real-time analytics enables efficient deployment of resources based on GPS data, improving response times during critical situations.
 

The rollout of 5G networks has significantly improved data transmission speeds and connectivity reliability. GPS devices integrated with 5G technology experience minimal latency, enabling real-time data updates. Applications such as augmented reality navigation and autonomous vehicles benefit from the high-speed, low-latency data transmission facilitated by 5G networks. Integration with augmented reality for navigation purposes is also becoming popular.
 

Augmented Reality (AR) navigation applications overlay GPS data onto real-world views through devices such as smartphones or AR glasses. These applications provide intuitive visual cues, enhancing navigation experiences. AR-based GPS navigation is also popular in tourism, where travelers receive historical and contextual information about landmarks through AR overlays, enriching their exploration.
 

GPS Tracking Device Market Analysis

Based on type, the market is segmented into standalone GPS, advance tracker, and OBD device. The standalone GPS segment dominated the global market with a share of over 40% in 2022. The demand for standalone GPS is expected to rise due to several factors:
 

• Standalone GPS devices do not rely on cellular or internet networks for operation. This autonomy makes them invaluable in remote or rural areas where network coverage is limited or unavailable, ensuring continuous tracking and navigation capabilities.
   
• Standalone GPS devices often store location data locally, reducing the risk of data breaches. This feature is particularly important for sensitive applications such as military operations and confidential corporate activities. Some users prefer standalone devices as they do not rely on network connections, reducing the risk of unauthorized tracking or data interception, thereby expanding segment progress.
   

Based on application, the GPS tracking device market is divided into vehicle tracking, asset tracking, and personal tracking. The vehicle tracking segment is anticipated to register a CAGR of over 10% by 2032.
 

• With the rapid growth of e-commerce, there is an increased demand for efficient and timely deliveries. Vehicle tracking devices are essential for e-commerce companies to optimize delivery routes, ensure on-time deliveries, and enhance customer satisfaction. Logistics companies heavily rely on vehicle tracking for efficient transportation and delivery operations. Real-time tracking helps them in route planning, reducing transit times, and minimizing operational costs. These factors contribute to segment expansion.
   
• Vehicle tracking devices optimize fleet management by providing real-time location data, enabling businesses to monitor vehicle movements, optimize routes, reduce idle time, and enhance overall operational efficiency. This efficiency translates into cost savings and improved productivity.

Europe dominated the global GPS tracking device market with a share of over 30% in 2022. The rising emphasis on increasing the efficiency of fleet operations in Europe is driving the regional market growth. Efficient fleet management is a necessity for transportation & logistics companies in Europe owing to their well-developed infrastructure & extensive transportation networks. GPS tracking devices are integral to fleet management systems, enabling real-time monitoring of vehicles, route optimization, fuel efficiency, and driver behavior analysis.
 

Major players in the region are innovation-oriented and are launching new products to enhance their fleet efficiency. For instance, in August 2022, Belgian IIoT firm, Sensolus collaborated with Germany-based Deutsche Telekom to launch asset-tracking solutions. Sensolus offers a variety of GPS trackers that are resistant to adverse weather and have sophisticated tilt & motion detection systems that can be enhanced with extra sensors to collect information such as temperature and fuel levels. Such initiatives are contributing to the market growth in Europe.
 

GPS Tracking Device Market Share

Players in the GPS tracking device industry focus on implementing different growth strategies to strengthen their offerings and expand their market reach. The strategies involve new product development & launches, partnerships & collaborations, mergers & acquisitions, customer retention, and others. These players are also heavily investing in research & development to introduce innovative and technologically advanced GPS trackers. Some of the major players operating in the GPS tracking device industry are mentioned below:
 

• CalAmp Corp.
• Orbocomm Inc.
• Sierra Wireless, Inc.
• Queclink Wireless Solutions Co., Ltd.
• Shenzhen Jimi IoT Co., Ltd.
• TomTom International BV
• Teltonika

GPS Tracking Device Industry News

• In August 2023, Shenzhen Jimi IoT Co., Ltd. launched the VL101G INS-Aided IP66-Rated Vehicle Tracker. With GNSS positioning technology and dual-frequency GPS, this 4G vehicle tracker is built to deliver precise positioning in real-time for a variety of deployments. It is equipped with various features, such as ignition detection, driving behavior analysis & remote engine cut-off, and enables users to manage the tracker remotely leveraging Jimi IoT’s cloud-based platform.
   
• In December 2022, ATrack Technology Inc. launched the AS500 long standby asset tracker. The AS500 integrates several cutting-edge technologies including built-in Wi-Fi & Bluetooth Beacon technology, 4G LTE Cat, M1 & NB-IoT communications, GPS & GLONASS for real-time positioning, and more. The AS500 can operate for up to ten years without a battery replacement, and the AS500 can operate reliably in harsh, extreme environments owing to its wide temperature range of operation, from -40° to 80° C.
   

The GPS tracking device market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) from 2018 to 2032, for the following segments:

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By Type, 2018 – 2032

• Standalone GPS
• Advance Tracker
• OBD Device

By Application, 2018 – 2032

• Vehicle Tracking
  • Fleet Management
  • Car Rental Services
  • Stolen Vehicle Recovery
• Asset Tracking
  • Equipment & Machinery
  • Cargo & Freight
• Personal Tracking
  • Elderly & Patient Safety
  • Fitness & Sports
  • Pet Tracking

By End-use Industry, 2018 - 2032

• Transportation & Logistics
• Metal & Mining
• Construction & Heavy Equipment
• Retail & E-commerce
• Healthcare
• Others

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • ANZ
  • Singapore
  • Rest of Asia Pacific 
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• MEA
  • UAE
  • Saudi Arabia
  • South Africa
  • Rest of MEA