GPS Tracker Market growth at a 13.83 % CAGR during the forecast period of 2022 to 2030

Market Overview

The market research that has been made on the GPS tracker market shows potential growth at the 13.83 % CAGR and a valuation of USD 5.36 Billion during the forecast timeline which is till 2030.

The GPS tracker is used primarily to observe the things around for security reasons. This is commonly noticed in transport, patrols, fleet management, and asset tracking to name some. These increased requirements of the GPS tracker are driving the market growth. There are so many advantages related to the GPS tracker. It is compatible with smartphones; it can trace down faster and offer accuracy in terms of navigation. The simplified operation of such a tracker makes it even more in demand. There are also many other advantages that you can focus on using the devices of the GPS tracker such as less labor cost, field personal activity management, and better service for the customer. The GPS tracker device is rich with features like reporting, geofencing, real-time updates, automated alters and historic fleet data to name a few.

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Key Players

Orbocomm Inc.
Laipac Technology Inc.
Sony Mobile Communications Inc
TomTom International BV
Calamp Corp
Concox Information Technology Co. Ltd
Sierra Wireless Inc
Spy Tech Inc
Verizon Wireless
Queclink Wireless Solutions Co. Ltd
Atrack Technology Inc.

Furthermore, there are some important features of GPS tracking devices that include historic fleet data feed, automated alerts, geofencing, real-time updates, and reporting. For instance, the increasing demand for advanced GPS trackers in government defense, transport logistics, and other industries is expected to expand the global market during the review period. Moreover, the growing concerns over theft and personals are another major growth driving factor for the global market. However, the lack of global standards might hinder the market growth in the forecast period.

Market Segmentation

According to the GPS Tracker Market Forecast report, there are various market segments that are propelling the market revenue. These segments include Network, Type, and Vertical. The global market has been segmented into 2G, LTE, and 3G

based on the network segment.

The present market has been segregated into Standalone Tracker, Covert GPS Tracker, and Advanced Tracker in terms of type segment. For instance, the wearable type GPS tracker is projected to hold the largest GPS Tracker Market Share in the research period because of its advantages like children's safety, easy availability, cost-effectiveness, and multiutility.

On the basis of the vertical segment, the worldwide market has been classified into Healthcare, Automotive Aerospace, Government Defense, Transportation Logistics, Metals Mining, Oil Gas, and others.

Regional Analysis

The GPS Tracker Market Analysis highlights those geographical locations like Asia Pacific, Europe, North America, Latin America, and the rest of the world are the major hubs of the GPS tracker industry.

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Among all, the Asia Pacific regional market is anticipated to witness the highest CAGR during the forecast period of 2018 to 2023. This regional market is expanding due to the growth in vehicle production in developing markets of China and India; and the development of strict government regulations. According to the International Organization of Motor Vehicle Manufacturers (OICA), growth has been witnessed in commercial vehicles production in India. In 2016, the production was 4.51 million, and further, it has increased to 4.78 million by the end of the year 2017.

Industry News

Presently, the leading market player for GPS trackers market is ORBCOMM. This company provides Machine-to-Machine (M2M) communications solutions and Industrial Internet of Things (IoT) that are helpful to monitor, track, and manage mobile and fixed assets.

Sony Mobile Communications Inc, Laipac Technology Inc., Orbocomm Inc., and TomTom International BV are some prominent players in the GPS trackers who are making some good investments in this market.

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