GPS Tracker Market size is set to grow by USD 2.13 billion from 2024-2028, Increasing demand for fleet management system to boost the market growth, Technavio

NEW YORK, June 11, 2024 /PRNewswire/ -- The global GPS tracker market size is estimated to grow by USD 2.13 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 19.09% during the forecast period. Increasing demand for fleet management system is driving market growth, with a trend towards increasing number of strategic partnerships and acquisitions. However, growing demand for obd dongles poses a challenge. Key market players include ArusNavi, CalAmp Corp., GalileoSky Research Scientific Association LLC, Geotab Inc., JSC Teltonika, Laipac Technology Inc., Meitrack Group, Michelin Group, Mielta Technologies, Navtelecom LLC, ORBCOMM Inc., Queclink Wireless Solutions Co. Ltd., Sensata Technologies Inc., Shenzhen Coban Electronics Co. Ltd., Shenzhen Eelink Communication Technology Co. Ltd., Shenzhen Jimi IoT Co. Ltd., Sierra Wireless Inc., Trackimo Inc., Traxbean Technology Ltd. Co., and UAB Ruptela.

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Key Market Trends Fueling Growth

In the GPS tracker market, vendors are forging alliances with technology providers, certification firms, and software companies to broaden their reach, develop new products, and access advanced technologies. For example, CalAmp Corp.'s partnership with Assured Techmatics in June 2022 offers fleet operators guaranteed Apollo electronic logging devices, in addition to CalAmp's edge computing devices.

Vendors are also acquiring companies in related sectors to gain access to their technologies and software for product enhancement. These actions are anticipated to boost market expansion throughout the forecast period. 

The Global GPS Tracker Market is experiencing significant growth due to the increasing demand for real-time location tracking solutions. Route tracking, asset management, and personal safety are key applications driving market expansion.

Companies are focusing on developing cost-effective and efficient technologies to cater to various industries such as logistics, transportation, and personal use. The market is also witnessing the integration of advanced features like geofencing, two-way communication, and real-time alerts. With the growing trend of IoT and connected devices, the GPS tracker market is expected to continue its upward trajectory in the coming years. 

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Market Challenges

• The Global GPS Tracker Market is experiencing significant competition from the increasing adoption of On-Board Diagnostic (OBD) dongles. These devices, which connect to the OBD-II port of vehicles and offer features like diagnostics, roadside assistance, and geofencing, are gaining popularity due to their affordability and comprehensive functionalities. OBD dongles, which are GPS-enabled and communicate wirelessly, also include sensors for detecting driving patterns and road conditions.
• As a result, they are increasingly preferred by both individual consumers and fleet owners, potentially hindering the growth of the GPS tracker market during the forecast period.
• The Global Positioning System (GPS) tracker market faces several challenges. Logistics and supply chain management require real-time location tracking to optimize routes and reduce costs.
• However, ensuring accurate and reliable tracking in urban areas with dense building structures and satellite interference can be difficult. Additionally, ensuring data security and privacy concerns are addressed is crucial as GPS data can reveal sensitive information.
• Furthermore, the cost of implementing and maintaining GPS tracking systems can be a barrier for smaller businesses. Despite these challenges, the market for GPS trackers continues to grow due to their numerous benefits, including improved efficiency, increased safety, and enhanced productivity.

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Segment Overview 

1. End-user 
• 1.1 Logistics and transportation
• 1.2 Construction and mining
• 1.3 Government
• 1.4 Oil and gas
2. Technology 
• 2.1 Standalone tracker
• 2.2 Obd device
• 2.3 Advance tracker
3. Geography 
• 3.1 Europe
• 3.2 APAC
• 3.3 North America
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Logistics and transportation-  The logistics sector relies heavily on supply chain optimization, with the timely delivery of perishable goods and customer satisfaction being key priorities. Fleet management solutions, including GPS trackers, are increasingly adopted to enhance supply chain efficiency. The market for GPS trackers is expanding due to their integration in ride-hailing and delivery services, driven by growing customer demand for convenience and real-time tracking. Vendors are responding by introducing innovative GPS tracking products during the forecast period.

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Research Analysis

The Global GPS Tracker Market is pivotal for fleet management, integrating solutions like Smart Tracker and Smart Fleet Management to monitor vehicle movements, driver behavior, and operational activities. These GPS tracking devices, essential for resource allocation and operational efficiency, often require RS-232 connections and 4G Cat 1 connectivity for real-time tracking. Fitness Tracker technology is also gaining traction, providing comprehensive data analytics. However, the advancement in technology brings potential cyber threats, emphasizing the need for robust security measures to mitigate hacking risks, unauthorized access, and subsequent legal and financial repercussions.

Market Research Overview

The Global GPS Tracker Market is experiencing rapid growth, driven by increasing demand for advanced Smart Tracker solutions across various applications. These solutions, including Smart Fleet Management and Fitness Trackers, offer real-time location, speed, and direction data. Technological advancements in satellite systems, battery life, and connectivity are propelling market expansion. Key applications span fleet management, asset tracking, and personal safety, utilizing technologies like GPS, GLONASS, and Galileo. Major end-users include transportation and logistics, construction, and the consumer sector. The market is poised for substantial growth at a significant CAGR during the forecast period, reflecting its critical role in modern location-based solutions.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• End-user
• Logistics And Transportation
• Construction And Mining
• Government
• Oil And Gas
• Technology
• Standalone Tracker
• Obd Device
• Advance Tracker
• Geography
• Europe
• APAC
• North America
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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