Dublin, March 31, 2023 (GLOBE NEWSWIRE) -- The "GPS Tracking Device Market by Type (Standalone Trackers, OBD Devices, Advance Trackers), Deployment (Commercial Vehicles, Cargo and Containers), Communication Technologies (Satellite, Cellular), Industry and Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The GPS tracking device market is projected to grow from USD 3.1 billion in 2023 to USD 5.7 billion in 2028; it is expected to grow at a CAGR of 13.1% during the forecasted period. Advancements in GPS tracking devices have developed features such as real-time monitoring, geofencing, custom reporting, etc. Such initiatives have made GPS tracking devices more attractive to transportation, logistics, construction, and agriculture industries.
Advance trackers are expected to register largest market share during the forecast period
Advance trackers are better than standalone trackers, especially in-vehicle applications, as they capture vehicle performance parameters directly from the engine rather than its own sensors. These devices are being used by various fleet management service providers to offer superior services beyond vehicle tracking and tracing. Fleet owners are interested in increasing operational efficiency to achieve higher ROI. However, the availability of advanced data analytics tools further favors their demand.
Cargo & containers segment to provide significant growth opportunities during the forecast period
Business owners focus on better visibility of the supply chain and security of the cargo and container that is enabled by GPS tracking devices; thus, the market of these devices in cargo and container is expected to grow at the highest growth rate during the forecast period. Valuable assets and freights are often transported across the world. The loss or damage of these containers or cargo may cause significant financial loss to the manufacturer or the buyer. Thus, keeping track of containers during their transportation is very important.
Market in Asia Pacific to grow at highest CAGR during the forecast period
The GPS tracking device market in Asia Pacific Region is mainly driven by a combination of factors, including increasing focus on safety and security, growing e-commerce market, government initiatives, and advancement in technology. Commercial vehicle plays a vital role in China's economy. Being the global manufacturing hub, transportation and logistics is a crucial industries for the development of the country. Road transport represents a major chunk of the total goods transported in the Chinese market. Thus, the GPS tracking devices market in China is expected to witness high growth.
Market Dynamics
Drivers
- Increasing Demand for Commercial Vehicles
- Demand for Compact Size and Durable GPS Tracking Devices
- Increasing Popularity of Cloud Computing and Iot
Restraints
- Impact of Nonstandard Products Leads to Poor User Experience
Opportunities
- Demand for GPS Tracking Devices for Usage-Based Insurance
- Development of Real-Time Monitoring Features
Challenges
- Increasing Adoption of Hardware-Agnostic Tracking Solutions and Regular Maintenance of GPS Device
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 163 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $3.1 Billion |
| Forecasted Market Value (USD) by 2028 | $5.7 Billion |
| Compound Annual Growth Rate | 13.1% |
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 GPS Tracking Device Market, by Type
6.1 Introduction
6.2 Standalone Trackers
6.3 OBD Devices
6.4 Advance Trackers
7 GPS Tracking Device Market, by Deployment
7.1 Introduction
7.2 Commercial Vehicles
7.3 Cargo and Containers
8 Communication Technologies for GPS Tracking Device
8.1 Introduction
8.2 Satellite
8.3 Cellular
9 GPS Tracking Device Market, by Industry
9.1 Introduction
9.2 Transportation & Logistics
9.3 Construction
9.4 Oil & Gas
9.5 Metals & Mining
9.6 Government
9.7 Others
10 GPS Tracking Device Market, by Geography
11 Competitive Landscape
12 Company Profiles
13 Adjacent and Related Markets
14 Appendix
Companies Mentioned
- Arknav International, Inc.
- Atrack Technology Inc.
- Azuga Inc
- Brickhouse Security
- Calamp Corp
- Geoforce
- Geotab Inc.
- Laipac Technology, Inc.
- Meitrack Group
- Orbcomm Inc.
- Queclink Wireless Solutions Co. Ltd.
- Ruptela
- Sensata Technologies, Inc.
- Shenzhen Concox Information Technology Co. Ltd.
- Sierra Wireless, Inc.
- Skypatrol LLC
- Spytec GPS
- Suntech International Ltd.
- T42 IoT Tracking Solutions plc
- Teltonika Uab
- Tkstar Technology Co. Limited
- Tomtom International Bv
- Trackimo
- Trackingfox, Inc.
- Verizon Wireless
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