GPS Tracking Device Market Outlook – 2028
The global GPS tracking device market size was valued at $1.78 billion in 2020, and is projected to reach $4.93 billion by 2028, registering a CAGR of 12.3% from 2021 to 2028. GPS tracking device is a navigation device used for tracking a vehicle, object or a person. GPS establishes a person or object’s location on Earth with astonishing precision. GPS tracking devices are used in vehicles, mining, agriculture, and others.
The key factors that drive the growth of the GPS tracking device market include increase in demand for IoT and cloud technology and surge in commercial vehicle sales. However, impact of nonstandard products and several environmental factors leading to poor user experience are expected to pose major threats for the GPS tracking device market. Furthermore, rise in usage of digital map and surge in advancements and upgradation of software used in GPS tracking devices are expected to offer lucrative opportunities for the growth of the global GPS tracking device market.
The key factors that hamper the GPS tracking device market growth are low awareness among small scale manufactures and competition from uninterrupted and non-fluctuating power supply systems. The opportunity lies in increase in awareness for need of GPS, developments in automotive sector, and transportation issues in the developing countries.
Advance Tracker segment is projected to be the most lucrative segment
The GPS tracking device market share is segmented on the basis of technology, type, application, and region. By technology, the market is classified into standalone tracker, OBD device, and advance tracker. By type, the market is divided into data loggers, data pushers, and data pullers. By application, the market is fragmented into automotive, aerospace & defense, healthcare, transportation, and others. By region, the market is studied across North America, Europe, Asia-Pacific, and LAMEA along with their prominent countries.
Data Pushers segment will dominate the market during the forecast period
The key players profiled in GPS tracking device market analysis include Sierra Wireless, Orbocomm, Atrack Technology, Geotab Inc., Box Telematics, Meitrack Group, Trackimo Group, Calamp Corp, Starcom System Ltd., and Concox Wireless Solution. These key players have adopted strategies, such as product portfolio expansion, mergers & acquisitions, agreements, regional expansion, and collaborations, to enhance their market penetration.
Transportation segment will maintain the lead during the forecast period
COVID-19 Impact Analysis
The ongoing spread of COVID-19 has become one of the biggest threats to the global economy and is causing widespread concerns and economic hardship for consumers, businesses, and communities across the globe. The “new normal” that includes social distancing and working from home has created challenges with daily activities, regular work, needs, and supplies, causing delayed initiatives and missed opportunities.
Asia-Pacific region would exhibit the highest CAGR of 15.6% during 2021 - 2028
The COVID-19 pandemic is impacting the society and overall economy across the globe. The impact of this outbreak is growing day-by-day as well as affecting the supply chain. It is creating uncertainty in the stock market, falling business confidence, massive slowing of supply chain, and increase in panic among customers. European countries under lockdown have suffered a major loss of business and revenue due to shutdown of manufacturing units in the region. Operations of production and manufacturing industries have been heavily impacted by the outbreak of COVID-19, which led to slowdown in growth of the GPS tracking device industry in 2020.
According to the GPS tracking device market trends, the COVID-19 pandemic has severely impacted the global manufacturing and industrial sectors as production facilities have stalled, which, in turn, led to significant demand in industries.
The emergence of COVID-19 has declined the growth of the personal GPS tracker market size in 2020, and is estimated to witness slow growth till the end of 2021. Implementation of partial or complete lockdown across various countries globally is the prime reason for this decline in growth rate. As industries were temporarily shut, it reduced the need for maintenance from various industries.
Top Impacting Factors
Notable factors positively affecting the GPS tracking device market include increase in commercial vehicle sales and rise in demand for IoT and cloud technology and machinery in manufacturing units. However, nonstandard products and several environmental factors lead to poor user experience which hamper the growth of the market. Furthermore, surge in usage of digital map and rise in advancements and upgradation of software used in GPS tracking devices are expected to offer lucrative opportunities for the market growth in the coming years.
Increase in Demand For IoT and Cloud Technology
GPS tracking devices are used in many sectors such as automotive, healthcare, and more for tracking. Over the past few years, the need for tracking has increased at a rapid pace. GPS trackers are embedded with electronics and internet connectivity to make them smart devices and objects, which can connect to the cloud, be remotely controlled, and communicate with each other. This is attributed to increased demand for tracking system, which, in turn, drives the market growth.
Nonstandard Products and Several Environmental Factors Leads to Poor User Experience
Several environment factors, such as dense trees, tall buildings, heavy cloud cover, and rains can weaken GPS signal, sometimes the result or tracking gets delayed because of these geographical limitations. Also to gain competitive advantage, few vendors and manufacturers deliver low-cost and low quality GPS tracking devices in the market, thus resulting in poor user experience and poor quality. This is the key hurdle for the growth of the market.
Key Benefits For Stakeholders
- This study comprises analytical depiction of the GPS tracking device market size along with the current trends and future estimations to depict imminent investment pockets.
- The overall GPS tracking device market analysis is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
- The present GPS tracking device market forecast is quantitatively analyzed from 2020 to 2028 to benchmark the financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and the sensor market share of key vendors.
- The report includes the market trends and the GPS tracking device market share of key vendors.
GPS Tracking Device Market Key Segments
- Standalone Tracker
- OBD Device
- Advance Tracker
- Data Loggers
- Data Pushers
- Data Pullers
- Aerospace & Defense
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East
Key Market Players
- Sierra Wireless
- Atrack Technology
- Geotab Inc.
- Box Telematics
- Meitrack Group
- Trackimo Group
- Calamp Corp
- Starcom System Ltd.
- Concox Wireless Solution
GPS Tracking Device Market Report Highlights
Key Market Players
CALAMP CORP., ORBCOMM INC., ATRACK TECHNOLOGY INC., CONCOX INFORMATION & TECHNOLOGY CO., LTD. (SHENZHEN JIMI IOT CO., LTD.), GEOTAB INC., QUECLINK WIRELESS SOLUTIONS CO., LTD., TRACKIMO GROUP, STARCOM SYSTEMS LTD., SIERRA WIRELESS, INC., MEITRACK GROUP
The global GPS tracking device market is competitive, owing to strong presence of existing vendors. GPS tracking devices technology vendors, who have access to extensive technical and financial resources, are anticipated to gain a competitive edge over their rivals as they have the capacity to cater to the market requirements. The competitive environment in this market is expected to further intensify with increase in technological innovations, product extensions, and different strategies adopted by key vendors.
The GPS tracking device market holds a substantial scope for growth on a global scale. Its contribution to the market is anticipated to increase significantly during the forecast period. Recent discoveries and innovations have created vast opportunities for numerous players to step in the GPS tracking device market.
Increase in demand for tracking devices in commercial vehicles & transportation sectors drive the market growth. Environmental factors such as rain, and presence of dense tree areas affect the GPS range and gives poor signal which is the biggest hurdle for the market growth.
The key factors that hamper the growth of this market are low awareness among small scale manufactures and competition from uninterrupted and non-fluctuating power supply systems. The opportunity lies in increasing the awareness for need of GPS, growing need for security in developing countries.
On the basis of end use, the market is further divided into automotive, aerospace & defense, healthcare, transportation, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA (Latin America, the Middle East, and Africa).