Global GPS Tracking Device Market Size to Reach USD 7.77 Billion in 2032 | Emergen Research

Increasing demand for IoT and cloud technology is a key factor driving GPS tracking device market revenue growth

Vancouver, Sept. 19, 2023 (GLOBE NEWSWIRE) — The global GPS or global positioning system tracking device market size reached USD 2.15 Billion in 2021 and is expected to register a revenue CAGR of 12.3% during the forecast period, according to a latest analysis by Emergen Research. GPS tracking market revenue growth is driven by factors such as increasing demand for the Internet of Things (IoT) and cloud technology, increasing commercial vehicle sales, growing usage of digital maps, and advancements and upgrades of software used in GPS tracking devices.

GPS technology has become an integral component of modern life, and GPS tracking is the core of every car monitoring system. The system consists of a network of satellites circling the Earth and gadgets that can determine the position of an object or a person. Today, GPS has a variety of applications, ranging from global military exercises to navigational directions for vehicles.

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IoT is a very innovative concept that impacts all facets of lives. It is feasible to integrate GPS trackers, sensors, and even everyday items with electronics and network connectivity in order to make them smart. These embedded systems can connect to the cloud, be remotely controlled, and interact with one another. Despite the fact that GPS technology has been around for decades, the advent of IoT has altered the way GPS-based apps and devices are used.

The IoT allows GPS gadgets to remotely transmit data and connect with other systems and sensors. Modern tracking systems are capable of capturing and transmitting a large array of vehicle data, including fuel monitoring, remote temperature monitoring, and driver identification. Automobile rental firms can benefit greatly from GPS tracking devices by increasing service levels and decreasing damage expenses.

When a GPS tracking device is installed in a rented vehicle, the renter gains total control over the vehicle and can examine all of its data at any time. It is a useful tool for tracking company vehicles after they have left the office. Loss or damage to a vehicle can have a monetary impact on a car rental company’s finances. GPS tracking is an effective tool for managing vehicles and optimizing Return on Investment (RoI). Installing GPS trackers in vehicles improves the recovery of stolen or misplaced vehicles. It can locate the vehicle’s location at all times, which is extremely valuable for retrieving it. In addition, users can create Geo Fencing based on the locations where customers will be. The application will notify them once the vehicle exits the region, allowing them to take necessary precautions beforehand.

The continued spread of COVID-19 has emerged as one of the greatest risks to the global economy and is creating significant anxiety and economic suffering for consumers, businesses, and communities worldwide. The “new normal,” which involves social separation and working from home, has caused difficulties with daily activities, routine work, requirements, and supplies, resulting in delayed initiatives and missed chances. The global GPS tracking device manufacturing and industrial sectors have been badly hit by the COVID-19 epidemic, since production facilities have ceased operations, resulting in a huge increase in demand among industries.

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Scope of Research

Major Companies and Competitive Landscape

The global GPS tracking device market is fairly fragmented with a number of large and medium-sized companies accounting for a majority of market revenue. Major players are deploying various strategies, entering into mergers and acquisitions, strategic agreements and contracts, developing, testing, and introducing more effective GPS tracking device solutions. Some major companies included in the global GPS tracking device market report are:

• CalAmp
• ORBCOMM
• Sierra Wireless
• ATrack Technology Inc
• Geotab Inc
• Concox
• Trackimo
• Meitrack Group
• RUPTELA
• Geoforce, Inc.

Strategic Development

• On 21 April 2021, CalAmp, which is a connected intelligence firm, that helps individuals and organizations work better, announced the release of its new SC1302 single-use smart tracking gadget, which can measure temperatures as low as -20^oC. The intelligent device enables granular visibility for the safe and efficient transportation of COVID-19 vaccines and other medications and perishables, as well as numerous electronics and other high-value items.
• On 15 April 2021, Sierra Wireless introduced Acculink Cargo, a new managed IoT asset tracking solution. Companies can swiftly implement tracking systems to monitor the location and condition of high-value and sensitive assets. Acculink Cargo, which is delivered as a service for a single monthly fee, utilizes Sierra Wireless’ unique expertise in IoT devices, global connectivity, as well as cloud to provide a single solution that industries can use to supervise the near actual status of assets anywhere around the world as they move through their supply chains.

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Some Key Highlights From the Report

• The commercial vehicles segment accounted for moderate revenue share in 2021. Commercial GPS tracking is incredibly useful and is getting more popular among businesses that use vehicles. One can improve business operations by using a GPS tracker for commercial cars to always detect the precise position of drivers. Installing a GPS tracker that connects with mapping software enhances routing, dispatch, and safety while also lowering fuel costs and increasing the number of jobs that can be accomplished.
• The on-board diagnostic segment accounted for a significant revenue share in 2021. OBD Tracker is a GPS device that offers a number of features such as can read engine fault codes, engine RPM, and vehicle speed. It’s easier to set up and operate, and it’s more suited for vehicle monitoring. The scope of applicability is expanded. Once the gadget is placed, this tracker will begin its ongoing surveillance of the car.
• The aerospace & defense accounted for a significant revenue share in 2021. GPS is employed by aviators globally to improve flying safety and efficiency. With its accurate, continuous, and global capabilities, GPS offers a continuous satellite navigation service to fulfill the demands of a variety of aviation users. Space-based positioning and navigation provide three-dimensional positioning determination for all flight phases, such as takeoff, en-route, and landing, in addition to airport surface navigation. GPS continues to facilitate the growth of quicker and more efficient flying routes.
• The market in North America accounted for moderate revenue share in 2021. These devices are commonly employed in countries such as the U.S. and Canada to monitor anti-poaching patrols and track the locations of all goods. As a part of the Global Positioning System satellite-based navigation system, the United States Department of Defense sent 24 satellites into orbit. The region saw a significant surge in smartphone penetration, which increased demand for location-based services.
• On 14 June 2022, Collins Aerospace announced the NavHub-200M, an international vehicle navigation system that is compatible with military code (M-code) receiver technologies. The International Traffic in Arms Regulations does not apply to the NavHub-200M.

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Emergen Research has segmented the global GPS tracking device market on the basis of technology type, deployment type, end-use, and region:

• Technology Type Outlook (Revenue, USD Billion; 2019-2030)
  • Standalone Tracker
  • OBD Device
  • Advance Tracker
• Deployment Type Outlook (Revenue, USD Billion; 2019-2030)
  • Commercial Vehicles 
  • Cargo & Containers
  • Others
• End-Use Outlook (Revenue, USD Billion; 2019-2030)
  • Automotive
  • Aerospace & Defense
  • Healthcare
  • Transportation & Logistics
  • Others

• Regional Outlook (Revenue, USD Billion; 2019-2030)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. U.K.
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. U.A.E.
    3. South Africa
    4. Turkey
    5. Rest of MEA

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