GPS Tracking Device Market

GPS Tracking Device Market Size:

The GPS tracking device market size reached US$ 2.89 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 7.80 Billion by 2032, exhibiting a growth rate (CAGR) of 11.4% during 2024-2032. The market is experiencing steady growth driven by the increasing adoption of AI-powered GPS tracking systems, rising utilization of telematics solutions for vehicles, favorable government regulations and compliance requirements, and the escalating demand for fleet management solutions.

GPS Tracking Device Market Analysis:

• Major Market Drivers: The rising demand for Internet of Things (IoT) technology and its integration with GPS tracking devices, enabling seamless connectivity and data exchange, is propelling the growth of the market. Moreover, rising concerns about vehicle theft, fleet management optimization, and enhanced security measures in logistics and transportation industries are impelling the market growth.
• Key Market Trends: The growing adoption of advanced technologies, such as artificial intelligence (AI) and machine learning (ML), for predictive analytics and route optimization while enhancing the functionality and efficiency of GPS tracking devices is offering a favorable market outlook. In addition, the increasing demand for compact and portable tracking solutions, including wearable devices and asset trackers, is strengthening the market growth.
• Geographical Trends: Europe leads the market on account of the growing number of automotive manufacturers. However, North America is emerging as a fast-growing market, driven by the rising awareness among the masses about the benefits of GPS tracking devices.
• Competitive Landscape: Key players are investing in research and development (R&D) activities to introduce advanced GPS tracking devices with sensors, wireless networks, and cloud-based platforms for enhanced functionality and data analytics.
• Challenges and Opportunities: While the market faces challenges, such as data privacy and security concerns, it also encounters opportunities in the integration of GPS tracking devices with emerging technologies like 5G and blockchain, enabling faster data transmission and immutable record-keeping.
   

GPS Tracking Device Market Drivers:

Compliance Requirement and Government Mandate

Numerous sectors, such as transportation and logistics, are subject to regulatory and compliance requirements, which mandate the use of GPS tracking devices. For instance, the Government of India has mandated the use of GPS-based vehicle tracking systems for commercial fleets in the country through AIS-140 or Automotive Industry Standard 140 regulations. These mandates help in meeting Intelligent Transportation System (ITS) regulations and enhancing passenger safety and vehicle efficiency in commercial fleets.

Moreover, GPS tracking devices are integral to surveillance and asset tracking initiatives mandated by governments to monitor critical infrastructure, vehicles, and personnel. Apart from this, environmental regulations to reduce carbon emissions and promote sustainable practices are increasing the adoption of GPS tracking devices in numerous industries worldwide.

Adoption of AI-Powered GPS Tracking System

According to the International Organization of Motor Vehicle Manufacturers (OICA), road accidents are responsible for 1.35 million fatalities and 50 million injuries annually around the world, wherein 90% of road incidents occur in developing countries.

With the growing number of road accidents worldwide, there is a rise in the adoption of AI-powered GPS tracking system, as it can monitor various parameters, such as speed, acceleration, braking, and location. This real-time data aids in detecting any abnormal or unsafe behavior and risky driving patterns, allowing timely interventions or alerts to prevent accidents. In addition, AI-powered GPS tracking system helps in analyzing the relative positions and movements of nearby vehicles, pedestrians, and obstacles, thereby preventing the risks of collisions.

Growing Demand for Fleet Management Solution

There is currently a rise in the demand for fleet management solutions around the world, which can be attributed to the continuous growth of the logistics sector. According to the IMARC Group’s market report, the global logistics market size reached US$ 5.4 Trillion in 2023. It is expected to reach US$ 7.9 Trillion by 2032, exhibiting a growth rate (CAGR) of 4.1% during 2024-2032.

Fleet management solutions optimize route planning, vehicle utilization, and fuel consumption. They also help in automating report generation while saving the time of employees and enhancing productivity. Additionally, the rising demand for fleet management solutions, as it offers data and analytics on lane departures and predictive maintenance, is bolstering the market growth.

Rising Utilization of Telematics Solutions for Vehicles

There is an increase in the demand for telematics solutions due to the growing adoption of connected cars for real-time data sharing between vehicles, infrastructure, and other devices. As per the IMARC Group’s market report, the global connected car market size reached US$ 84.9 Billion in 2023 and it is projected to reach US$ 267.2 Billion by 2032, exhibiting a growth rate (CAGR) of 13.3% during 2024-2032.

Additionally, telematics solutions help drivers of connected cars in receiving insightful instructions on navigation and vehicle health reports. They also assist companies in tracking the exact location of each vehicle in the fleet, even from remote locations. Besides this, they allow a vehicle to exchange data with other vehicles, toll road collection points, smart traffic lights, and 3rd-party products and services through vehicle-to-X (V2X) connectivity.

GPS Tracking Device Market Opportunities:

Innovations in Battery Application

Advancements in battery technology, such as the development of high-capacity lithium-ion batteries and energy-efficient power management systems, are contributing to longer battery life for GPS tracking devices. Extended battery life reduces the frequency of recharging or replacing batteries and enhances the reliability and usability of tracking devices in various applications.

For instance, Saft has launched ARROK® as a new breed of lithium-ion (Li-ion) battery tailored for off-road industrial vehicles. ARROK is designed to deliver both high energy content and fast charging within one hour. It relies on lithium nickel-manganese-cobalt oxide (NMC) electrochemistry to offer the highest energy density for longer autonomy. It also ensures reliable operation over a long cycle life across a wide range of temperatures.

Autonomous and Unmanned Vehicles

The growing employment of GPS tracking devices to enable real-time monitoring and control of autonomous and unmanned vehicles is positively influencing the market. Moreover, the rising number of autonomous and unmanned vehicles worldwide on account of advancements in sensor technology, artificial intelligence (AI), machine learning (ML), and computing power, making these vehicles more feasible and practical is bolstering the market growth.

For example, Robotaxi startup Pony.ai announced that it has received a permit to operate fully driverless ride-hailing services in China's Guangzhou city. In addition, Pony.ai started driverless testing in Guangzhou in June 2021 and has accumulated nearly 200,000 fee-charging robotaxi orders globally. This, in turn, is catalyzing the demand for GPS tracking devices to enhance the safety and security of autonomous and unmanned vehicles.

Energy Independence and Resilience

GPS tracking devices can be powered by renewable energy sources, such as solar panels and kinetic energy harvesters, to reduce reliance on traditional power sources and enhance energy independence by enabling continuous operations in off-grid or remote locations. For instance, Concox launched a 4G solar-powered tracker for tracking ships and construction vehicles. By integrating GPS, BDS, LBS, and Wi-Fi multiple positioning systems in this tracker, the cloud platform provides vehicle location and trajectory information outside of the production site to ensure production safety and productivity.

Moreover, energy-independent tracking devices powered by renewable energy sources enable businesses to maintain visibility and control over their assets, even in areas without access to traditional power infrastructure.

Key Technological Trends & Development:

Advanced Energy Storage Systems

The growing demand for advanced energy storage systems, such as high-capacity lithium-ion batteries and supercapacitors, that offer longer battery life for GPS tracking devices is offering a favorable market outlook. Besides this, energy storage systems with fast-charging capabilities enable GPS tracking devices to recharge quickly, minimizing downtime and ensuring continuous operation. Moreover, advanced energy storage systems have higher energy density, enabling the design of more compact and portable tracking devices that are easier to install and deploy.

According to IMARC Group’s report, the global advanced energy storage systems market size reached US$ 24.2 Billion in 2023 and is expected to reach US$ 46.6 Billion by 2032, exhibiting a growth rate (CAGR) of 7.56% during 2024-2032.

High Cost Associated with Device and Solution

As per the National Insurance Crime Bureau’s (NICB) Hot Spots Report, 932,329 vehicles were reported stolen in the United States to law enforcement in 2021. The top 5 states with the most thefts by volume include Illinois, Florida, and Colorado, wherein California and Texas account for 412,008, or 44% of all vehicle thefts nationwide.

Due to the increasing number of vehicles getting stolen and high cost associated with device and solution, there is a rise in the demand for GPS tracking devices, as they offer significant value-added services, such as real-time tracking, route optimization, and theft prevention, despite their initial high costs. These devices provide geofencing that allows to set virtual boundaries around specific areas. Geofencing also enables businesses to track the location of assets in real-time and receive notifications when they enter or leave designated areas.

Availability of Substitute Technologies

The wide availability of substitute technologies, such as satellite-based communication systems, is supporting the growth of the market. For instance, Globalsat Group a global provider of mission-critical satellite and wireless connectivity solutions is partnering with Rivada Space Networks to provide access to a unique next-generation data network for the transportation sector throughout the Latin America.

Satellite-based communication systems provide coverage even in remote or off-grid areas, such as oceans, deserts, or mountainous terrain, where terrestrial communication networks may be unavailable. They also enable reliable emergency communication and distress signaling, in case of accidents, breakdowns, or other emergencies, to send distress signals and request assistance, facilitating timely response and rescue operations.

GPS Tracking Device Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on type, technology, application, and end use industry.

Breakup by Type:

• Data Loggers
• Data Pushers
• Data Pullers
   

Data loggers account for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the type. This includes data loggers, data pushers, and data pullers. According to the report, data loggers represent the largest segment.

Data loggers are used to monitor and record changes in conditions, including location, speed, time, and sensor readings over time. They can be single, stand-alone units, or consist of multiple channels. They are more cost-effective as compared to real-time tracking systems, as they store data locally on the device, which can be retrieved and analyzed later and do not require continuous cellular or satellite connectivity. Moreover, data loggers are used for testing and validating autonomous vehicle systems in real-world conditions. For example, Xylon launched XYLON QUATTRO®, the 4th generation data logging and HIL system of the company for development, testing and validation of autonomous driving (AD) and vision-based advanced driver assistance systems (ADAS).

Breakup by Technology:

• Standalone Tracker
• Advance Tracker
• OBD Devices
   

Standalone tracker holds the largest share of the industry

A detailed breakup and analysis of the market based on the technology have also been provided in the report. This includes standalone tracker, advance tracker, and OBD devices. According to the report, standalone tracker accounts for the largest market share.

Standalone GPS trackers are compact devices that rely on GPS technology to determine and transmit their own location coordinates. They are highly portable and easy to install and allow users to track a wide range of assets, including vehicles, containers, and personal belongings, without the need for permanent installation or wiring. In addition, they offer real-time location tracking, geofencing, and route history recording, which helps in preventing vehicle theft. For instance, Mister Track company works in close collaboration with the prestigious International Association of auto theft Investigators (IAATI) to offer prevention of vehicular theft and facilitates the geolocation, recovery and repatriation of stolen vehicles through their undetectable stand-alone GPS trackers.

Breakup by Application:

• Fleet/Vehicle Tracking
• Asset Tracking
• Others
   

Fleet/vehicle tracking represents the leading market segment 

The report has provided a detailed breakup and analysis of the market based on the application. This includes fleet/vehicle tracking, asset tracking, and others. According to the report, fleet/vehicle tracking represents the largest segment.

Fleet and vehicle tracking systems help organizations in optimizing their operations by providing real-time visibility into the location and status of vehicles. They also improve route planning, minimize idle time, and optimize driver schedules, leading to increased efficiency and productivity. In addition, these tracking systems assist in reducing operational costs by optimizing fuel consumption, reducing vehicle wear and tear, and minimizing unauthorized vehicle use.

Tata Motors launched a campaign called ‘Karo Life Control Mein’ to highlight the features and benefits of its connected vehicle platform, Tata Motors Fleet Edge. The campaign consists of 15 short films, each focusing on a different aspect of the platform that enables efficient fleet management.

Breakup by End Use Industry:

• Automotive
• Transportation and Logistics
• Construction
• Oil and Gas
• Healthcare
• Others
   

Transportation and logistics exhibit a clear dominance in the market 

A detailed breakup and analysis of the market based on the end use industry have also been provided in the report. This includes automotive, transportation and logistics, construction, oil and gas, healthcare, and others. According to the report, transportation and logistics account for the largest market share.

The growing demand for transportation and logistics operations due to the thriving e-commerce industry is positively influencing the market. Besides this, transportation and logistics operations with GPS tracking devices provide real-time visibility into the location and status of shipments as they move through the supply chain, enabling e-commerce companies to track inventory, monitor delivery routes, and manage logistics operations effectively.

As per the IMARC Group’s report, the global e-commerce market size reached US$ 21.1 Trillion in 2023 and is expected to reach US$ 183.8 Trillion by 2032, exhibiting a growth rate (CAGR) of 27.16% during 2024-2032.

Regional Insights:

• North America
  • United States
  • Canada
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East
• Africa
   

Europe leads the market, accounting for the largest GPS tracking device market share

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Latin America (Brazil, Mexico, and others); the Middle East; and Africa. According to the report, Europe represents the largest regional market for GPS tracking devices due to the growing number of automotive manufacturers, producing a significant number of passenger cars, commercial vehicles, and fleet vehicles. According to the European Automobile Manufacturers Association (ACEA) 10.9 million passenger cars were made in the European Union in 2022, an increase of 8.3% compared to 2021.

Moreover, Europe has stringent regulations related to vehicle safety, security, and emissions, driving the adoption of GPS tracking devices in the automotive sector. Regulations, such as the European Union's eCall mandate, which requires all new cars to be equipped with eCall emergency systems, thereby contributing to the widespread adoption of GPS tracking technology in vehicles.

Analysis Covered Across Each Country:

• Historical, current, and future market performance
• Historical, current, and future performance of the market based on type, technology, application, and end use industry.
• Competitive landscape
• Government regulations
   

Competitive Landscape:

• The market research report has provided a comprehensive analysis of the competitive landscape covering market structure, market share by key players, market player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant, among others. Detailed profiles of all major companies have also been provided. This includes business overview, product offerings, business strategies, SWOT analysis, financials, and major news and events. Some of the major market players in the GPS tracking device industry include ATrack Technology Inc., CalAmp, Concox (Shenzhen Jimi IoT Co., Ltd.), Geotab Inc., Meitrack, Semtech (Sierra Wireless), Spireon, Inc., Starcom GPS Global Solutions, and Trackimo Group.
• Key players are investing in research and development (R&D) activities to introduce advanced GPS tracking devices with sensors, wireless networks, and cloud-based platforms for enhanced functionality and data analytics. Additionally, the increasing adoption of GPS-enabled wearable devices by athletes, runners, and cyclists for sports and fitness applications, such as activity tracking, route mapping, performance analysis, and safety monitoring, is offering lucrative growth opportunities to industry investors. Besides this, key players are focusing on developing GPS tracking devices that can track and monitor precious assets in real time. For instance, ATrack Technology Inc., a well-known global Telematics brand, has launched AS500 long standby asset tracker that can operate independently for up to ten years, thereby enabling effective management of high-value unpowered assets like containers and heavy machinery to achieve 24/7 cloud management.
   

Analysis Covered for Each Player:

• Market Share
• Business Overview
• Products Offered
• Business Strategies
• SWOT Analysis
• Major News and Events
   

GPS Tracking Device Market News:

• In 2022, The Ministry of Transportation and Highways (MoRTH), India, mandated the use of location tracking devices for vehicles carrying hazardous goods.
• In 2023, Geotab Inc., a global leader in connected transportation and telematics solutions, announced its partnership with Driving for Better Business (DfBB), a National Highways-backed organization, to promote driver safety across the transport industry.
   

GPS Tracking Device Market Report Scope:

Key Questions Answered in This Report:

• How has the global GPS tracking device market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global GPS tracking device market?
• What is the impact of each driver, restraint, and opportunity on the global GPS tracking device market?
• What are the key regional markets?
• Which countries represent the most attractive GPS tracking device market?
• What is the breakup of the market based on the type?
• Which is the most attractive type in the GPS tracking device market?
• What is the breakup of the market based on the technology?
• Which is the most attractive technology in the GPS tracking device market?
• What is the breakup of the market based on the application?
• Which is the most attractive application in the GPS tracking device market?
• What is the breakup of the market based on the end use industry?
• Which is the most attractive end use industry in the GPS tracking device market?
• What is the competitive structure of the market?
• Who are the key players/companies in the global GPS tracking device market?

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the GPS tracking device market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global GPS tracking device market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the GPS tracking device industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.