GPS Trackers: Fastest Growing Segment Fueling the Growth of the Global GPS Tracker Market

The global GPS Tracker Market is estimated to be valued at US$ 3.1 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

GPS trackers are devices that utilize Global Positioning System (GPS) technology to track the real-time geographical location of assets or persons. GPS trackers are easy to install, offer various advantages like real-time tracking and location alerts, which make them ideal for fleet management, asset tracking, and personal safety.

Market key trends:

One of the key trends in the GPS tracker market size is the emergence of miniaturized GPS trackers. With advances in GPS chipset technology, GPS trackers are becoming smaller in size without compromising on functionality. Miniaturized trackers enable inconspicuous tracking of smaller personal items like cars, bikes, valuables, pets, etc. Their small form factor allows for discreet installation almost anywhere. Many vendors are focusing on developing ultra-small trackers weighing less than 30 grams for discreet tracking without raising suspicion. This is driving the adoption of GPS trackers for personal use.

Segment Analysis

The global GPS tracker market is segmented into tracker type, industry vertical, and geography. Based on tracker type, the market is divided into standalone trackers, OBD trackers, and advance trackers. Among these, the standalone trackers segment dominated the market in 2022 and is expected to continue its dominance during the forecast period. Standalone trackers are compact devices that can transmit location coordinates of assets without any external devices. Their affordability and flexibility to track multiple assets are key attributes driving their higher adoption.

Key Takeaways

The global GPS tracker market is expected to witness high growth, exhibiting CAGR of 13% over the forecast period, due to increasing demand for real-time location-based services across industries.

Regional analysis: North America dominated the GPS tracker market in 2022 and is expected to continue its dominance during the forecast period. Rising adoption of IoT technologies across logistics, transportation, and construction industries is driving the demand for GPS trackers in the region. Asia Pacific is expected to witness the highest growth during the forecast period owing to growing e-commerce and transportation sectors in developing countries such as China and India.

Key players analysis: Key players operating in the GPS tracker market are CalAmp Corp. (US), Orbcomm Inc. (US), Sierra Wireless, Inc. (Canada), Shenzhen Concox Information Technology Co., Ltd. (China), Queclink Wireless Solutions Co., Ltd. (China), TomTom International BV (Netherlands), Teltonika UAB (Lithuania), ATrack Technology Inc. (Taiwan), Ruptela (Lithuania), Sensata Technologies, Inc. (US). CalAmp and Orbcomm capture over 35% of the global market share due to their diversified product portfolio and strong distribution networks worldwide.

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