by GPS trackers provides real time asset location and tracking capabilities which helps in monitoring vehicles, equipment, goods, and people. It assists in fleet management, tracking delivery vehicles en route, child monitoring, and stolen vehicle recovery. GPS tracking systems finds widespread applications in transportation & logistics industry for monitoring commercial vehicles and shipment of goods. The global GPS Tracker Market is estimated to be valued at US$ 5.6 billion in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023-2028, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing adoption of GPS tracking systems by transportation & logistics industry has been a key trend propelling the growth of GPS tracker market. GPS trackers helps fleet owners and transportation companies to optimize route planning, improve fuel efficiency, reduce mileage and ensure on-time delivery. It provides real-time vehicle location updates and necessary information like over-speeding, idling which assists transportation companies to monitor driver behavior and enhance operational productivity. With ability to integrate with variety of applications and fleet management softwares, GPS trackers are becoming an integral part of transportation industry worldwide.
Segment Analysis
The global GPS tracker market is dominated by the vehicle tracking segment. GPS tracker devices have gained widespread adoption for vehicle tracking applications as they enable fleet owners to monitor vehicle locations, mileage, speed, engine runtime and other driving habits. The technology helps improve fleet utilization, reduce fuel costs, ensure driver safety and compliance with vehicle tracking regulations in various countries. Other prominent segments in the GPS tracker market include asset tracking, pet tracking and personal tracking. However, vehicle tracking accounts for over 40% of the total market share due to large fleet operations across industries.
Key Takeaways
The Global GPS Tracker Market Share is expected to witness high growth driven by rising adoption of fleet management solutions across sectors. Expanding e-commerce industries will further propel the use of GPS trackers for logistics.
Regional analysis: North America dominates the global GPS tracker market currently due to high vehicle ownership and developed logistics infrastructure in the US and Canada. However, Asia Pacific is expected to witness the fastest growth during the forecast period owing to the expanding transportation and logistics industry in China and India.
Key players: Key players operating in the GPS tracker market are CalAmp, Sierra Wireless, ORBCOMM, Queclink Wireless Solutions Co., Ltd, Concox Information Technology Co., Ltd. CalAmp holds a significant share of the market due vehicle telematics being its core business area.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
