At 11.58% CAGR, GPS Tracking Device Market Size to hit USD 3.38 Bn by 2025, says Brandessence Market Research

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Brandessence Market Research And Consulting Private Limited

14 Oct, 2021, 12:00 GMT

PUNE, India, Oct. 14, 2021 /PRNewswire/ -- According to Brandessence Market Research "GPS Tracking Device Market Size is Evaluated at USD 1.57 Billion in 2018 and Anticipated to reach USD 3.38 Billion by 2025 with the CAGR of 11.58% over the forecast period." Upsurge in real-time fleet monitoring, rising mining and military activities around the world and increased use of GPS trackers in commercial vehicles are the major factors driving the growth of the Global GPS Tracking Device Market

The GPS industry is a fragmented landscape, thanks to low-barriers, increased demand for standalone devices, and growing functional value to various stakeholders. The landscape remains innovative, thanks to increasing demand for cost-efficient, easy to plug-in, repair, and advanced devices. Key players in the GPS industry are TomTom International BV, Calamp Corp., Orbocomm Inc., Sierra Wireless Inc., Queclink Wireless Solutions Co., Ltd., Shenzhen Concox Information Technology Co., Laird Plc., Meitrack Group, Teltonika UAB, ATrack Technology Inc., Trackimo LLC, Geotab

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Global GPS Tracking Device Market Dynamics-

Upsurge in real-time fleet monitoring, rising mining and military activities around the world and increased use of GPS trackers in commercial vehicles are the key factors encouraging the growth of global GPS tracking device market. The usage of GPS tracking system is increasing rapidly with the major concern of the proposed system for identifying the vehicle theft or monitoring the exact positioning of vehicles. For example; VE Commercial Vehicles (VECV), a Volvo Group and Eicher Motors joint venture, reported that they have sold around 6,236 units in December 2018. Furthermore, lower prices of GPS tracking devices with route optimization & fuel cost cutting are also expected to boost the market growth within the forecast period. Fuel costs are one of the main expenses in fleet management but GPS tracking devices can help cut these costs and save money. However, the mechanism of a GPS tracking system can give inaccurate results which may deter the growth of this market.

Asia Pacific is Expected to Witness a High Growth in the Global GPS Tracking Device Market

Asia pacific is anticipated to witness a strong growth of GPS tracking device market due to the increasing vehicle sales, growing adoption of new GPS technology with improved features and increased implementation of a GPS based personal tracking system in this region. In recent years, the lightweight GPS transmitters have been increasingly developed in China to meet the need for wildlife tracking. New vehicle sales in the Asia-Pacific region including passenger vehicles, trucks and buses was reached about 40.5 million units and The American Ford Motor Company has sold 126,834 vehicles in Asia Pacific region in 2016. Europe is estimated to be the second highest region in market expansion owing to increasing commercial use of GPS tracking systems as well as rise in government spending on telematics. Certain European countries are adopting GPS technology by focusing on applications in land survey, vehicle tracking, geographic information systems, and coastal navigation.

The GPS tracker market report is divided into main regions including North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Among these, the North America region is expected to hold the largest share of the GPS tracker market globally. The high-penetration of OBD GPS trackers in cars as per legal mandates, the growing penetration of smartphones, and Bluetooth beacons in commercial applications, and growing innovation by major players in the technology industry remain key drivers of growth in the region. The GPS tracker market in Asia Pacific is likely to grow at the fastest pace during 2020-2025. The high penetration of low-cost android devices, the growing penetration of e-commerce, and rising investment in logistics in various industries remain key drivers of growth in the Asia pacific region. 

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GPS Tracker Market: What is a GPS Tracking Device?

Global GPS Tracking Device is a gadget that sends the signal to a global point of contact like a satellite, and subsequently, helps transmit it to the authorized receiver. In real world scenario, your mobile device is a GPS tracking device, which sends signal to authorized entities like Google (Android operator), which is used for commercial advancements of entities like Android apps, and improving the user experience. 

There are three main types of GPS trackers in the market. Firstly, the advanced trackers are at the forefront of technological advancements. These GPS trackers are also known for their ability to transmit data using GSM connectivity. These devices are common across all brands of smartphones, and can transfer various types of data including total journey covered, physical information of the user, and sound bits with the help of mic, emergency panic button response, and several others.

Second common type of standalone trackers, which operate with their own power backup, and are geared to provide dedicated location tracking. These devices are ideal for use in commercial vehicles, as these can provide vehicle fleet operators the much needed information, without investing in expensive gadgets or power supports. These are also ideal to use in retail stores, where management can track customers and employees by attaching them on the trolley. These devices are also ideal for tracking valuable personal assets like car keys, wallets, and more. Their compact nature and their standalone application makes them ideal for the sole purpose of location tracking of assets for commercial purpose.

Third type of GPS trackers are OBD devices. These devices are popular in most vehicles today. These are fitted into OBD slots in vehicles, and are often preinstalled with new vehicle manufacturing. These trackers are fitted to meet the needs of law enforcements, regulatory agencies, and third parties like insurance. These can monitor movement, lack of it, and run on vehicle batteries. Advanced OBD trackers can also work independently as required. These provide intermittent information, in order to exert as little pressure on vehicles batteries as possible. OBD trackers are ideal for getting location tracking, as well as vehicle information including anti-theft alerts. These devices are quickly becoming the go-to source for various applications, as with an easy plug-in function, these can work simultaneously with several subsystems to communicate vehicle information.

The promising advancements in GPS technology has helped democratization of technology with a universal acceptance. These devices today help every stakeholder in an economy including consumers to protect their assets, and provide services like key tracking. These devices also help law enforcements agencies monitor vehicles in real-time, and provide information to third parties like insurance as necessary. GPS trackers are also ideal for businesses as they provide key features like location tracking to improve efficiency, and productivity.  The increasing efficacy, and reliability of GPS tracking, key commercial application, and growing cost-effectiveness of the devices promises robust growth for the GPS industry during 2020-2025 period.

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GPS Tracker Market: Key Trends 

When GPS trackers came into the limelight, their application for the logistics, and transport industry was quite apparent. However, these devices remain in robust use in industries like mining, oil, and gas, and even niche applications like environmental monitoring. Industries like mining and oil require high-end devices as these industries often operate in remote locations.

Furthermore, their application includes ensuring security of their valuable assets, and employees. Hence, the GPS tracker industry often delivers devices which provide high-precision, designed for rugged operation, offer offline tracking, embed driver ID options, accident detection, and even include lone worker safety. The growing demand for GPS devices in key application like recovery of oil presents a promising forecast for growth of the GPS tracker industry during 2020-2025 period.

The slowing down of demand for oil, and decreased investment in oil drilling remains a potential constraint to growth in the GPS tracker market. However, despite the slowing oil recovery, the promise of growth from end-industries like Oil & gas remains enormous for players in the GPS tracker industry. Potential interference between other applications like mobile devices, military-grade security equipment, and potential misuse remain key threats to growth of the GPS tracker market. While these restraints and threats do not cause an alarm in most industries, these are particularly worrying for industries like Aviation. Recently, the FAA reported GPS interference with sea-based missile equipment, which led to a civil aircraft losing access to location tracking. Intelligent GPS location tracking and intelligent communication with relevant authorities may be the need of the hour future developments. The rising aid of artificial intelligence in technologies like Internet of Things might promise to further application in key industries like aviation, with more reliable use.

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