Global GPS Tracking Device Market
Information Technology

GPS Tracking Device Market Growth Potential: Key Insights for 2024-2033

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How Will the GPS Tracking Device Market Grow from 2024 to 2033?

There has been a swift expansion in the gps tracking device market in the past few years. The market size is projected to escalate from $2.91 billion in 2023 to $3.29 billion in 2024, implying a compound annual growth rate (CAGR) of 13.3%. This historic growth surge can be explained by the amplification in fleet management solutions, e-commerce growth, and last-mile delivery, as well as regulations for vehicle safety, enhanced use in asset tracking, and increasing personal safety anxieties.

The market for GPS tracking devices is projected to exhibit swift expansion in the upcoming years, climbing to $5.46 billion by 2028, with a Compound Annual Growth Rate (CAGR) of 13.4%. The predicted rise over the forecast period can be ascribed to factors such as the proliferation of autonomous vehicles, a surge in the need for stolen vehicle retrieval, a focus on ecological sustainability, the extension of use in the healthcare sector, and a growing demand for geo-fencing solutions. Key trends expected to shape the market during the forecast period comprise integration with Internet of Things (IoT) ecosystems, developments in real-time tracking, improved battery longevity, the deployment of artificial intelligence (AI) for analytics, the enlargement of satellite constellations, and the blending with wearable technologies.

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What Aspects Are Influencing the Growth Rate of the gps tracking device Market?

The GPS tracking device market is projected to expand owing to the rising demand for commercial vehicles. Commercial vehicles, which include company cars, fleet vehicles, and other transportation modes purposed for the shipment of goods or business-related equipment, often come with GPS tracking systems. These systems not only ensure efficient vehicle tracking but also contribute to vehicle upkeep and customer service enhancements by offering real-time updates. As such, the upswing in commercial vehicle demand underpins the GPS tracking device market’s expansion. For instance, data from the International Organization of Motor Vehicle Manufacturers, a Paris-headquartered global trade group, revealed that between 2021 and 2022, commercial vehicle production in the US saw a 10% spike, rising from 7,604,154 to 8,308,603 units. In Argentina, the rise was even more substantial, with a 24% year-on-year increase, going up from 250,647 units in 2021 to 279,388 in 2022. Hence, the burgeoning demand for commercial vehicles signifies the GPS tracking device market’s growth momentum.

What Are the Critical Segments of the GPS Tracking Device Market?

1) By Type: Standalone Trackers, OBD Devices, Advance Trackers

2) By Deployment: Commercial Vehicles, Cargo And Containers

3) By Application: Automotive, Aerospace And Defense, Healthcare, Transportation

What Trends Are Redefining Consumer Expectations in the GPS Tracking Device Market?

Innovations in products is an emerging trend capturing attention in the market of GPS tracking devices. To enhance their market presence, key players in this market are putting effort into designing novel solutions. For example, ATrack Technology Inc., a firm based in China that specializes in the production and design of telematics equipment, introduced the AL300 LTE-M waterproof tracker with functions capable of resisting dust and waterproof to the level of IP67 in January 2022. This tracker has been engineered specifically to cater to heavy machinery or transport equipment needs such as trailers, refrigerated trucks, scooters, and hefty machinery used in agriculture and construction which have to be placed outdoors over extended periods and tracked. It provides support for effective cost management when dealing with heavy machinery and equipment for transportation in outdoor conditions.

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What Are the Leading Regions in the GPS Tracking Device Market Expansion?

Europe was the largest region in the GPS tracking device market in 2023. The regions covered in the gps tracking device market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The GPS Tracking Device Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the gps tracking device market, its market share, and analyzes key competitors along with their market positions.

The Table Of Content For The GPS Tracking Device Market Include

1. GPS Tracking Device Market Executive Summary

2. GPS Tracking Device Market Segments

3. GPS Tracking Device Market Size And Template Market Growth Rate

4. Key GPS Tracking Device Market Trends

5. Major GPS Tracking Device Market Drivers

……

25. Key Mergers And Acquisitions In The GPS Tracking Device Market

26. Top GPS Tracking Device Companies

27. GPS Tracking Device Market Opportunities And Strategies

28. GPS Tracking Device Market, Conclusions And Recommendations

29. Appendix

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