GPS Tracker Market Analysis

GPS Tracker Market Overview

GPS Tracker Market Size was valued at USD 2.4 Billion in 2022. The GPS Tracker market is projected to grow from USD 2.8 Billion in 2023 to USD 6.5 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 12.8% during the forecast period (2024 - 2030).

Growing demand of trackers in fleet management, increasing usage of GPS trackers for logistics, and monitoring of critical healthcare personnels availability and tracking of critical moving machinery or resources are driving the market growth for GPS trackers.

Figure 1: GPS Tracker Market Overview, 2022 & 2030 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

GPS Tracker Market Trends

Growing demand of trackers in fleet management supports market growth.

Fleet management has seen significant growth in recent years, and this trend is expected to continue.

Fleet management growth is the increasing adoption of telematics technology. Telematics allows fleet managers to track and monitor the performance of their vehicles, as well as their drivers, in real-time. This can lead to improved safety, increased efficiency, and reduced costs.

The rise of e-commerce and last-mile delivery also proliferate GPS trackers demand. As more consumers turn to online shopping, there is a growing demand for faster and more reliable delivery services. This has led to an increase in the number of delivery vehicles on the road, which requires effective fleet management to ensure timely and efficient deliveries.

In addition, the growing focus on sustainability and reducing carbon emissions has led many companies to adopt electric and hybrid vehicles, which require specialized fleet management solutions.

Figure 2: Fleet Management Market, 2019-2030

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

The fleet management market is projected to grow at a compound annual growth rate (CAGR) of 21.6% from 2023 to 2020 and is expected to reach USD 90.8 Billion by the end of forecast period. This growth in fleet management will attract demand of GPS trackers for real time tracking. In addition to that increasing growth of shared cars and self-driven rental had also increased market for GPS trackers.

GPS Tracker Market Segment Insight

GPS Tracker by Product Type Insights

Based on product type, the GPS Tracker market segmentation include GPS Loggers, Personal GPS Trackers, and Real-Time GPS Trackers. Real-Time GPS Trackers holds the largest market revenue generation for GPS Tracker industry. The market of GPS Tracker for BFSI was valued at USD 1.47 Billion in 2022 and is expected to grow at a CAGR of 12.9% through the forecast period. The increasing demand for real-time GPS trackers can be attributed to a variety of factors. One of the main drivers of this trend is the growing need for location-based services across industries. Businesses are using GPS trackers to improve fleet management, asset tracking, and delivery operations, among other things. Additionally, consumers are using GPS trackers to keep track of their personal vehicles, pets, and family members.

The increase in demand is the availability of affordable and easy-to-use GPS technology integrated with smart electronics is also increasing the market growth of GPS trackers. With the proliferation of smartphones and other mobile devices, GPS tracking has become more accessible and user-friendly than ever before. In addition, advancements in GPS technology have made it more accurate and reliable, which has further fueled its popularity.

Concerns over safety and security have also contributed to the rise in demand for GPS trackers. Many people feel more comfortable knowing that they can track their loved ones or valuables in real-time, which can provide a sense of peace of mind. Overall, the increasing demand for real-time GPS trackers is likely to continue as technology continues to improve and more use cases emerge.

Figure 3: GPS Tracker Market, by Product Type, 2022 & 2030 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Personal GPS trackers are expected to grow at a CAGR of 12.8% through the forecast period. The demand for personal GPS trackers in healthcare is increasing due to the growing need for remote patient monitoring and telemedicine. These devices are used to track the location of patients with chronic conditions such as Alzheimer's disease, dementia, and autism, who may wander off or get lost. By using personal GPS trackers, caregivers can quickly locate patients and provide assistance if needed.

In addition, personal GPS trackers can be used to monitor the location and movements of patients with mental health disorders such as schizophrenia, bipolar disorder, and depression. This can help healthcare providers ensure that patients are taking their medication and attending appointments and can also help prevent self-harm or suicide attempts.

Personal GPS trackers can also be used to monitor the location and movements of elderly patients who live alone and may need assistance in case of a fall or other medical emergency. This can help healthcare providers respond quickly and provide timely care, reducing the risk of complications and hospitalization. Overall, the demand for personal GPS trackers in healthcare is likely to continue growing as healthcare providers seek to improve patient outcomes, reduce costs, and provide more personalized care.

March 2023: MapmyIndia launched GPS trackers, smart helmet kits, dash cam, and more equipments. While the dash camera and in-dash navitainment system are aimed at cars, the GPS tracker and smart helmet kits can be used by two-wheeler owners.

March 2023: Monimoto, a motorcycle security company, is releasing a new smart anti-theft device for bicycles, called the Cycloop. The Cycloop security system includes three components: the Cycloop device, a keyfob and a smartphone app. The device mounts on the frame. The keyfob is used to identify the bike's owner. When Cycloop detects a keyfob in proximity, it automatically disarms the device.

GPS Tracker by Vertical Type Insights

Based on vertical type, the GPS Tracker market segmentation include Healthcare, Transportation & Logistics, Government & Defense, Oil & Gas, and Metals & Mining. Transportation and logistics hold the largest market revenue generation point for GPS Tracker industry with a share of more than 40% in 2023. The demand for GPS trackers in transportation and logistics is expected to continue growing in the coming years, driven by the increasing adoption of IoT technology, the growing need for real-time tracking and monitoring, and the need to improve efficiency and productivity in these industries.

In the transportation industry, GPS trackers are used to track the location of vehicles in real-time, which helps to improve delivery times, reduce fuel consumption, and enhance customer satisfaction. GPS trackers can also help to monitor driver behavior, such as speed and acceleration, which can help to improve safety on the road and reduce accidents. In the logistics industry, GPS trackers are used to track the movement of goods and optimize the supply chain. With the help of GPS trackers, logistics companies can track the location of shipments in real-time, monitor their temperature and humidity, and ensure that they are delivered to the right destination on time. This can help to improve efficiency, reduce costs, and enhance customer satisfaction.

Healthcare sector is expected to grow at the fastest CAGR of 14% through out the forecast period. With tracking ambulances to tracking patients to tracking employees, healthcare sector efficiency had increased a lot. According to some of our correspondents, healthcare institutions have shown an efficiency leap of 60% form previous 30% globally.

GPS Tracker Regional Insights

By region, this market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world. The North American region dominates this market with a significant share of 40% in 2023 and is also estimated to witness commendable growth with a CAGR of 10.8% during the forecast period. U.S. holds the largest market share in GPS tracker market and is expected to dominate the market through the forecast period. The GPS tracker market in the U.S. is growing steadily due to the increasing demand for location-based services and the growing adoption of the Internet of Things (IoT) technology.

GPS trackers are commonly used for vehicle tracking, personal tracking, asset tracking, and fleet management. In the U.S., there are several companies that offer GPS tracking devices and services, including Garmin, SpyTec, BrickHouse Security, Trackimo, and many others. These companies offer a wide range of GPS tracking devices for various applications and industries. The demand for GPS trackers is expected to continue growing due to their versatility, affordability, and ease of use. With the increasing adoption of IoT technology and the growing need for real-time location tracking and asset management, the GPS tracker market in the U.S. is expected to experience significant growth in the coming years.

Figure 4: GPS Tracker Market, by Region Type, 2022 & 2030 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

On the other side, the Asia-Pacific is expected to be the largest market for GPS Tracker by the end of forecast period. The Chinese GPS tracker market is highly competitive, with many local players such as Concox, Meitrack, and Coban dominating the market. These companies offer a wide range of GPS trackers at competitive prices, making it easier for consumers to adopt this technology.

The Chinese government has also been promoting the use of GPS trackers in various sectors, such as transportation Management, logistics, and agriculture, to improve efficiency and productivity. For instance, the Chinese government has launched several initiatives to promote the use of GPS trackers in the country's logistics industry to enhance transportation efficiency and reduce carbon emissions.

GPS Tracker Key Market Players & Competitive Insights

Major players in the GPS Tracker market, include Sierra Wireless, Orbocomm, Atrack Technology, Geotab Inc., Box Telematics, Meitrack Group, Trackimo Group, Calamp Corp, Starcom System Ltd. and, Concox Wireless Solution.

The market's growth is predicted to be accelerated by the increasing demand in B2B transportation sector, as well as various strategic alliances and investments among regional businesses. Due to most of the GPS tracker head offices are in U.S., the U.S. controls most of the market in the region and generates a sizeable portion of overall income.  

Key Companies in the GPS Tracker market includes

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  Sierra Wireless

  
  


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  Atrack Technology

  
  


• Orbocomm

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  Geotab Inc.

  
  


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  Box Telematics

  
  


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  Meitrack Group

  
  


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  Trackimo Group

  
  


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  Calamp Corp

  
  


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  Starcom System Ltd.

  
  


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  Concox Wireless Solution

  
  

GPS Tracker Industry Developments

In March 2023, MapmyIndia launched GPS trackers, smart helmet kits, dash cam, and other similar devices. The dashcam and in-dash navigation system are meant for cars, while the GPS tracker and smart helmet kits can be employed by two-wheeler owners.

In March 2023, Monimoto is launching a new smart theft protection device for bicycles called Cycloop. For this security system to work, three things must be present: the Cycloop device itself, a keyfob, and a smartphone app. The device gets attached to the mount on the frame of your cycle. The keyfob primarily helps with the identification of bike ownership whenever its owner happens to lose it or forgets where they had parked it, for instance. Consequently, when a key fob is detected within proximity, the system disarms itself automatically.

In March 2023, Masimo presented the FreedomTM Smartwatch in its wearable product line-up, which has been long awaited by everybody who has been following Masimo's products. Therefore, the company has manufactured this watch in such a way that it would redefine wearable technology in Maasimo's own words and offer precise health tracking features through continuous monitoring, hence personal health insights.

Giesecke+Devrient (G+D) subsidiary Pod Group unveiled an innovative tracking device known as Smart Label in January 2023. This innovation is set to revolutionize logistics by allowing small, lightweight items that were previously difficult to monitor with traditional devices to be tracked.

In August 2023, Shenzhen Jim loT Co., Ltd introduced the VL101G INS-Aided IP66-Rated Vehicle Tracker. It uses GNSS positioning technology, including dual-frequency GPS. The purpose of this vehicle tracker is to offer precise positioning for various deployments in real-time using a 4G network. It also comes with several functionalities like ignition detection or driving behavior analysis & remote engine cut-off that make it possible for users to manage the tracker remotely on Jimi IoT's cloud-based platform.

In December 2022, Atracker Technology Inc. launched the AS500long asset tracker. The AS500 integrates several cutting-edge technologies, including built-in Wi-Fi & Bluetooth Veacon technology, 4G LTE Cat, M1 & NB-Iot communications, GPS & GLONASS for real-time positioning, and more. The AS500 can operate for up to ten years without a battery replacement, and the AS500 can operate reliably in harsh extreme environments due to its wide temperature range between -40 degrees Celsius and 80 degrees Celsius.

GPS Tracker Market Segmentation

GPS Tracker Market by Type Outlook (USD Billion, 2023-2030)

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  Covert GPS Tracker

  
  

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  Standalone Tracker

  
  

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  Advanced Tracker

  
  

GPS Tracker Market by Product Outlook (USD Billion, 2023-2030)

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  GPS Loggers

  
  

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  Personal GPS Trackers

  
  

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  Real-Time GPS Trackers

  
  

GPS Tracker Market by Vertical Outlook (USD Billion, 2023-2030)

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  Healthcare

  
  


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  Transportation & Logistics

  
  


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  Government & Defense

  
  


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  Oil & Gas

  
  

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  Metals & Mining

  
  

GPS Tracker Regional Outlook