GPS tracking device market is anticipated to grow at a considerable CAGR of 4.1% during the forecast period. The key factors that drive the growth of the GPS tracking device market include an increase in demand for IoT-enabled tracking devices and a surge in demand for fleet management solutions from various industries such as transportation and logistics, construction, and government. However, the impact of nonstandard products and several environmental factors leading to poor user experience is anticipated to pose major threats to the GPS tracking device market. Further introduction of new and innovative solutions and launches are anticipated to propel the demand for GPS tracking devices.  For instance, in September 2020, Garmin® International, Inc., a unit of Garmin Ltd. launched the GPSMAP® 66sr and GPSMAP 65 Series handheld devices, the latest additions to its popular lineup of premium outdoor navigation units. These rugged GPS handhelds are accurate in positioning and tracking with multi-band technology giving outdoor explorers optimal accuracy. Also, in December 2020, Trackimo, a manufacturer of tracking devices, launched a baby car-seat GPS (Global Positioning System) tracker, Trackimo Universal 3G. This tiny tracking device, which measures around 4 centimeters (cm), allows the owner to track anything from anywhere coupled with constant real-time tracking and global coverage. The device has embedded features such as geo-fencing, speed monitoring, SOS (save our soul) button, and the ability to manage multiple devices in one account. 

Segmental Outlook 

The global GPS tracking device market is segmented based on technology and application. Based on technology, the market is segmented into the standalone tracker, OBD device, and advanced tracker. Based on the application, the market is categorized into automotive, aerospace & defense, healthcare, transportation, and others. Among the technology segment, the standalone tracker is anticipated to hold a considerable market share owing to the increased demand to monitor the movements of people, vehicles, and assets. 

Among the application segment, the automotive sub-segment is anticipated to register significant growth over the forecast period. GPS tracking devices provide real-time data on vehicle location, speed, and other critical parameters, enabling businesses to optimize their operations and improve efficiency. As the automotive sector continues to expand, the GPS tracking device market is expected to grow even further, offering lucrative opportunities for businesses operating in this space. 

Regional Outlooks

The global GPS tracking device market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East & Africa, and Latin America). The market can be analyzed for a particular region or country level as per the requirement. Among these, the North American market is anticipated to cater to prominent growth over the forecast period. However, the Asia-Pacific region is projected to experience considerable growth in the GPS tracking device market. The growth of the market is the Growing adoption of connected cars and telematics technology.

Global GPS Tracking Device Market Growth, by Region 2023-2030

The Europe Region is anticipated to Hold a Significant Share of the Global GPS Tracking Device Market

Among these regions, the Europe region is anticipated to account for a significant share of the GPS tracking device market during the forecast period. The growth of the GPS tracking device market in Europe is primarily driven by factors such as the rise of e-commerce and online shopping, leading to increased demand for GPS tracking devices in last-mile delivery and transportation and the increasing use of GPS tracking devices in fleet management and logistics, driven by the growing demand for real-time visibility and optimization of fleets. Also, the growing funding of startups providing GPS tracking solutions is anticipated to propel the demand for the GPS tracking device market. For instance, in May 2021, Tractive, a manufacturer of  GPS devices for real-time location tracking for dogs and cats, received $35 million in funding led by Guidepost Growth Equity. The investment will accelerate the innovation and adoption of the company’s industry-leading pet-tracking device.

Market Players Outlook

The major companies serving the global GPS tracking device market include AT&T Inc., Garmin Ltd., Trackimo Inc., Calamp Corp, Orbocomm Inc., Sierra Wireless Inc., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in November 2020, Spireon introduced the next generation of its FL Flex tracking devices and IntelliScan cargo sensor under its FleetLocate product line. The company' updated line of Flex devices offers greater flexibility, including options that are faster to install with more power options, are wireless sensor-capable, and come with an integrated cargo sensor. The enhanced IntelliScan cargo sensor adds volumetric capabilities to monitor the amount of available trailer floor space. Also, in April 2019, Calamp acquired Synovia Solutions, a provider of fleet management software and services. The acquisition is expected to enhance Calamp's telematics offerings and expand its customer base in the education and municipal markets.

The Report Covers

• Market value data analysis of 2022 and forecast to 2030.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global GPS tracking device market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.