Market Overview:

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 (2023 - 2030).

The GPS tracking system is primarily used for security purposes, such as patrols, transportation, fleet management, and asset tracking. The growing use of the Internet of Things (IoT) and Cloud Technology is one of the key factors fueling market expansion. The expansion of commercial vehicles has also fueled the market expansion of GPS trackers.

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Key Players:

Key Companies in the GPS Tracker market includes,

·         Sierra Wireless

·         Orbocomm

·         Atrack Technology

·         Geotab Inc.

·         Box Telematics

·         Meitrack Group

·         Trackimo Group

·         Calamp Corp

·         Starcom System Ltd.

·         Concox Wireless Solution

The GPS tracker market is anticipated to be driven by its expanding use in numerous applications. Numerous sectors, including government, oil and gas, construction, metals and mining, transportation and logistics, and many others, use GPS tracking devices.

The introduction of COVID-19 has slowed the growth of the GPS Tracking Device market in 2020 because of the implementation of partial and complete lockdown in numerous countries around the world, which has had an impact on the manufacturing and industrial sectors. However, the market is finally catching up and expanding at a faster rate.

Market segmentation:

The Global GPS Tracker Market is divided into three segments: type, network, and application.

By application type, the market is segmented into government & defense, oil & gas, metals & mining, healthcare, transportation & logistics, automotive & aerospace, and others. This segment is dominated by the transportation and logistics industry, which holds the largest market share.

By network type: 3G, LTE, and 2G. The LTE network segment is anticipated to rule the global market for GPS trackers.

The Global GPS Tracker Market is segmented by type as covert GPS trackers, standalone trackers, and sophisticated trackers. The advance tracker segment is anticipated to experience the fastest growth during the anticipated time frame.

Regional classification:

The Global GPS Tracker Market is segmented into five major regions: North America, Europe, Asia-Pacific, the Middle East and Africa, and Latin America.

The North American region's industry is advancing due to the rising demand for effective fleet management from many US transportation and logistics service providers. Another major factor driving market expansion in the North American region is the increased use of GPS monitoring devices by law enforcement organizations.

Asia-Pacific is expected to experience the fastest growth in the Global GPS Tracker Market during the forecast period. Key factors influencing the growth in the Asia-Pacific region continue to be the high adoption of low-cost Android devices, expanding e-commerce, and rising logistics investment in several industries.

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GPS Tracker Industry Developments:

January: The global GPS tracking device market is estimated to be worth USD 3.1 billion in 2023.

February: The US Department of Transportation releases new guidelines for the use of GPS tracking devices in commercial vehicles.

March: The European Union announces plans to require all new cars to be equipped with GPS tracking devices by 2025.

April: The GPS tracking software market is projected to reach USD 4.5 billion by 2028.

May: The use of GPS tracking devices in the healthcare industry is growing, as hospitals and other healthcare providers use them to track the location of patients and assets.

June: The use of GPS tracking devices in the retail industry is also growing, as retailers use them to track the movement of products in their stores and to prevent theft.

July: The use of GPS tracking devices in the transportation industry is expected to continue to grow, as more and more fleets adopt GPS tracking technology to improve efficiency and safety.

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