The global GPS tracking device market size was USD 1.26 billion in 2017 and is projected to grow at a double-digit growth rate during the forecast period. Development of wireless network technologies coupled with advancement in data analytics is driving the demand for connected devices, which in turn, is augmenting the growth of the global GPS tracking device market.
Global Gps Tracking Device Market Revenue, By Application, 2015-2025 (Usd Billion)
GPS vehicle trackers monitor either a single car or an entire fleet of vehicles; the flexibility is dependent on the user. A real-time tracking device provides updates on the speed and location, sending alerts via text or email, depending on a limit set prior. GPS tracking systems are widely used by fleet operators for the management of functions such as routing, tracking, dispatching, security, and onboard information. Some vehicle tracking systems are bundled with an interface with the fleet management software. The rising number of fleets are expected to augment the global GPS tracking device market size over the forecast period.
In the past decade, a wide range of acceptance for the GPS tracking devices has been witnessed among the consumers. Increasing awareness about the benefits of using GPS tracking devices has boosted its demand. The GPS vehicle tracking industry is in the growing phase that sees a promising future for itself. Since the current market penetration levels are low, there is a huge scope in the foreseeable future.
The global GPS tracking device market analysis reveals that consumers are now looking for innovative products including water resistance, two-way calling and the ability to work internationally. In addition, consumers demand high battery life of the GPS tracking devices. Live tracking is another important feature that has caught the eye of several customers.
Global Gps Tracking Device Market, By Type, 2017 (%)
The key factor restraining the growth of the global GPS tracking device market is the presence of cheap non-standard substitutes. The technology used in GPS tracking is relatively less complex and software is easily available. This has resulted in the availability of cheap and non-standard products which has hampered sales over the past few years, and this trend is likely to continue over the forecast period.
The analysis of the global GPS tracking device market by type reveals that OBD devices were the highest revenue generating segment contributing to 36.6% of the sales in 2017. The amount of diagnostic information available via OBD has varied changed since its introduction in the early 1980s as a version of onboard vehicle computers. Various plug and components are easily available in the market which helps in accessing the various OBD functions. These range from simple tools for the general consumer to advanced tools that can be effectively utilized by OEM dealers.
In terms of application, the global GPS tracking device market is anticipated to witness high demand from the transportation & logistics sector during the forecast period growing at a CAGR of 14.4% between 2018 and 2025. The market is largely driven by the increasing demand for automotive across the globe. In addition to this, the growing awareness pertaining to safety is also expected to boost the demand for GPS tracking devices across the globe.
Asia Pacific was the largest market accounting for 47.5% of the global GPS tracking device market in 2017. China and Japan were the leading markets in 2017. However, the GPS tracking market in India is niche presently and has tremendous potential for growth over the next few years. Rising consumer acceptance of GPS tracking device coupled with mandatory regulations for telematics is expected to drive the growth of the market.
The global GPS tracking device market is highly fragmented in nature with the presence of both organized as well as unorganized players. Key players in the global GPS tracking device include Calamp Corp, TomTom International BV, Orbcomm Inc., Trackimo LLC, Sierra Wireless Inc., Meitrack Group, Queclink Wireless Solutions Co., Ltd., Concox Wireless Solutions Co., Ltd., Laird Plc, ATrack technology Inc., Teltonika UAB, Geotab Inc., and Xirgo Technologies Inc. Key players accounted for more 35% of the global GPS tracking device market share whereas, unorganized players account for more than 50% in 2017.
GPS Tracking Device Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2025||USD 3.49 billion|
|Growth Rate||CAGR of over 13.6 % during 2015-2025|
|Segment Covered||Type, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East & Africa, Central & South America|
|Key Players Profiled||TomTom International, Teltonika, Calamp, Sierra Wireless, Orbcomm, Queclink Wireless Solutions, Laird, Meitrack Group, ATrack Technology, Concox Wireless Solutions, Xirgo Technologies, Trackimo, and Geotab|
Key segments of the global GPS tracker device market
Type Overview, 2015-2025 (USD Billion)
- Standalone Tracker
- OBD Device
- Advance Tracker
Application Overview, 2015-2025 (USD Billion)
- Transportation and Logistics
- Metals and Mining
Regional Overview, 2015-2025 (USD Million)
- North America
- Asia Pacific
- Middle East and Africa
- Central and South America