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The GPS (Global Positioning System) tracker market is estimated to grow at a CAGR of 11.41% between 2022 and 2027. The size of the market is forecast to increase by USD 958.27 million. The growth of the market depends on several factors, including increasing demand for fleet management systems, growing investment in satellite deployment, and growing investment in LTE networks.
This report extensively covers market segmentation by end-user (logistics and transportation, construction and mining, government, and oil and gas), technology (standalone tracker, OBD device, and advance tracker), and geography (Europe, APAC, North America, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The reports categorize the global positioning system tracker market as a part of the global technology hardware, storage, and peripherals market within the overall global information technology market. The parent global technology hardware, storage, and peripherals market covers manufacturers of cellular phones, personal computers, servers, electronic computer components, and peripherals. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
The increasing demand for fleet management systems is notably driving the market growth, although factors such as Growing demand for OBD dongles may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key GPS Tracker Market Driver
The increasing demand for fleet management systems is notably driving market growth. A fleet management system helps in minimizing fuel costs, improve fleet productivity, and ensure driver safety. Fleet management is necessary for a wide range of industries such as courier, construction, oil, and gas, and others, In order to implement a fleet management system. integrating GPS trackers that can record data to be accessed and analyzed in trucks, trailers, or containers is one of the major steps.
Several companies from a wide range of industries are implementing fleet management systems in their business operations. This is driving the demand for GPS trackers. For instance, in September 2021, Geotab announced that it had been selected as the telematics provider for the State of Oklahoma. This is to better understand and improve the utilization of the state's fleet.
Significant GPS Tracker Market Trend
The compulsory integration has significantly increased the demand for GPS trackers, which is driving the growth of the market. The adoption of GPS trackers helps owners locate their vehicles and monitor the unauthorized movement of vehicles. With the growing disposable income of consumers and the rising popularity of electric, hybrid, and autonomous vehicles, the total number of vehicles on roads is increasing rapidly.
According to Technavio, global automotive production in 2018 was recorded at 101.04 million units, which is expected to reach 123.07 million units by 2023. Therefore, government mandates regarding the integration of GPS trackers in vehicles will significantly increase the demand for these trackers, which will drive the growth of the market during the forecast period.
Major GPS Tracker Market Challenge
Growing demand for OBD dongles is the major challenge impeding market growth. Onboard diagnostic (OBD) dongles are devices that plug directly into the OBD-II port of the vehicle and connect wirelessly to a network. OBD dongles can provide various features, such as vehicle diagnostics, roadside assistance, stolen vehicle tracking, geofencing, and speed alerts. The dongles are GPS-enabled and are capable of communicating wirelessly or through a smartphone to the cloud.
The adoption of these devices is witnessed in both personnel as well as fleet management. They provide almost all the functionalities of GPS tracking and geo-fencing and are less expensive than fleet management solutions. Hence, fleet owners are increasingly opting for OBD dongles, which is expected to hinder the growth of the market during the forecast period.
Key GPS Tracker Market Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global GPS Tracker Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Queclink Wireless Solutions Co. Ltd. - The company offers GPS trackers such as GV55, GL520MG, and GL505. The company offers solutions for automotive tracking, fleet management, tracking and tracing, mobile health care, and others globally.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth of the logistics and transportation segment will be significant during the forecast period. The growing investments in ride-hailing services and delivery services will result in a large number of vehicles being used, which will significantly increase the demand for GPS trackers. With the growing demand for GPS trackers in logistics and transportation, market vendors are focused on delivering new and improved products in the market.
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The logistics and transportation segment was valued at USD 445.49 million in 2017 and continued to grow until 2021. Logistics is the backbone of the supply chains of the e-commerce and retail sectors. In any supply chain, the product is moved from the manufacturing stage to end-users through trucks, trailers, and cargo containers in multiple stages. Integrating GPS trackers that can record data to be accessed and analyzed through fleet management software in trucks, trailers, or containers is one of the major steps in implementing a fleet management system. Companies opting for fleet management solutions to achieve supply chain optimization will significantly increase the demand for GPS trackers.
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APAC is estimated to contribute 34% to the growth of the global market during the forecast period. Another region offering significant growth opportunities to vendors is Europe. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
Europe is a hub of major automobile manufacturers such as Volkswagen AG (Volkswagen), BMW AG (BMW), AUDI AG (Audi), Ford Motor Company, and others. With the growing market demand for commercial, electric, and hybrid vehicles, automotive manufacturers are investing in setting up new manufacturing plants in the region. For instance, in October 2021, Ford announced that it would spend pound 230 million ($315 million) transforming a factory in northwest England into a site that would make components for electric vehicles.
The outbreak of COVID-19 severely affected the growth of the market in Europe. However, the growth of e-commerce businesses and rising delivery services will enhance the growth of the market in the region during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by End-user (Logistics and transportation, Construction and mining, Government, and Oil and gas), Technology (Standalone tracker, Obd device, and Advance tracker), and Geography (Europe, APAC, North America, Middle East and Africa, and South America).
GPS Tracker Market Scope |
|
Report Coverage |
Details |
Page number |
165 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 11.41% |
Market growth 2023-2027 |
USD 958.27 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
14.33 |
Regional analysis |
Europe, APAC, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 34% |
Key countries |
US, China, Japan, Germany, and France |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
ArusNavi, CalAmp Corp., GalileoSky Research Scientific Association LLC, Geotab Inc, JSC Teltonika, Laipac Technology Inc., Meitrack Group, Michelin North America Inc, Mielta Technologies, Navtelecom LLC, ORBCOMM Inc., Queclink Wireless Solutions Co. Ltd., Sensata Technologies Inc, Shenzhen Coban Electronics Co. Ltd., Shenzhen Eelink Communication Technology Co. Ltd., Shenzhen Jimi IoT Co. Ltd., Sierra Wireless Inc., Trackimo Inc., Traxbean Technology Ltd. Co., and UAB Ruptela |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Technology
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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