by The global GPS Tracker Market is estimated to be valued at US$ 3.1 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
GPS trackers are portable devices that utilize Global Positioning System (GPS) technology to determine the precise geographic location of vehicles, items, or people in real-time. The key advantages of GPS trackers include real-time vehicle monitoring, improved fleet management, safety and security of transported goods, driver behavior monitoring, timely preventative maintenance, and reduced operating costs. With increasing transportation of goods and fleet operations across industries such as logistics, transportation, construction, and automotive require effective tracking and monitoring solutions. This is increasing the demand for GPS trackers globally.
Market key trends:
GPS trackers with additional features such as Wi-Fi, Bluetooth, and satellite connectivity are gaining traction in the market. Integrating advanced functionalities enable real-time tracking even in remote locations without cellular network coverage. This trend is expected to continue during the forecast period. Furthermore, introduction of AI and IoT enabled GPS trackers provide advanced fleet management solutions. Devices powered with AI and IoT analyze real-time location data to monitor driver behavior, predict maintenance needs, optimize route planning and reduce costs. These advanced GPS trackers are experiencing high demand in transportation and logistics industry.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the GPS tracker market size is low as it requires significant investment in R&D and gaining customer trust. However, new technologies may pose a medium threat in the long run.
Bargaining power of buyers: The bargaining power of buyers is medium. Although buyers have a lot of options available, there are switching costs involved that give some advantage to existing providers.
Bargaining power of suppliers: The bargaining power of suppliers is medium as top players own their manufacturing processes and source components worldwide. However, key components like chips need to be sourced from a few specialized suppliers.
Threat of new substitutes: The threat of new substitutes is low as GPS trackers have very few substitutes that can provide the same level of functionalities and connectivity over a wide range.
Competitive rivalry: The competitive rivalry in the GPS tracker market is high due to the presence of numerous global and local players. Players compete based on technology, features, pricing and service.
Key Takeaways
The global Gps Tracker Market is expected to witness high growth, exhibiting 13% CAGR over the forecast period, due to increasing demand for safety and security of important assets. The market size for 2023 is estimated at US$ 3.1 Bn.
Regionally, North America dominated the global GPS tracker market in 2022 due to high vehicle fleet operations. Asia Pacific is expected to grow at the fastest pace during the forecast period, driven by increasing adoption in logistics and transportation sectors across China, India and Southeast Asia. Countries like China and India are emerging as major manufacturing hubs and also have a large consumer base making them highly lucrative markets.
Key players operating in the Gps Tracker Market include CalAmp Corp. (US), Orbcomm Inc. (US), Sierra Wireless, Inc. (Canada), Shenzhen Concox Information Technology Co., Ltd. (China), Queclink Wireless Solutions Co., Ltd. (China), TomTom International BV (Netherlands), Teltonika UAB (Lithuania), ATrack Technology Inc. (Taiwan), Ruptela (Lithuania), Sensata Technologies, Inc. (US). Key players compete based on technology, features, pricing and service. Innovation and development of advanced GPS trackers is the focus of top players to sustain their market presence.
