Global GPS Tracking Devices Market Research Report 2024-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2030

Global GPS Tracking Devices Market Research Report 2024-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2030

A GPS tracker is a terminal with built-in GPS module and wireless communication module. GPS trackers track the longitude, latitude, movement speed, etc. of an entity or object by using the Global Positioning System (GPS). GPS tracking devices are divided into Standalone Tracker, OBD Device, and Advance Tracker, which can be used for Track Cars, Track Assets, and Track Persons.

Market Overview:

The latest research study on the global GPS Tracking Devices market finds that the global GPS Tracking Devices market reached a value of USD 1588.25 million in 2023. It’s expected that the market will achieve USD 2755.1 million by 2029, exhibiting a CAGR of 9.61% during the forecast period.

As the conflict between Russia and Ukraine intensifies, a rift between the two countries has deepened, causing major disruptions to the global economy. Many countries are directly or indirectly dependent on various commodities from Russia and Ukraine, which has seriously affected the prices of food, energy, fertilizers, medicines, etc. Russia and Ukraine are the world's largest exporters of raw materials.

The Russia-Ukraine war has reshaped international energy costs on a global scale, impacted global supply chains, hindered the flow of goods, pushed up commodity prices and fueled inflation. The impact on the GPS Tracking Devices industry is rising raw material prices and rising energy costs. The global supply of semiconductors already exceeds demand, and the Russia-Ukraine war may exacerbate this problem. The war has sparked yet another round of worries across the chip industry, especially among memory chip makers: The supply of gases from Ukraine that are critical for chip manufacturing could be disrupted, potentially pushing up semiconductor wafer prices and exacerbating chip shortages. Military action in Ukraine could also disrupt supplies of neon, krypton and xenon, which are needed for lithography machines and lasers used in chip production.

At the same time, Russia is an important exporter of oil and natural gas in the world. Its oil export volume ranks second only to Saudi Arabia and the United States, and its total proven natural gas reserves rank first in the world. The outbreak of the Russia-Ukraine war has affected oil and gas resource exploration and production, European and American sanctions against Russia have affected exports and transportation, and global risks and uncertainties have increased. The Russia-Ukraine war led to an increase in crude oil prices, which in turn led to an overall increase in commodity prices. Inflation rates in various countries remain high and prices are rising. Industrial production involves energy consumption, and the energy costs of manufacturing GPS Tracking Devices include water, electricity, oil, gas, etc. Therefore, GPS Tracking Devices faces rising raw material costs and rising energy costs.

Rapid development of downstream markets GPS Tracking Devices market growth is driven by increasing usage in commercial vehicle tracking systems:

As the retail industry expands, GPS tracking devices can detect vehicles using GPS to track their precise location. This increases the need to monitor safe and efficient operations. Therefore, many commercial vehicles are equipped with GPS systems. As a result, sales of commercial vehicles have increased, stimulating the market for GPS tracking devices.

E-commerce relies on convenient express logistics services. In order to allow customers to more intuitively feel the movement process and location of goods, many large express logistics companies have equipped logistics vehicles with GPS Tracking Devices. With the impact of the COVID-19 epidemic on the global offline sales industry, more and more consumers and businesses are turning their attention to e-commerce. The increasing penetration of the e-commerce industry is also expected to increase the demand for GPS tracking systems in logistics vehicles.

Region Overview:

Europe had the highest growth rate of all regionsIn 2022, the share of the GPS Tracking Devices market in Europe stood at 31.8%.

Company Overview:

Teltonika is one of the major players operating in the GPS Tracking Devices market, holding a share of 8.99%% in 2023.

Teltonika Networks manufactures professional network connectivity equipment for international markets. They provide products including modems, gateways, routers, switches, IOT platforms, accessories, and custom products.

Segmentation Overview:

Among different product types, Advance Tracker segment is anticipated to contribute the largest market share in 2028.

Standalone Tracker: Standalone Tracker is a portable GPS Tracking Device with an internal battery that can work independently.

OBD Device: OBD Device is a GPS Tracking Devices with an OBD interface adapted to the vehicle.

Advance Tracker: Advanced Tracker has special functions. For example: fuel monitoring, identity recognition, temperature detection, etc.

Application Overview:

By application, the Track Cars segment occupied the biggest share from 2018 to 2022.

Track Cars: GPS tracking devices can be used to track cars. For example, some fleets will equip vehicles with GPS tracking devices for unified management. In order to keep track of vehicle dynamics and reduce the risk of car theft, some car rental companies will also equip vehicles with GPS tracking devices. In addition, some vehicles purchased with loans will also be equipped with GPS tracking devices according to the agreement, thereby reducing the risk of the financial institution providing the loan.

Track Asset: GPS tracking devices can be used to track assets. People can use GPS tracking devices to determine the location of wallets, artwork, luggage, etc.

Track Persons: GPS tracking devices can be used to track persons. People can use GPS tracking devices to confirm the location of children or the elderly to prevent them from getting lost. In addition, there are special uses such as equipping prisoners with GPS tracking devices.

Key Companies in the global GPS Tracking Devices market covered in Chapter 3:

Trackimo Group
Meitrack Group
Teltonika
t42
Atrack Technology
Concox Wireless Solution
Orbocomm
Sierra Wireless
Calamp Corp
Geotab Inc.
Queclink
Suntech

In Chapter 4 and Chapter 14.2, on the basis of types, the GPS Tracking Devices market from 2019 to 2030 is primarily split into:

Standalone Tracker
OBD Device
Advance Tracker

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the GPS Tracking Devices market from 2019 to 2030 covers:

Track Cars
Track Asset
Track Persons

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2019-2030) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)