Gps Tracking Device Market - Forecast (2021 - 2026)
GPS Tracking Device Market size is estimated to reach US$ 3.98 billion by 2026 and is projected to grow at a CAGR 12.9% during the forecast period 2021-2026. The growth of GPS Tracking Device Market is majorly attributed to growing demand for tracking current geographic position of moving objects, assets or individuals to collect real-time information for safety and security purposes. Increasing adoption of intelligent transportation system ensuring vehicle theft protection and growing demand for real-time tracking of all connected devices enabling machine to machine (M2M) communication to gain real-time visibility and control for asset monitoring in remote areas has contributed to the growth of the market. With the increasing integration of wide area augmentation system (WAAS) with air navigation for improving accuracy, integrity and availability the demand for satellite-based radio navigation and tracking system has gained a huge traction. The burgeoning demand for on board diagnostics, Electronic logging device, Standalone Tracker, Data loggers to determine geographic position accelerating commercial vehicle tracking system is boosting the GPS Tracking Device Market.
By Deployment: Commercial vehicle, Cargo & Container, others
By Application: Asset tracking, commercial fleet management, shipping container tracking, personnel tracking, medical equipment tracking, wearable, others
By End User: Industrial (Automotive, Aerospace, Defense, Transportation & Logistics, Construction, Mining, Healthcare, Agriculture, Utility, Oil & Gas, Food & Beverage, Chemical, Government & Public sector, other), Consumer
By Deployment, GPS Tracking Device is segmented into commercial vehicle, cargo and container segment. Commercial vehicle segment dominated the market in 2020 acquiring a share of 42% and is analysed to hold the major GPS Tracking Device market share of 44% by 2026 owing to growing demand for commercial fleet management. Rising demand for real-time tracking and monitoring of commercial vehicles coupled with engine diagnosis data and vehicle performance related information for maintenance optimization and safety purposes is augmenting the market. Increasing sales of commercial vehicles has contributed to the growth of the market. Growing penetration of electronic logging devices (ELD) in commercial vehicles to automatically record hours of service is analysed to boost the market. In December 2020, Orbcomm Inc., launched a new satellite modem integrated with an antenna offering dual-mode connectivity for their transport solutions such as fleet management, cold chain monitoring ensuring improved asset visibility and security. Such innovations are accelerating the market growth.
GPS Tracking Device Market Segment Analysis - By End User
By end user, GPS Tracking Device Market is segmented into industrial and consumer segment. Industrial segment held the major market with a share of 67% in 2020 and is estimated to dominate the market during 2021-2026. In industrial segment transportation and logistics is estimated to dominate the market with a CAGR 11.23% during 2021-2026 due to increasing government norms about installing GPS tracker in commercial and passenger vehicles for ensuring safety. The rising demand for cargo and container tracking for real-time information has also contributed to the growth of the market. The massive transition towards intelligent transportation system is anticipated to boost the market during 2021-2026. According to reports, in February 2021, Booth Transport announced to select Orbcomm’s asset management solution to track and monitor their fleet of ISO tankers, road tankers and chassis for optimizing fleet management. Such collaborations are anticipated to stimulate the market during 2021-2026.
GPS Tracking Device Market Segment Analysis - By Geography
GPS Tracking Device Market Drivers
Increasing adoption of GPS tracking and monitoring in marine applications
Increasing demand for automation of marine operations such as search and rescue, navigation, speed measurement, location determination to gain real-time position information for enhancing safety and efficiency mitigating the risks associated with potential hazards or accidents is augmenting the market. Increasing penetration of GPS data for underwater surveying, navigational hazard location and mapping is set to drive the market. Rising demand of GPS Tracking Devices in commercial fishing fleets for determining optimum fishing location, tracking fish migrations ensuring compliance with regulations has contributed to the growth of the market. Integration of geographic information software (GIS) with GPS technology is enhancing the efficient management of maritime port facilities and thus stimulating the market. In July 2020, Siren Marine launched Siren 3 Pro, next generation connected boat device leveraging smart boat technology and featuring built-in GPS tracking system integrated with worldwide LTE cellular connectivity. Such technological advancements are analyzed to drive the market during the forecast period 2021-2026.
Rising demand for industrial asset tracking solutions
Rising adoption of asset tracking and monitoring solutions in various industry verticals to gather information about asset location for optimizing asset utilization is set to drive the market during the forecast period 2021-2026. Rising penetration of different GPS Tracking Devices such as data logger, data pusher, data puller in defense, aerospace, automotive or logistics industries are augmenting the market. Advancements in industrial IoTs utilizing telematics systems to prevent theft, loss, damage for improving asset visibility and operational efficiency has contributed to the growth of the market. In February 2021, McColl’s Transport announced to select Orbcomm’s telematics solutions to track and monitor ISO tanks in Australia by leveraging its advanced asset monitoring solutions. Such partnerships are analyzed to improve fleet productivity, efficiency, service levels and thus accelerating the growth of the market.
GPS Tracking Device Market Challenges
Data security
Product Innovation/Acquisitions
Report Coverage
The report “GPS Tracking Device Market – Forecast (2021-2026)”, by IndustryARC covers an in-depth analysis of the following segments of the GPS Tracking Device Market
By Device Type: Standalone tracker, OBD device, Advance tracker
By Communication Type: Cellular, Satellite
By Deployment: Commercial vehicle, Cargo & Container, others
By Application: Asset tracking, commercial fleet management, shipping container tracking, personnel tracking, medical equipment tracking, wearable, others
By End User: Industrial (Automotive, Aerospace, Defense, Transportation & Logistics, Construction, Mining, Healthcare, Agriculture, Utility, Oil & Gas, Food & Beverage, Chemical, Government & Public sector, other), Consumer
By Geography: North America (U.S, Canada, Mexico), Europe(Germany, UK, France, Italy, Spain, Russia and Others), APAC(China, Japan India, South Korea, Australia and Others), South America(Brazil, Argentina and others), and RoW (Middle east and Africa)
Key Takeaways
Europe is estimated to dominate the market during 2021-2026 owing to government regulations and high investments towards integration of GPS tracker with latest technologies.
Increasing adoption of GPS trackers in maritime applications and rising demand for industrial asset management solution are augmenting the market.
Commercial vehicle segment is analyzed to dominate the market during the forecast period 2021-2026 owing to rising adoption of commercial fleet management.
Transportation and logistics is anticipated to dominate the market between 2021 and 2026 owing to massive transition towards intelligent transportation.
Data security is one of the challenges impeding the market growth
Increasing adoption of GPS trackers in maritime applications and rising demand for industrial asset management solution are augmenting the market.
Commercial vehicle segment is analyzed to dominate the market during the forecast period 2021-2026 owing to rising adoption of commercial fleet management.
Transportation and logistics is anticipated to dominate the market between 2021 and 2026 owing to massive transition towards intelligent transportation.
Data security is one of the challenges impeding the market growth
GPS Tracking Device Market Segment Analysis - By Deployment
By Deployment, GPS Tracking Device is segmented into commercial vehicle, cargo and container segment. Commercial vehicle segment dominated the market in 2020 acquiring a share of 42% and is analysed to hold the major GPS Tracking Device market share of 44% by 2026 owing to growing demand for commercial fleet management. Rising demand for real-time tracking and monitoring of commercial vehicles coupled with engine diagnosis data and vehicle performance related information for maintenance optimization and safety purposes is augmenting the market. Increasing sales of commercial vehicles has contributed to the growth of the market. Growing penetration of electronic logging devices (ELD) in commercial vehicles to automatically record hours of service is analysed to boost the market. In December 2020, Orbcomm Inc., launched a new satellite modem integrated with an antenna offering dual-mode connectivity for their transport solutions such as fleet management, cold chain monitoring ensuring improved asset visibility and security. Such innovations are accelerating the market growth.
GPS Tracking Device Market Segment Analysis - By End User
By end user, GPS Tracking Device Market is segmented into industrial and consumer segment. Industrial segment held the major market with a share of 67% in 2020 and is estimated to dominate the market during 2021-2026. In industrial segment transportation and logistics is estimated to dominate the market with a CAGR 11.23% during 2021-2026 due to increasing government norms about installing GPS tracker in commercial and passenger vehicles for ensuring safety. The rising demand for cargo and container tracking for real-time information has also contributed to the growth of the market. The massive transition towards intelligent transportation system is anticipated to boost the market during 2021-2026. According to reports, in February 2021, Booth Transport announced to select Orbcomm’s asset management solution to track and monitor their fleet of ISO tankers, road tankers and chassis for optimizing fleet management. Such collaborations are anticipated to stimulate the market during 2021-2026.
GPS Tracking Device Market Segment Analysis - By Geography
By Geography, GPS tracking device market is segmented into North America, Europe, APAC, South America and RoW. Europe dominated the market acquiring a share of 31% in 2020 and is estimated to hold the major market share during 2021-2026 owing to early adoption of GPS tracking system for security purposes, strict government rules ensuring public safety and high investment towards integration of software with GPS Tracking Devices. APAC is estimated to be the fastest growing market with a CAGR 8.78% owing to heavy industrialization, rapid urbanization and emerging economy. Increasing sales of automotive vehicles in this region is also contributing towards the growth of the market. APAC is estimated to be the hot zone for establishing manufacturing hubs during 2021-2026 and thus accelerating the growth of the market. In November 2019, VST Mobility Solutions, an Indian mobility solution provider launched Smart Eclipse, a vehicle tracking device.
GPS Tracking Device Market Drivers
Increasing adoption of GPS tracking and monitoring in marine applications
Increasing demand for automation of marine operations such as search and rescue, navigation, speed measurement, location determination to gain real-time position information for enhancing safety and efficiency mitigating the risks associated with potential hazards or accidents is augmenting the market. Increasing penetration of GPS data for underwater surveying, navigational hazard location and mapping is set to drive the market. Rising demand of GPS Tracking Devices in commercial fishing fleets for determining optimum fishing location, tracking fish migrations ensuring compliance with regulations has contributed to the growth of the market. Integration of geographic information software (GIS) with GPS technology is enhancing the efficient management of maritime port facilities and thus stimulating the market. In July 2020, Siren Marine launched Siren 3 Pro, next generation connected boat device leveraging smart boat technology and featuring built-in GPS tracking system integrated with worldwide LTE cellular connectivity. Such technological advancements are analyzed to drive the market during the forecast period 2021-2026.
Rising demand for industrial asset tracking solutions
Rising adoption of asset tracking and monitoring solutions in various industry verticals to gather information about asset location for optimizing asset utilization is set to drive the market during the forecast period 2021-2026. Rising penetration of different GPS Tracking Devices such as data logger, data pusher, data puller in defense, aerospace, automotive or logistics industries are augmenting the market. Advancements in industrial IoTs utilizing telematics systems to prevent theft, loss, damage for improving asset visibility and operational efficiency has contributed to the growth of the market. In February 2021, McColl’s Transport announced to select Orbcomm’s telematics solutions to track and monitor ISO tanks in Australia by leveraging its advanced asset monitoring solutions. Such partnerships are analyzed to improve fleet productivity, efficiency, service levels and thus accelerating the growth of the market.
GPS Tracking Device Market Challenges
Data security
Alarming growth in cyber-attacks and security threats is hampering the adoption. According to reports, many GPS Tracking Devices are exposing real-time information such as location information, device model and type information, phone numbers, audio recordings, images resulting in multitude of privacy concerns. However, continuous improvements on cyber-security is anticipated to offset this challenge and promote a healthy growth during the later stages of the forecast period 2021-2026.
GPS Tracking Device Market Landscape
Product innovations, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the GPS Tracking Device market. In 2020, the market of GPS Tracking Device industry outlook has been fragmented by several companies. GPS Tracking Device top 10 companies include Orbcomm Inc., Laird PLC, Teltonika UAB, Geotab Inc., Sieraa Wireless Inc., Tomtom International BV, CalAmp, ATrack Technology Inc., Quecklink Wireless Solutions Co. Ltd., Xirgo Technologies, Inc. among others.
Product Innovation/Acquisitions
In February 2021, Linxup launched new GPS lawn mower tracker to protect against theft and liability.
In October 2019, SkyBitz launched flexible GPS tracking device for light to medium duty trucks.
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