GPS trackers offer real-time location and status monitoring of vehicles and assets. They provide invaluable insights into route optimization, fuel efficiency, vehicle utilization, and driver behavior. The growing demand for fleet management solutions to improve operational efficiency and reduce costs is a key factor driving the adoption of GPS trackers. They help fleet operators minimize non-working miles, reschedule jobs based on real-time routes, monitor driver hours of service compliance, and detect unauthorized vehicle use.
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 7.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends spurring growth in the GPS tracker market is the increasing adoption of fleet management solutions by transportation and logistics companies. GPS trackers provide real-time location data that help transport companies optimize routes and asset utilization. They facilitate load tracking, eliminate deadhead miles, and improve dispatch planning. The technology also helps enforce hours of service regulations for commercial drivers and monitors driver behavior. The COVID-19 pandemic has further accelerated digital transformation efforts in the logistics industry, driving demand for advanced tracking and monitoring solutions. Going forward, the integration of GPS trackers with AI, machine learning, and cloud-based platforms is expected to enhance their functionality and drive wider adoption across industry verticals.
Segment Analysis
The global GPS tracker market is dominated by the personal GPS tracker sub segment. This is because personal GPS trackers are witnessing a wide adoption among consumers for vehicle, bike, pets, children and elderly tracking. These trackers are affordable and offer a wide range of functionalities like geo-fencing alerts, movement tracking and accident notifications.
Key Takeaways
The global GPS Tracker Market Demand is expected to witness high growth during the forecast period of 2023-2030. The market size is projected to grow from US$ 3.1 Bn in 2023 to over US$ 7 Bn by 2030, rising at a CAGR of 7.2% .
Regional analysis: North America currently dominates the GPS tracker market owing to high consumer awareness and high spending on personal safety devices. The region accounts for over 35% of the global market share. The Asia Pacific region is expected to witness the fastest growth during the forecast period owing to the growing adoption of tracking devices across industries like transportation, construction and healthcare in emerging economies like China and India.
Key players: Key players operating in the GPS tracker market are Medtronic plc., CONMED Corporation, Ethicon, Inc., Symmetry Surgical Inc., B. Braun Melsungen AG, Olympus Corporation, Erbe Elektromedizin GmbH, Innoblative Designs, Inc., Stryker Corporation, OmniGuide Inc., and PENTAX Medical. Medtronic plc. and CONMED Corporation capture over 25% of the market share owing to their wide product portfolio and global distribution network.
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A GPS tracker will reduce that anxiety and help you to keep an eye on what is priceless to you.
What’s the kind of GPS system/tracker that can bring you peace of mind?
Simply put, GPS trackers are those which use the revolutionary Global Positioning System (GPS) to track the position of a vehicle, or a person or an object that is connected to a GPS receiving device.
This technology has been around the world for a while now, with a number of industries/sectors using it to simply their duties.
GPS satellites revolve in a precise orbit around the Earth twice a day to generate information.
Various Types of GPS Tracker
