The Global GPS Tracker Market is Driven by Increased Demand for Real-Time Fleet Management

Global GPS Tracker Market


 GPS trackers play a crucial role in ensuring safety, security, and efficiency across various industries by providing real-time location data. GPS trackers enable businesses to track high-value assets and fleet vehicles to prevent loss or theft in real-time. They also help optimize routes and monitor driving behavior to reduce costs and increase productivity. The global tracking market has seen a rapid rise with the availability of affordable GPS tracking devices and global telematics technology. Especially post-pandemic, companies are increasingly adopting GPS tracking solutions for contactless monitoring of deliveries, shipments, and workforce management.


The global GPS Tracker Market is estimated to be valued at US$ 3.5 Billion in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023-2027, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Real-time fleet management has emerged as one of the key application areas propelling the demand for GPS trackers. Businesses across industries rely on GPS trackers to gain visibility and control over fleet operations. They help optimize routing, reduce idle time, enhance productivity, and minimize costs associated with fleet management. Integration of advanced technologies like IoT, AI, and predictive analytics is a major trend in the GPS tracker market. This allows tracking fleets in real-time and extracting valuable insights to improve operational efficiencies. For example, AI-powered GPS trackers can detect driver behavior patterns, predict maintenance needs and fuel consumption. Rising adoption of wireless and cellular connectivity in trackers is also supporting their usage across wider geographies.

Porter’s Analysis
Threat of new entrants: Low economies of scale and high capital requirements present barriers for new companies. However, some new players able to enter certain niche market segments.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of several product alternatives. Buyers can negotiate on price and demand value-added services.
Bargaining power of suppliers: Established suppliers have moderate bargaining power due to differentiated components and technologies. However, the threat is lowered by availability of alternative suppliers.
Threat of new substitutes: Threat of substitution remains moderate as alternatives can fulfill basic tracking needs but lack critical functionalities of GPS trackers.
Competitive rivalry: Intense competition among existing players to gain market share through product differentiation, lower prices and value-added services.

Key Takeaways
The Global GPS Tracker Market Share is expected to witness high growth over the forecast period.

Regional analysis: North America leads the market currently due to rising demand for fleet management and vehicle telematics solutions across industries such as transportation, logistics and construction. Asia Pacific is poised to grow at the fastest rate with China, India and Southeast Asian countries expected to raise the demand for GPS trackers.

Key players: Key players operating in the GPS tracker market are Calamp Corporation, Sierra Wireless, Inc., Orbocomm Inc., Geotab Inc, Trackimo LLC, Xirgo Technologies, Laipac Technology, Verizon Wireless, Tomtom International Bv., Spark Nano. Calamp Corporation and Sierra Wireless, Inc. have strong global presence while Trackimo LLC and Xirgo Technologies offer customized solutions for small businesses.

Explorer more information on this topic, Please visit @ https://www.insightprobing.com/gps-tracking-market-growth-market-size-share-analysis/

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