GPS Tracking Device Global Market Report 2024 : Market Size, Trends, And Global Forecast 2024-2033

The Business Research Company's GPS Tracking Device Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033

LONDON, GREATER LONDON, UK, August 21, 2024 /EINPresswire.com/ -- The GPS tracking device market has experienced robust growth in recent years, expanding from $2.91 billion in 2023 to $3.29 billion in 2024 at a compound annual growth rate (CAGR) of 13.3%. The growth in the historic period can be attributed to a rise in fleet management solutions, growth in e-commerce and last-mile delivery, regulatory mandates for vehicle safety, increased adoption in asset tracking, rise in personal safety concerns.

Strong Future Growth Anticipated
The GPS tracking device market is projected to continue its strong growth, reaching $5.46 billion in 2028 at a compound annual growth rate (CAGR) of 13.4%. The growth in the forecast period can be attributed to a rise in autonomous vehicles, increasing demand for stolen vehicle recovery, focus on environmental sustainability, expansion of usage in healthcare, and demand for geo-fencing solutions.

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Growth Driver Of The GPS Tracking Device Market
The increasing demand for commercial vehicles is expected to propel the growth of the GPS tracking device market going forward. A commercial vehicle refers to a vehicle registered to a company, such as company cars, fleet vehicles, or other vehicles that are used to transport goods and general equipment for commercial or business purposes. GPS tracking devices are used in commercial vehicles to keep track of the vehicle, improve vehicle maintenance, and enhance customer service by providing real-time status. Therefore, the increasing demand for commercial vehicles is driving the growth of the GPS tracking device market.

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Major Players And Market Trends
Key players in the GPS tracking device market include CalAmp Inc., ORBCOMM Inc., Sierra Wireless Inc., Shenzhen Jimi IoT Co. Ltd., Queclink Wireless Solutions Co. Ltd., Teltonika Networks.
Product innovations are a key trend gaining popularity in the GPS tracking device market. Major companies operating in the GPS tracking device market are focused on developing new solutions to strengthen their position in the market.

Segments:
1) By Type: Standalone Trackers, OBD Devices, Advance Trackers
2) By Deployment: Commercial Vehicles, Cargo And Containers
3) By Application: Automotive, Aerospace And Defense, Healthcare, Transportation

Geographical Insights: Europe Leading The Market
Europe was the largest region in the GPS tracking device market in 2023. The regions covered in the GPS tracking device market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

GPS Tracking Device Market Definition
GPS tracking device refers to software equipment that provides information on surveillance of location to track the location of an entity or object remotely via the use of the Global Positioning System (GPS). It is used by fleet managers to locate assets on a route, report on traffic conditions, and keep track of vehicles' other activities.

GPS Tracking Device Global Market Report 2024 from The Business Research Company covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The GPS Tracking Device Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on GPS tracking device market size, GPS tracking device market drivers and trends, GPS tracking device market major players, GPS tracking device competitors' revenues, GPS tracking device market positioning, and GPS tracking device market growth across geographies. The GPS tracking device market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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