Future Market Insights Latest Research Report On GPS Tracker Market
Global GPS Tracker Market Surges: Valuation to Hit US$ 7.2 Billion by 2034 Driven by Fleet Management & Tech Advancements | Future Market Insights, Inc.
The global GPS tracker market is on the brink of a substantial valuation, projected to reach US$ 3.1 billion by 2024. The growth is primarily driven by the burgeoning interest and insights surrounding the GPS tracker market. The trend is expected to open doors to new opportunities within the market, with a projected CAGR of 8.7% from 2024 to 2034. By 2034, the market is poised to soar to an estimated total valuation of around US$ 7.2 billion.
The GPS tracking device market is experiencing significant growth, driven by the increased adoption of fleet and asset-tracking solutions for both commercial and passenger vehicles. The accuracy of GPS technology has become crucial in various applications, particularly in challenging situations such as vehicle breakdowns, fleet-related crimes, or unauthorized stops.
Manufacturers actively contribute to market expansion through initiatives focused on developing advanced and portable GPS trackers. Notably, integrating dash cameras into GPS trackers adds a layer of comprehensive tracking capability, providing real-time video features alongside location data.
GPS tracking technology, relying on satellite signals for real-time location accuracy, is widely used by vehicle owners and fleet managers. Its applications range from optimizing routing to improving customer service and enhancing cargo security. Businesses of all scales, from small enterprises to large corporations, increasingly leverage GPS technology to manage and monitor expanding vehicle fleets.
Fleet tracking solutions, enabled by GPS technology, offer numerous advantages. These include increased productivity, enhanced return on investment (ROI), theft recovery, and improved employee and asset safety.
GPS tracking is pivotal in critical situations involving potential threats to human lives, such as search and rescue operations. This technology allows rescue teams to monitor search areas effectively and gather information from lost smartphones or GPS devices carried by individuals. GPS trackers in search and rescue operations provide essential functions, including tracking rescue teams, locating missing individuals, surveying hazardous areas, monitoring vehicles and equipment used in rescue missions, and ensuring situational awareness.
- The market valuation of the GPS tracker in 2023 was US$ 2,887.6 million.
- Based on type, standalone trackers are expected to dominate at a market share of 38.9% in 2024.
- Based on application type, fleet management will register at a market share of 45.8% in 2024.
- The GPS tracker expanded at 7.6% CAGR between 2019 and 2023.
- Japan is estimated to expand at a CAGR of 6.7% by 2034.
“The GPS tracking technology allows fleet managers to optimize routing, monitor vehicle locations, and improve overall fleet efficiency. This leads to cost savings, increased productivity, and better resource utilization and is considered one of the major drivers of the GPS tracker market”, opines Sudip Saha, managing director and MD at Future Market Insights (FMI) analyst.
The GPS tracker industry boasts a substantial array of market participants. Research and development play a pivotal role among these players, primarily focusing on introducing eco-friendly product lines as a core aspect of their manufacturing endeavors.
Furthermore, they employ various expansion strategies, including collaborations, mergers and acquisitions, and diligent exploration of regulatory approvals to bolster their market presence.
Some of the key developments are-
- CalAmp, a connected intelligence firm focused on enhancing work processes for individuals and organizations, recently unveiled its latest innovation, the SC1302 single-use smart tracking gadget.
- Sierra Wireless introduced the Acculink Cargo, a newly launched managed IoT asset tracking solution. This offering is designed to streamline the implementation of tracking systems, allowing companies to efficiently monitor the location and condition of high-value and sensitive assets in real time.
These insights are based on a report on to GPS Tracker Market by Future Market Insights