The GPS tracker market size was worth US$ XX billion in 2022 and is estimated to reach US$ XX billion by 2029, growing at a CAGR of XX % during the forecast period (2022-2029).
GPS uses a network of satellites to figure the position of the devices. The increasing popularity of GPS devices is due to leveraging analytics to streamline operations, making remote operations transparent and easy, eliminating revenue leakage with connectivity, reducing theft and increasing operational transparency. There are mainly four types of GPS trackers based on the use case: Vehicle Trackers, Asset Trackers, Personal Trackers, Cellular-based trackers. The GPS trackers present in the market provide the following features: good connectivity, high Battery, SOS, 24-hour history, fall detector, real-time tracking, speed alerts, waterproof, zone alerts, extended battery backup, recover offline and GPS data.
The global GPS tracker market growth is driven by advancement in technologies, with expanding ride-hailing industries and rising concerns over theft and personals.
Rising concerns over theft and personals
The rising concerns over theft and missing personals are expected to boost the demand for the GPS tracker market. According to the industry analysis, In London, 28,600 reports missing cases were filed for under-18s between April 2017 and March 2018, with a significant 72% increase in reported cases compared to the past decade. The market is seeking the demand for nano GPS trackers for children with products like Hellotrack and SpyTrack, small GPS trackers for improving kids safety.
The products allow the parents to track the movements and real-time location of their children. Also, the market is expected to boost the demand for pet GPS trackers. The market is also expected to grow by the demand for pet GPS trackers installed in collars. For instance, various companies like Dogness have been observing a significant growth for GPS-based pet devices.
Environmental hindrances and low-quality trackers
The GPS tracker market is impacted by lost signals in dense trees, tunnels, steep hillsides, tall buildings, or can weaken GPS signal and might not provide accurate information. Also, environmental hinderances may cause accuracy problems, sudden location jumps and display route incorrectly, which are some of the most common problem faced by the consumers while using GPS trackers.
Moreover, with increasing competition in the market, vendors are providing low-quality trackers to gain an advantage which in turn decreases the performance of GPS trackers are some of the factors responsible for restraining the market growth.
COVID-19 Impact Analysis
Due to the pandemic, stakeholders across the GPS tracker industry have observed a positive impact. There was a huge demand for GPS trackers in various countries to stop the spreading of virus impact. India developed a GPS tracking system, AarogyaSetu based on Bluetooth and GPS location services. Kentucky courts are using GPS ankle monitors for people who test positive for COVID-19 and refuse to self-quarantine. On the other hand, The GPS tracker market suffered a decline in automotive, construction, mining and other related sectors. The GPS tracker industry was hindered with halts and supply chain disruption due to restrictions imposed by the government.
Moreover, the market is emerging with upcoming launches in the market such as Vesedia Mobile Technologies proposes that people COVID-19 patients share information about the visited places using their phone location history for verification.
By type, the GPS tracker market is classified into wearable trackers, hardwired, battery-operated and plug-in.
The wearable type GPS tracker market is expected to grow at the fastest CAGR during the forecast period (2021-2028)
The wearable type GPS tracker is expected to hold the largest market for GPS tracker market in the forecast due to the following advantages: Easy availability, Children’s safety, multiutility and cost-effectiveness.
The wearable GPS tracker market will observe significant growth with increasing demand for wearable devices with the latest technologies. According to the industry analysis, smartwatch shipments worldwide reached 69 million units in 2019. With increasing demand, the market is emerged by the latest technologies such as Garmin launched a new activity-tracking smart and GPS tracking watch which touts a solar-charging lens and a 65-day battery life.
Also, Apple has recently launched FollowMee GPS Tracker that converts your iPhone or iPad into a GPS tracking device. Vodafone UK has expanded its offerings with the launch of smart GPS tracker Curve, with expected growth of 41 billion smart devices growing the Internet of Things (IoT) sector and simultaneously GPS tracker market.
North America region holds the largest market for the global GPS tracker globally
North America region holds the largest market share for the GPS tracker market globally and is expected to continue its dominance in the forecast period with increasing theft cases. As of 2018, the private car theft rate was recorded at 1172 cases per 100000 population in New Zealand. With increasing theft cases, the market is emerging with small GPS trackers like GL50MG is the smallest model for Queclink's 4G portfolios, which is almost less than half the height of a pen. Moreover, the rising concerns for cargo thefts, reaching up to $30 billion in losses each year, resulting in demand for GPS trackers in the region.
Also, the region has observed significant investment for the automotive sector, with new launches like BMW i4, Lucid Air, Tesla Roadster, Genesis G70 and other upcoming cars, the demand for modern GPS technologies will also rise. For example, In Jeep Cherokee, Uconnect can be easily set in motion by speaking an address, the system also uses sensors to assist GPS in places like parking garages or tunnels.
The GPS tracker market is highly competitive with the local player’s presence followed by the global companies, contributing to the major share in the market growth. In addition, some of the key players contributing to the growth of the market are Tenna, Teltonika, Letstrack Limited, Milsar Technologies S.R.L, Gofleet Corporation, Sky Patrol, Trackimo, Agnik LLC., Dogness Co., Ltd., Jimi IoT and others. The major players are adopting various new strategies to dominate the market, such as launching new products, acquisitions and collaborations, which are contributing to the growth of the GPS tracker market globally.
Overview: Tenna is a U.S.-based company based on the construction technology platform that revolutionizes equipment fleet operations. Tenna blends its cutting-edge technology with more than 100 years of construction experience to help companies with efficient operations. The company utilizes state-of-the-art integrated GPS tracking, cellular, bluetooth low energy and QR technologies.
Product Portfolio: The Company manufactures a variety of hardware and solutions including Tenna MINI, TennaFLEET Tracker, Tenna CAM, TennaBLE Beacon, Tenna QR, Tenna App and various others.
Key Development: In 2020, Tenna launched the new product of the TennaMINI GPS tracker family TennaMINI. It gets wired directly into a construction asset to read engine hours and drive utilization and performance data, in addition to location information.
The global GPS tracker market report would provide access to an approx: 69 market data table, 70 figures and 280 pages.
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