May 21, 2024
GPS Tracker Market

The GPS Tracker Market Is Propelled By Location Security, GPS Tracker Market

GPS trackers are devices that utilize Global Positioning System (GPS) technology to determine the precise location of vehicles, phones, or other mobile assets. GPS trackers provide real-time location data and activity alerts and enable fleet managers to improve efficiency, reduce fuel costs, and enhance safety.

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

The growing concern for location security and asset tracking across various industries such as transportation & logistics, construction, oil & gas, and healthcare has driven the demand for GPS trackers. GPS trackers provide real-time location of assets and alert owners and managers in cases of unauthorized movement, speeding, idling, and more. This ensures safety and security of people and assets and helps prevent theft and loss. The location data from GPS trackers also enable organizations to optimize operations, improve efficiency, and reduce costs.

SWOT Analysis

Strength: GPS trackers offer real-time location tracking which helps in finding lost or stolen assets quickly. They provide 24/7 monitoring and alerts in case the asset moves outside preset geographical boundaries.

Weakness: Dependence on GPS network connectivity. Signal blockages caused by tall buildings can temporarily limit location tracking capabilities. Regular replacement of batteries is also required.

Opportunity: Growing demand for tracking children, elderly and employees. Rising instances of theft and security concerns are driving the adoption of GPS trackers across industries. Untapped Rural areas especially in developing regions also present an opportunity..

Threats: The availability of low-cost location-tracking applications for smartphones poses a threat. Strict data privacy laws can also impact market growth to some extent. Technological advancements in competing solutions like RFID tags.

Key Takeaways

The global GPS Tracker Market Demand is expected to witness high growth. It was valued at US$ 3.1 Billion in 2023 and is projected to reach US$ 5.4 billion by 2030, registering a CAGR of 7.2%  during the forecast period.

Regional analysis: North America dominates the global market and is expected to continue its dominance through the forecast period. This can be attributed to growth in tracking vehicle fleet, livestock, and pets. Asia Pacific is projected to witness the fastest growth owing to rising security concerns and increasing demand from the transportation & logistics industry in developing nations such as China and India.

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. Some key players are adopting strategies like new product launches, partnerships and mergers & acquisitions to strengthen their market position. For instance, in 2022 PENTAX Medical partnered with Microsoft to integrate augmented reality visualization into endoscopy platforms.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it