GPS Tracking Device Market Analysis

1. What is the Market Size & CAGR of GPS Tracking Device market in 2021?

The global GPS Tracking Device market is expected to have a growth rate of 5.2% CAGR from 2021 to 2025. The market is anticipated to reach a value of USD 3.5 billion by 2025.

2. COVID-19 Impact on the GPS Tracking Device Market

The COVID-19 pandemic had a significant impact on the GPS Tracking Device market. Due to lockdowns and restrictions, the market saw a temporary decline in demand in 2020. However, with the reopening of economies, the demand for GPS tracking devices has been on the rise, especially in industries such as logistics and transportation.

3. GPS Tracking Device Dynamics

The GPS tracking device market is driven by the increasing need for real-time location tracking, vehicle security, and fleet management. Advancements in technology, such as the integration of GPS tracking with smartphones and cloud-based solutions, are further fueling market growth.

4. Segments and Related Analysis

4.1 Device Type

Based on device type, the market is segmented into portable GPS trackers, OBD trackers, and hardwired trackers. Portable GPS trackers had the largest market share in 2021 due to their ease of use and versatility.

4.2 Application

In terms of application, the market is segmented into vehicle tracking, asset tracking, and personal tracking. Vehicle tracking accounted for the highest market share in 2021, driven by the increasing demand for fleet management solutions.

5. By Region Analysis

The GPS tracking device market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America held the largest market share in 2021, followed by Europe and Asia Pacific.

6. Key Market Players and Competitive Landscape

Key players in the GPS tracking device market include Garmin Ltd., Calamp Corporation, ORBCOMM Inc., and Trimble Navigation Ltd. The market is highly competitive, with companies focusing on product innovation and partnerships to gain a competitive edge.

7. Recent happenings in the GPS Tracking Device Market

In recent developments, Garmin introduced a new line of GPS tracking devices with advanced features for better accuracy and performance. ORBCOMM Inc. partnered with a leading logistics company to provide comprehensive fleet management solutions.