Fleet management drives surge in GPS tracker market

Future Market Insights
Monday, 11 December, 2023

Fleet management drives surge in GPS tracker market

The global GPS tracker market is on the brink of a substantial valuation, projected to reach US$3.1 billion by 2024, according to a new report by Future Market Insights. This significant growth can be attributed to burgeoning interest in the market, driven by the increased adoption of fleet- and asset-tracking solutions for both commercial and passenger vehicles.

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 optimising 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. The accuracy of GPS technology is particularly useful in challenging situations such as vehicle breakdowns, fleet-related crimes and unauthorised stops.

“GPS tracking technology allows fleet managers to optimise routing, monitor vehicle locations and improve overall fleet efficiency,” said Sudip Saha, Managing Director and MD at Future Market Insights. “This leads to cost savings, increased productivity and better resource utilisation, and is considered one of the major drivers of the GPS tracker market.”

GPS tracking is also pivotal in critical situations involving potential threats to human lives, such as search and rescue operations, as 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.

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.

A competitive landscape

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 endeavours. Furthermore, they employ various expansion strategies, including collaborations, mergers and acquisitions, and diligent exploration of regulatory approvals to bolster their market presence.

In one recent development, Sierra Wireless has introduced the Acculink Cargo, a 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. Meanwhile CalAmp, a connected intelligence firm focused on enhancing work processes for individuals and organisations, has unveiled its latest innovation — the SC1302 single-use smart tracking gadget.

According to Future Market Insights, the GPS tracker market expanded at 7.6% CAGR between 2019 and 2023, and is valued at US$2887.6 million as of 2023. Standalone trackers are expected to dominate at a market share of 38.9% in 2024, while fleet management applications will register at a market share of 45.8%. The market has a projected CAGR of 8.7% from 2024 to 2034, by which time is it poised to soar to an estimated total valuation of around US$7.2 billion.

All that said, certain challenges remain which could hinder market growth, with concerns related to privacy and data security associated with GPS tracking systems posing as significant restraints. Addressing these issues while ensuring consumer data protection will be crucial for market players to maintain trust and sustain long-term growth.

Future Market Insights’ report offers an unbiased analysis of the global GPS tracker market — segmented by type, by application, by industry and by region — providing historical data for 2019 to 2023 and forecast statistics from 2024 to 2034. To view the report in full, visit https://www.futuremarketinsights.com/reports/gps-tracker-market.

Image credit: iStock.com/ipopba

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