Home Press Releases GPS Tracking Device Market Worth $5.7 Billion in 2028

GPS Tracking Device Market Worth $5.7 Billion in 2028

by Press Room

(EMAILWIRE.COM, March 27, 2023 ) The GPS tracking device market is projected to grow from USD 3.1 billion in 2023 to USD 5.7 billion in 2028; it is expected to grow at a CAGR of 13.1% from 2023 to 2028. The demand for GPS tracking devices from insurance companies to calculate car insurance premiums and GPS enabling real-time monitoring of commercial vehicles and other critical assets in various end-use industries, such as transportation & logistics to create lucrative opportunities for the players in the GPS tracking device market.

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The GPS tracking device is also known as a GPS receiver. The device receives the GPS signal sent by the orbiting satellite of the Earth. The GPS receiver interprets those signals, manipulates the data, and computes the global position of the receiver using formulas programmed by computers. The computed location is sent to the central monitoring system with the help of satellite communication. Another technology involved is cellular. GPS tracking device provides 24-hour data of 3-dimensional position, velocity, and the real-time position of any asset to the remotely located user. Cellular-based GPS tracking devices work similarly to satellite-based GPS trackers; however, there is a slight difference in data transmission technique.

The market for advance trackers is expected to dominate during the forecast period. Advance tracker is professionally installed in commercial vehicles that provide engine diagnosis, temperature control-related information, speed control, fuel level, along with vehicle location in real-time. The information related to vehicle performance captured by these devices is valuable, and thus the adoption rate of these trackers is high as compared to other types of GPS trackers. ELD mandate is expected to drive the growth of OBD devices and is gaining traction for user-based insurance (UBI) applications.

The commercial vehicles segment to account for largest market share for GPS tracking device market by deployment between 2023 and 2028. Deployment of the GPS tracking device helps to track and monitor commercial vehicles such as trucks, buses, heavy commercial vehicles, and construction vehicles. Advance trackers are more popular with commercial vehicle owners as they offer advanced vehicle diagnostics data that can be further monetized to increase the fleet operational performance and usage-based insurance calculation, and maintenance schedule.

Asia Pacific market is expected to grow at the highest CAGR from 2023 to 2028. Asia Pacific is an emerging market for GPS tracking devices. The adoption rate of GPS tracking devices in this region is growing considerably compared to other regions. Thus, it is a market with a huge potential for growth of the GPS tracking device. The GPS tracking device manufacturers located in the Asia Pacific region are Queclink Wireless Solutions Co., Ltd. (China), Concox Information Technology Co., Ltd. (China), Suntech International Ltd. (South Korea), ATrack Technology Inc. (Taiwan), and Meitrack Group (China), among others.

News Also Covered: https://www.prnewswire.com/news-releases/gps-tracking-device-market-worth-5-7-billion-in-2028—exclusive-report-by-marketsandmarkets-301779588.html

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