The GPS Tracker Market is estimated to be valued at US$ 3.1 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
GPS trackers utilize global navigation satellite systems for actively monitoring the location of vehicles, portable equipment, mobile devices, and others. They are small portable devices that use GPS technology to determine the precise location of assets. GPS trackers help in tracking vehicles, monitoring children, seniors, employees, assets, and pets. They provide real-time tracking via web or mobile applications.

Market key trends:
Growing demand for vehicle security and safety is estimated to be the major trend fueling the growth of the GPS tracker market size over the forecast period. Modern vehicles are equipped with GPS trackers that assist in vehicle monitoring, locating stolen vehicles, monitoring driver behavior and more. This helps fleet owners and insurance companies to reduce costs associated with theft & ensure road safety. Further, government mandates in various countries regarding installation of GPS trackers in commercial vehicles and school buses to track their real-time location is also contributing to the growing demand. The rising concerns regarding security of children and elderly with Alzheimer's disease have accelerated the adoption of wearable and portable GPS trackers globally.

Porter's Analysis

Threat of new entrants: The GPS tracker market requires high initial investments and the establishment of distribution channels, hence the threat of new entrants is moderate.

Bargaining power of buyers: The bargaining power of buyers is high as there are numerous players in the market offering GPS trackers at competitive prices. Buyers can easily switch between providers.

Bargaining power of suppliers: The suppliers of components for GPS trackers such as chips and sensors have moderate bargaining power as there are substitute suppliers available.

Threat of new substitutes: The threat of new substitutes is low as GPS trackers have applications across various industries with no close substitute technologies available.

Competitive rivalry: The competitive rivalry in the market is high due to the presence of numerous global and regional players.

SWOT Analysis

Strengths: GPS trackers offer real-time location monitoring and geo-fencing capabilities. They provide efficient fleet management and asset tracking solutions.

Weaknesses: Data security and privacy concerns limit the adoption of GPS trackers. Battery issues and equipment failure reduce the reliability of trackers.

Opportunities: Growing e-commerce industry increases the demand for last-mile delivery tracking. Emergence of IoT-enabled trackers paves way for more applications.

Threats: Technological advancements in competing technologies like RFID pose a threat. High costs associated with advanced trackers restrict market growth.

Key Takeaways

The global Gps Tracker Market is expected to witness high growth, exhibiting CAGR of 13% over the forecast period, due to increasing demand for fleet management and asset tracking solutions across industries.

Regionally, North America dominates the market and is expected to continue its dominance over the forecast period. Asia Pacific is expected to witness the fastest growth over the forecast period attributed to the rising e-commerce industry in the region.

The key players in the Gps Tracker market are CalAmp Corp. (US), Orbcomm Inc. (US), Sierra Wireless, Inc. (Canada), Shenzhen Concox Information Technology Co., Ltd. (China), Queclink Wireless Solutions Co., Ltd. (China), TomTom International BV (Netherlands), Teltonika UAB (Lithuania), ATrack Technology Inc. (Taiwan), Ruptela (Lithuania), Sensata Technologies, Inc. (US). The major players are focused on new product launches and partnerships to strengthen their foothold in the market.

Get more insights on this topic: https://creativenewsalert.weebly.com/blog/gps-tracker-market-is-estimated-to-witness-high-growth-owing-to-increased-implementation-in-commercial-vehicles