GPS trackers are small electronic and geomagnetic devices that make use of Global Positioning System (GPS) satellites for tracking the location and movement of vehicles or objects in real-time. GPS trackers find wide application across various industries including logistics, transportation, construction, healthcare, and individual use for monitoring children, elderly and vehicles. They allow real-time monitoring of assets and people with features like geofencing alerts, route deviation notifications and customizable reports. The global GPS tracker market enables effective fleet management, lone worker safety, and optimized use of resources through location intelligence.

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 Opportunity:
The increasing adoption of IoT and connectivity solutions across industries is expected to drive the demand for GPS trackers with advanced capabilities. With growing emphasis on safety, efficiency and transparency in operations, real-time tracking and location services are witnessing higher uptake. Cloud-based tracking platforms are further enhancing the potential of GPS trackers by allowing remote access and analytics. This presents lucrative opportunities for GPS tracker manufacturers to develop more powerful and cost-effective devices integrated with IoT, WiFi, and satellite technologies. Growing traction of application areas such as transportation of goods and elderly monitoring will continue accentuating the market growth over the forecast period.

Porter’s Analysis
Threat of new entrants: Low capital requirements and new technologies pose threat of new entrants in the GPS Tracker market. However, established players enjoy economies of scale and brand loyalty that make entry difficult.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of alternatives and price sensitivity. However, customized solutions provide switching costs.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power as GPS Tracker market has multiple component manufacturers, limiting dependence on few.
Threat of new substitutes: Threat of new substitutes is low as GPS Trackers offer unique value in real-time location tracking not replaceable.
Competitive rivalry: High due to significant number of global players and regional vendors offering innovative products.

SWOT Analysis
Strength: GPS Trackers provide real-time location tracking and geo-fencing capabilities. Wireless connectivity allows remote monitoring.
Weakness: Dependence on network connectivity and high power consumption of few models. Data privacy and security concerns.
Opportunity: Scope for integrating GPS with IoT based applications. Adoption across industries like transportation, logistics, automotive.
Threats: Technology advancements may make GPS obsolete. Competition from alternate location solutions.

Key Takeaways

The global GPS Tracker Market Demand is expected to witness high growth during the forecast period of 2023 to 2030. The market size for 2023 is US$ 3.1 Bn .

Regional analysis indicates North America will continue to dominate the GPS Tracker market led by U.S. due to widespread adoption across industries. Asia Pacific is identified as the fastest growing region attributed to increasing demand from China, India and other developing countries for tracking fleets and assets.

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. These players are focused on developing innovative product variants integrated with advanced technologies to gain competitive edge.

 

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