The advance GPS trackers are being used by various fleet management services providers to offer superior services beyond vehicle tracking and tracing. Fleet owners are interested in increasing operation efficiency to achieve higher ROI. However, the availability of advanced data analytics tools further favours their demand. The growth of these devices is driven by the growth of commercial fleet management and declining prices of GPS trackers.
The GPS tracking device market is expected to reach USD 3.7 billion by 2025, at a CAGR of 11.4% between 2017 and 2025. The factors that are driving the growth of the market include the increasing sales of commercial vehicles, small form factor, affordable price, and high ROI.
APAC is one of the emerging markets for GPS tracking devices. The usage of GPS tracking devices in this region is less as compared to other regions. Thus, APAC is an untapped market with a huge growth potential of the GPS tracking device. The growing demand for commercial vehicles in the region is the key driver for the growth of the GPS tracking device market in the APAC region. Moreover, supportive government programs, and new product launches and developments by key players are also driving the growth of the APAC market.
Advance trackers are more popular in commercial vehicle owners as they offered advanced vehicle diagnostics data that can be further monetized to increase the fleet operational performance and usage-based insurance calculation, and maintenance schedule. The vehicle tracking is shifting from basic automatic vehicle location to data-driven solution. Therefore, organizations are looking to get beyond location and more interested in engine performance parameters.
“Advance GPS tracker to have the largest share in the overall GPS tracking device market during the forecast period.“
Some of the key players offering GPS Tracking devices include Calamp (US), Orbocomm (US), Sierra Wireless (Canada), Quelink Wireless Solution (China), Concox Wireless Solution (China), TomTom International (Netherlands), Laird (UK), Xirgo Technologies (US), and Maestro Wireless Solutions (Hong Kong) among others.
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