Global GPS Equipment Market Projected to Surpass $5.17 Billion by 2029 with 11.7% Annual Growth

GPS Equipment Market Size

Which drivers are expected to have the greatest impact on the over the gps equipment market’s growth?
The rise in the usage of GPS tracking devices in commercial vehicles has notably contributed to the expansion of the GPS equipment market. These GPS trackers greatly assist in the real-time supervision of commercial vehicles including trucks, buses, heavy commercial vehicles and vehicles utilized in construction. Companies, by actively overseeing these vehicles with GPS trackers, are able to receive live updates, enhance routes, improve efficiency, and maximize fuel effectiveness. This has made businesses to increasingly adopt the use of GPS for vehicle tracking, making it a competitive differentiator by improving the customer experience. Consequently, it is the application of GPS equipment in commercial vehicles that predominantly drives the growth of the GPS equipment market.

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What is the future CAGR of the gps equipment market, and how will it impact industry expansion?
In the past few years, the GPS equipment market has seen a substantial surge in its size. The market, valued at $2.96 billion in 2024, is projected to rise to $3.32 billion in 2025, registering a compound annual growth rate (CAGR) of 12.3%. The significant growth witnessed during the historic period can be ascribed to factors such as usage in the military, the rise in consumer electronics, the advent of GPS satellites, integration in the automotive industry, as well as government-driven initiatives and investments.

Anticipations suggest that the GPS equipment market is set to experience a swift expansion in the coming years, reaching a market size of $5.17 billion by 2029, projecting a CAGR of 11.7%. The predicted growth during the forecast period is due to factors such as the rise of IoT and interconnected devices, bolstered security and theft prevention measures, advancements in data analytics and location-centric services, increased demand in the sphere of emergency response and disaster management, and integrations with self-operating drones. Key trends foreseen during the forecast period encompass growth in outdoor leisure activities, escalating safety issues, the emergence of self-driven vehicles, increased adoption in the agricultural sector, and government policies and regulations.

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What are the most significant trends transforming the gps equipment market today?
The evolution of GPS-enabled software has been swift. The adoption of superior software allows for the reception of real-time information about a specific site. This cutting-edge software has enhanced mapping competencies and the capacity to couple with resources such as Google Earth and predictive diagnosing. For example, in September 2022, Trackem, an American-based platform for overseeing resources, supplies, and the progress of jobs, introduced the latest version of its GPS tracking platform for its customers. The new system comprises tools for monitoring fuel bills, total fuel consumption across the fleet, mileage analytics, and driver performance cards. Through these scorecards, identifying drivers who often speed up abruptly or drive excessively fast, actions that augment fuel usage, becomes more straightforward. This information can be harnessed for either punitive or educational purposes. Comprehensive reports aids in divulging various fleet aspects that can be adjusted to improve fuel economy. Further, the novel Maintenance section can support fleet administrators or enterprise owners in keeping abreast of and fix their vehicles to optimise fuel efficiency. The push towards a sophisticated GPS tracker continues to rise, driving market trajectory.

Which key market segments comprise the gps equipment market and drive its revenue growth?
The GPS equipment market covered in this report is segmented –

1) By Product Type: Data Loggers, Data Pushers, Data Pullers, Covert GPS Trackers
2) By Application: Road, Aviation, Marine, Location-based services, Surveying And Mapping, Other Applications (Hospitality, Education, Retail, Agriculture, And Healthcare)
3) By End-Use Industry: Transportation And Logistics, Construction, Oil And Gas, Metals And Mining, Government, Other End-Use Industries

Subsegments:
1) By Data Loggers: Portable Data Loggers, Fixed Data Loggers
2) By Data Pushers: Real-Time GPS Trackers, Cellular Data Pushers
3) By Data Pullers: Request-Based Trackers, Remote Data Pullers
4) By Covert GPS Trackers: Battery-Powered Trackers, Hardwired Covert Trackers

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What regions are at the forefront of gps equipment market expansion?
Asia-Pacific was the largest region in the GPS equipment market in 2024. Asia-Pacific is expected to be the fastest-growing region in the global GPS equipment market share during the forecast period. The regions covered in the gps equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Who are the leading players fueling growth in the gps equipment market?
Major companies operating in the GPS equipment market include Garmin Ltd., Sensata Technologies Inc., Trimble Navigation Limited, Jimi IoT, MiTAC Digital Technology Corporation (Navman), Eelink Communication Technology Limited, Queclink Wireless Solutions Co. Ltd., TomTom International BV, Geotab Inc., Teltonika UAB, Calamp Corporation, Sierra Wireless Inc., Mio Technology Corporation, Verizon, Orbocomm Inc., Concox Wireless Solution, Shenzhen Concox Information Technology Co. Ltd., ATrack Technology Inc., Meitrack Group, Trackimo LLC, Ruptela UAB, Xirgo Technologies Inc., Shenzhen Coban Electronics Co. Ltd., Maestro Wireless Solutions, Spy Tec Inc.

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What Is Covered In The GPS Equipment Global Market Report?

•Market Size Forecast: Examine the gps equipment market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the gps equipment market for a structured understanding.
•Key Players Overview: Analyze major players in the gps equipment market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the gps equipment market.
•Segment Contributions: Evaluate how different segments drive overall growth in the gps equipment market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the gps equipment market.
•Industry Challenges: Identify potential risks and obstacles affecting the gps equipment market.
•Competitive Landscape: Review strategic developments in the gps equipment market, including expansions, agreements, and new product launches.

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