The GPS Tracking Device Market is to Touch $6.38 billion by 2030; Rising adoption of GPS tracking and monitoring systems in marine applications and Increasing demand for industrial asset tracking solution propels market growth.

The GPS Tracking Device Market size is estimated to reach $6.38 billion by 2030, growing at a CAGR of 12.5% during the forecast period 2023-2030, according to a recent report published by IndustryARC, titled, “GPS Tracking Device Market – By Device Type (Standalone tracker, OBD device), By Communication Type (Cellular, Satellite), By Deployment (Commercial vehicle, Cargo & Container, others), By Application (Asset tracking, commercial fleet management, shipping container tracking, personnel tracking, medical equipment tracking, wearable, others), By End-User (Industrial (Automotive, Aerospace, Defense, Transportation & Logistics,  Construction, Mining, Healthcare, Agriculture, Utility, Oil & Gas, Food & Beverage, Chemical,  Government & Public sector, other), Consumer), By Geography - Global Opportunity Analysis & Industry Forecast, 2023-2030” Rising adoption of GPS tracking and monitoring systems in marine applications and Increasing demand for industrial asset tracking solution are fueling the growth of the GPS Tracking Device industry during the forecast period.

Europe dominated the GPS tracking market in 2023, capturing a significant share of 31%. This dominance is expected to continue through 2024-2030, driven by the region's early adoption of GPS tracking systems for security purposes, stringent government regulations promoting public safety, and substantial investments in integrating software with GPS devices. The region's focus on enhancing infrastructure, improving security measures, and streamlining logistics has fueled this growth. As technology advances and demand for effective monitoring solutions rises, Europe remains a key player in the GPS tracking market.

The growing demand for automation in marine operations, including search and rescue, navigation, speed measurement, and location determination, is significantly boosting the market. Automation enables real-time position tracking, which enhances safety and efficiency by helping to mitigate risks associated with potential hazards or accidents. As maritime operations become more reliant on automated systems, this trend is expected to continue driving growth. Additionally, the increasing use of GPS data for underwater surveying, locating navigational hazards, and mapping is further propelling market expansion. The need for GPS tracking devices in commercial fishing fleets to identify optimal fishing locations, track fish migrations, and ensure regulatory compliance is also contributing to the market's growth. Furthermore, the integration of geographic information software (GIS) with GPS technology is improving the management of maritime port facilities. These technological advancements are expected to continue driving the market throughout the forecast period from 2024 to 2030.

The growing adoption of asset tracking and monitoring solutions across various industries is expected to significantly drive the market from 2024 to 2030. These solutions help organizations gather critical data on asset locations, facilitating optimized asset utilization. As companies seek to enhance operational efficiency, the demand for advanced tracking technologies has surged. The increased use of GPS tracking devices, such as data loggers, data pushers, and data pullers, across sectors like defense, aerospace, automotive, and logistics is further propelling market growth. These devices enable real-time tracking and provide valuable insights into asset conditions, improving overall management. The integration of industrial Internet of Things (IoT) systems with telematics solutions has further supported market expansion by offering enhanced asset visibility. These technologies play a key role in preventing theft, reducing asset loss or damage, and improving operational efficiency across industries, making them a crucial component in modern asset management strategies.

• In September 2023, Hero-owned Qubo introduced car GPS trackers, enabling customers to track their vehicle's location and monitor driving behavior. The tracker also includes an AI-powered Accident Detection feature, which notifies emergency contacts in the event of an accident.

• In June 2023, Jio, a prominent Indian company, launched the JioTag, an affordable item-tracking device. Offering a budget-friendly alternative to Apple's AirTag, the JioTag uses Bluetooth technology to help users easily locate lost or misplaced items.

Key companies profiled in the GPS Tracking Device Market are Orbcomm Inc., Concox Wireless Solution, Teltonika UAB, Geotab Inc., Sierra Wireless Inc., Tomtom International BV, CalAmp, ATrack Technology Inc., Quecklink Wireless Solutions Co. Ltd., Xirgo Technologies, Inc and others.