GPS Tracking Device Market - By Type (Standalone GPS, Advance Tracker, OBD Device), By Application (Vehicle Tracking, Asset Tracking, Personal Tracking), By End-use Industry, Forecast 2023 - 2032

GPS Tracking Device Market - By Type (Standalone GPS, Advance Tracker, OBD Device), By Application (Vehicle Tracking, Asset Tracking, Personal Tracking), By End-use Industry, Forecast 2023 - 2032

GPS Tracking Device Market is estimated to grow at a CAGR of over 12.5% between 2023 and 2032. Businesses across logistics, transportation, and fleet management leverage GPS tracking devices to enhance operational efficiency, optimize routes, and monitor vehicle and asset locations with precision.

Continuous innovation in GPS technology, coupled with integrated features such as geofencing, predictive analytics, and IoT connectivity, enhances the functionality of these devices. Industries are adopting more sophisticated solutions that go beyond basic location monitoring, thus favoring market growth. In September 2023, Corpay1, a brand under FLEETCOR® and a global leader in business payments, announced the launch of Payments GPS, an owned tracking technology that enabled clients as well as partners to monitor payments in real-time.

The overall GPS tracking device market is divided based upon type, application, end-use industry, and region.

As per type, OBD device segment is slated to witness a significant growth through 2032 driven by its ability to seamlessly integrate into a vehicle's on-board diagnostics port. These devices not only provide accurate location data but also enable comprehensive vehicle diagnostics. The growing preference for these devices with the ease of installation will favor the product adoption.

The asset tracking application is estimated to generate high revenues for the market by 2032, as it offers more than location data. It provides comprehensive insights into asset utilization, ensuring efficient resource allocation and mitigating the risk of theft or loss. As industries increasingly prioritize the optimization of asset management, GPS tracking devices are being adopted widely.

North America GPS tracking device industry size will grow significantly between 2023 and 2032, owing to tech-savvy consumer base and early technology adoption in the region. The intricate supply chains inherent to e-commerce and other industries amplify the need for robust tracking solutions. Moreover, the rising concerns related to vehicle and cargo security, along with complex supply chains, and heightened security issues will stimulate the regional market growth.