Categories: Market Research

GPS Equipment Market Size and Forecast 2024-2033|Schlumberger Limited, Texas Instruments Inc., Garmin Ltd., Sensata Technologies Inc., Trimble Navigation Limited

The GPS Equipment Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s GPS Equipment Global Market Report 2024, The gps equipment market size has grown steadily in recent years. It will grow from $2.39 billion in 2023 to $2.47 billion in 2024 at a compound annual growth rate (CAGR) of 3.3%. The growth in the historic period can be attributed to military application, consumer electronics boom, global positioning system (gps) satellite, automotive industry adoption, government initiatives and investment

The gps equipment market size is expected to see steady growth in the next few years. It will grow to $2.88 billion in 2028 at a compound annual growth rate (CAGR) of 3.9%. The growth in the forecast period can be attributed to growth in iot and connected devices, security and anti-theft measure, data analytics and location-based services, demand surge in emergency response and disaster management, integration with autonomous drones. Major trends in the forecast period include expansion in outdoor recreation, growing safety concerns, emergence of autonomous vehicles, rising use in agriculture, government initiatives and regulations.

The increased use of GPS tracking devices in commercial vehicles contributed to the growth of the GPS equipment market. GPS tracking devices help in monitoring commercial vehicles such as trucks, buses, heavy commercial vehicles, and construction vehicles. Through monitoring and handling these vehicles in real-time with GPS trackers, companies can get real-time updates, optimize routes, increase efficiency, and improve fuel efficiency, among others. Businesses are increasingly using GPS for tracking vehicles and will have an edge over their competitors in providing a better customer experience. Therefore, the use of GPS equipment in commercial vehicles is a key factor leading to the growth of the GPS equipment market.

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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 End-Use Industry: Transportation And Logistics, Construction, Oil And Gas, Metals And Mining, Government, Other End-Use Industries (Hospitality, Education, Retail, Agriculture, and Healthcare)

3) By Application: Road, Aviation, Marine, Location-based services, Surveying and Mapping, Other Applications

The software integrated with GPS trackers has developed rapidly. The use of advanced software can deliver real-time data on a specific location. The advanced software has helped improve mapping capabilities and the ability to integrate with resources such as Google Earth and predictive diagnosis. For instance, in September 2022, Trackem, a US-based platform for monitoring resources, supplies, and job progress, launched its most recent version of its GPS tracking platform for clients. The new system includes tools for tracking fuel bills, fleet-wide fuel usage, mileage analysis, and driver scorecards. Scorecards for drivers make it easier to see those who frequently accelerate quickly or drive too fast, both of which increase fuel consumption. This data may be employed for disciplinary or instructional purposes. Numerous places in the fleet that can be modified for fuel economy can be found with the use of detailed reports. Additionally, the new Maintenance area can help fleet managers or business owners stay current and repair their vehicles to maximize fuel efficiency. The development of an enhanced GPS tracker is gaining traction and contributes to the growth of the market.

The gps equipment market report table of contents includes:

1. Executive Summary

2. GPS Equipment Market Characteristics

3. GPS Equipment Market Trends And Strategies

4. GPS Equipment Market – Macro Economic Scenario

5. Global GPS Equipment Market Size and Growth

26. South America GPS Equipment Market

27. Brazil GPS Equipment Market

28. Middle East GPS Equipment Market

29. Africa GPS Equipment Market

30. GPS Equipment Market Competitive Landscape And Company Profiles

Top Major Players: