GPS Tracking Device Market Size

GPS Tracking Device Market size was USD 3.6 billion in 2024 and is poised to cross USD 17.6 billion by 2037, expanding at a profitable CAGR of 12.8% over the forecast period, i.e., 2025-2037. In 2025, the industry size of GPS tracking device is estimated at USD 4.1 billion.

The GPS tracking device market is forecast for profitable growth owing to rising demands for real-time tracking and fleet management solutions across various industries. The surging demands from logistics and transportation, automotive, construction, agriculture, insurance, and other sectors create a significantly large market of end users, benefiting manufacturers supplying GPS solutions. For instance, more than 500 shipments of GPS tracking devices were imported worldwide between March 2023 to February 2024 with Chile, the U.S., and Peru leading in imports.

A key driver of the GPS tracking device market is the rising integration with the Internet of Things (IoT) and cloud-based platforms expanding the capability of GPS devices. The global shift towards smart and connected systems creates profitable opportunities for the sector by bolstering the sector’s expansion. The sector leverages government mandates worldwide to install GPS tracking devices in commercial vehicles in a bid to improve road safety. For instance, in September 2023, Apple included NavlC, i.e., a GPS manufactured in India, in certain new iPhone 15 models and the government stated that NavlC is likely to be made mandatory for all cars and devices. Additionally, businesses are expanding in low-to-middle-income nations to provide affordable GPS device solutions assisting the continued growth of the sector.

The GPS tracking device market is positioned to provide lucrative opportunities in the development of compact, energy-efficient devices tailored to specific industry requirements. The proliferation of 5G connectivity has boosted the reliability of GPS tracking, leading to greater adoption rates. Furthermore, expansion of applications in personal tracking, disaster management, and wildlife monitoring creates new segments for the manufacturers to leverage. For instance, in June 2023, researchers at the University of Copenhagen developed an advanced GPS tracker named KineFox that is lightweight and can be used tracking of small and larger mammals. The trends indicate that the demand for high-performance tracking solutions is projected to increase during the forecast period, further boosting the growth of the market.