GPS Tracking Device Market Size

Global GPS Tracking Device Market size was valued at USD 3.8 billion in 2023 and is poised to grow from USD 4.32 billion in 2024 to USD 11.97 billion by 2032, growing at a CAGR of 13.6% during the forecast period (2025-2032).

The GPS tracking device market is experiencing steady growth driven by increasing demand for fleet management solutions, rising concerns about vehicle theft, improving logistics and supply chain operations, and growing adoption of location-based services across various industries. The fleet management sector has been a significant driver of the global GPS tracking device industry.

Businesses are increasingly recognizing the value of real-time tracking and monitoring of their fleets to improve efficiency, reduce costs, and ensure compliance with regulations. This segment includes various industries such as transportation and logistics, construction, utilities, and delivery services. With the rise of the Internet of Things (IoT), GPS tracking devices are being integrated into broader IoT ecosystems, enabling seamless connectivity, data sharing, and interoperability with other devices and systems. This integration allows for enhanced functionality, such as remote monitoring, predictive maintenance, and data analytics.

Increased demand for IoT and cloud technologies, as well as a rise in sales of commercial vehicles, are the main factors propelling the global GPS tracking device market growth. Also, the increased use of digital maps and the rapid advancement and upgrading of GPS tracking software are anticipated to drive GPS tracking devices market.

Insurance companies are adopting GPS tracking technology to calculate car insurance premiums. The driving patterns, such as speeding and rash driving, monitored by the insurance companies using GPS tracking device, helps to quote the appropriate premium rate. For instance, a driver who frequently exceeds the speed limit and brakes harshly may be deemed a higher risk and pay a higher premium. This helps the company finalize the affordable insurance premium for the user and the company. The GPS tracking device will help insurance companies to lower the car insurance premium. Insurance companies are looking forward to this technology, and thus in the near future, the installation of GPS tracking devices in cars may become a mandate to avail car insurance. Thus, the GPS tracking device market share finds significant opportunities in the calculation of insurance premiums.

Market Key Attributes

In February 2025, ORBCOMM, a leader in dry trailer and container visibility technology, announced a strategic partnership with Geotab to enhance connected fleet management solutions. This collaboration aims to streamline transportation asset management by integrating ORBCOMM’s advanced tracking capabilities with Geotab’s fleet management platform. By combining ORBCOMM’s IoT-driven asset monitoring with Geotab’s data analytics and telematics expertise, the partnership seeks to improve real-time fleet visibility, fuel efficiency, and regulatory compliance, offering a more seamless and comprehensive tracking solution for businesses globally.

In September 2022, Concox, a well-known manufacturer of GPS tracking devices, launched the 4G Solar Tracker LL303, specifically designed for monitoring ships and construction vehicles. The device incorporates multiple positioning technologies, including GPS, BDS, LBS, and WiFi, ensuring high accuracy tracking and real-time trajectory monitoring. This solar-powered tracker enhances production safety and operational efficiency, making it a valuable addition to industries where continuous asset tracking is crucial. The launch of the LL303 reflects the growing demand for eco-friendly and long-lasting GPS tracking solutions, catering to businesses seeking sustainable and reliable fleet management options.