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GPS Market size was valued at USD 1.53 billion in 2019 and is poised to grow from USD 2.02 billion in 2023 to USD 4.62 billion by 2031, growing at a CAGR of 11.56% in the forecast period (2024-2031).

GPS companies are predicted to make friends with smartphone makers to benefit from significant potential in the cellular phone sector. Vendors might mostly concentrate on research and development in order to enhance client value and increase accuracy. For instance, Amazfit introduced its first smartwatch from the Zepp series in India in July 2021. The Zepp Z is a high-end product. It has an Alexa speech assistant and a built-in GPS. 'Calamp (US)', 'Orbocomm (US)', 'Qualcomm Technologies, Inc (US)', 'Sierra Wireless (Canada)', 'Hexagon (Sweden)', 'Queclink Wireless Solutions Co., Ltd. (China)', 'Shenzhen Concox Information Technology Co. Ltd., (China)', 'Laird (UK)', 'TomTom International BV (Netherlands)', 'Meitrack Group (China)', 'Teltonika (Lithuania)', 'TomTom International BV. (Amsterdam)', 'ATrack Technology Inc. (Taiwan)', 'Verizon (US)', 'Trackimo (US)', 'Geotab Inc. (Canada)'

The key factor fueling the market's expansion is an increase in the use of global positioning systems (GPS) for navigation. Additionally, it is estimated that the market expansion would be supported over the forecast period by the rising smart transportation applications such as navigation, fleet management, satellite road traffic monitoring, and others.

The market will soon have plenty of attractive prospects due to the rising need for IoT, big data, 4G and 5G networks, and cloud computing, which will accelerate the growth rate of the (GPS) global positioning systems market. Additionally, the rising demand for such cutting-edge technology products will present a wealth of expansion potential. Businesses in the market might take advantage of the need for GPS in a wide range of industrial applications, which is anticipated to grow at a rapid rate.

In 2021, North America dominated the global GPS market. It is predicted that North America would keep dominating the global GPS market during the forecast period. The region has already established its control over the market in recent years, largely as a result of rising demand for high-end navigation and increased use of advanced technologies. For the foreseeable future, the regional market is expected to benefit from about the same growth sources. Due to a rise in the use of GPS technology in the transportation, logistics, and healthcare sectors, North America now dominates the industry. Additionally, high military spending penetration by regional governments and regulatory agencies as well as rising mobile device penetration are factors contributing to the rise in demand for the GPS market. To compete in the area, several important firms in the region are also making significant investments in the creation of technology-based products and collaborating with others.

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Global GPS Market

Product ID: SQMIG25F2001