Location Tracking Market

Market Definition

The Location Tracking Market size was valued at USD 8.07 billion in 2023 and is predicted to reach USD 14.62 billion by 2030 with a CAGR of 8.9% from 2024 to 2030. Location tracking refers to the process of monitoring and recording the geographic position of an object, person, or device in real-time or periodically. This is typically achieved through the use of GPS (Global Positioning System), cellular triangulation, Wi-Fi positioning, or other technologies. Location tracking allows for the accurate determination of the whereabouts of the tracked entity, enabling applications such as navigation, asset management, security monitoring, and location-based services. However, it also raises significant privacy and security concerns, as it can potentially reveal sensitive information about individuals' movements and activities.

Market Dynamics and Trends

The location tracking market is experiencing significant growth driven by the increasing integration of location tracking systems in commercial vehicles. With many commercial vehicles now equipped with GPS tracking systems, businesses can efficiently monitor vehicle locations, enhancing both operational efficiency and safety standards.

Moreover, the utilization of GPS tracking in cargo and container tracking is on the rise. This is particularly crucial for verifying the conditions of high-value shipments, such as pharmaceuticals and electronics, from their origin to their destination. This trend is contributing to the expansion of the location tracking market as businesses prioritize the security and integrity of their goods during transit.

Additionally, government regulations also play a pivotal role in propelling market growth. For example, mandates like the one issued by the Ministry of Road Transport and Highways (MoRTH) in August 2022, requiring location tracking devices in goods vehicles transporting hazardous materials, have spurred adoption and investment in location tracking technologies.

Additionally, the increasing demand for Internet of Things (IoT) and cloud technology is fueling market expansion. Location trackers leveraging IoT and cloud capabilities offer versatile functionalities, providing precise location information, predicting future movements, and facilitating real-time tracking. This convergence of technologies is driving innovation in location tracking solutions and widening their application scope across various industries.

However, external conditions such as dense trees, tall buildings, heavy cloud cover, and rain can weaken the GPS signal coupled with several manufacturers offering low-quality location tracking devices in order to gain a competitive advantage are the factors expected to restraint the growth of the location tracking market.

On the other hand, Integration with emerging technologies such as artificial intelligence (AI), machine learning (ML), blockchain, and edge computing is expected to create ample opportunities for the location tracking market in the coming years. These technologies will enhance the functionality and value proposition of location tracking solutions, driving adoption across various sectors.

Market Segmentations and Scope of the Study

The location tracking market is segmented on the basis of type, component, deployment type, end user, and geography. On the basis of type, the market is divided into covert GPS trackers, standalone tracker, advance tracker. On the basis of component, the market is classified into GPS loggers, personal GPS trackers, real-time GPS trackers. On the basis of deployment, the market is segmented into commercial vehicle, cargo and container, smartphones, and others. On the basis of end-user, the market is separated into automotive and aerospace, healthcare, transportation, government, defense, and others. Geographic breakdown and analysis of each of the aforesaid segments include regions comprising North America, Europe, Asia-Pacific, and Row.

Geographical Analysis

North America currently dominates the location tracking market and is expected to maintain its leading position in the forecast period. This dominance is primarily driven by the expanding healthcare sector in countries like the United States and Canada.

GPS technology, integrated with navigation satellites, plays a crucial role in tracking the precise location of emergency rooms within hospitals and dispatching the nearest ambulances to pick up patients swiftly. This utilization enhances emergency response times and patient care, driving the demand for location tracking solutions.

Additionally, the strong presence of automotive and aerospace industries in the United States further drives market growth. Location tracking systems are extensively integrated into vehicles to provide drivers with real-time location information and navigation assistance, contributing to safer and more efficient travel.

According to Forbes data from 2023, over 7,600 U.S. commercial aircraft, as well as 167,000 general aviation aircraft and 34,200 experimental aircraft, rely on GPS for navigation, enhancing safety and efficiency in air travel. The region's advanced infrastructure, coupled with widespread adoption across various sectors, underscores its continued dominance in the global location tracking market landscape.

On the other hand, the Asia Pacific region is poised to experience a steady growth in the location tracking market, driven by the surge in sales and manufacturing of consumer electronics in China, encompassing computers and smartphones.

As of September 2022, China leads globally in the production and sales of consumer electronics, a testament to its booming market. These devices are equipped with advanced features such as 3D maps and GPS tracking systems, leveraging satellite radio waves and internal receivers to provide precise location and time data to various software applications.

Moreover, the presence of prominent market players like Queclink Wireless Solutions Co., Ltd and Meitrack Group further propels market growth in the region. For instance, in May 2022, Meitrack Group introduced the TA255 Series, the world's first 4G solar asset tracker featuring an innovative attachable structure.

These trackers offer functionalities such as magnetic installation and drop alerts, facilitating the tracking of goods, valuables, and equipment across diverse sectors. They can be seamlessly installed in passenger vehicles, commercial vehicles, construction vehicles, and trailers, enabling precise positioning and tracking. This dynamic landscape presents ample opportunities for market expansion and innovation, catering to diverse applications across industries.

Competitive Landscape

Various market players operating in the location tracking market includes Calamp, Orbocomm, Qualcomm Technologies, Inc, Sierra Wireless, Hexagon, Queclink Wireless Solutions Co., Ltd., Shenzhen Concox Information Technology Co. Ltd., Ezurio, TomTom International BV, and Meitrack Group. These market players continue to adopt various market development strategies including new launches across various regions to maintain their dominance in the location tracking market.

For instance, in October 2021, Sierra Wireless launched Acculink Cargo, which is a IoT solution for asset tracking. Acculink Cargo enables electronics manufacturers, cold chain carriers, general freight carriers, shippers and third-party logistics firms to quickly track the location and condition of high-value and sensitive assets.

Also, for instance, in September 2021, Calamp launched location tracking software called iOn, which is a fully integrated fleet and asset management solution. The software helps transportation, industrial, government, commercial and service fleet operators reduce costs, increase operational efficiency and improve fleet safety.

Key Benefits

• The location tracking market report provides the quantitative analysis of the current market and estimations from 2024 to 2030. This analysis assists in identifying the prevailing market opportunities to capitalize on.

• The study comprises of a detailed analysis of the location tracking market trends including the current and future trends for depicting the prevalent investment pockets in the market.

• The information related to key drivers, restraints, and opportunities and their impact on the location tracking market is provided in the report.

• The competitive analysis of the market players along with their market share in the location tracking market is mentioned.

• The SWOT analysis and Porter’s Five Forces model are elaborated in the study.

• The value chain analysis in the market study provides a clear picture of the stakeholders’ roles.

Key Market Segments

By Type

• Covert GPS Trackers

• Standalone Tracker

• Advance Tracker

By Component

• GPS Loggers

• Personal GPS Trackers

• Real-Time GPS Trackers

By Deployment Type

• Commercial Vehicle

• Cargo and Container

• Smart Phones

• Others

By End-User

• Automotive and aerospace

• Healthcare

• Transportation

• Government 

• Defense

• Others

By Region

• North America

  • The U.S.

  • Canada

  • Mexico

• Europe

  • The U.K.

  • Germany

  • France        

  • Italy        

  • Spain        

  • Denmark        

  • Netherlands        

  • Finland        

  • Sweden        

  • Norway        

  • Russia        

  • Rest of Europe    

• Asia-Pacific

  • China

  • Japan

  • India

  • South Korea

  • Australia

  • Indonesia

  • Singapore

  • Taiwan

  • Thailand

  • Rest of Asia-Pacific

• Rest of the World (RoW)

  • Latin America

  • Middle East

  • Africa

REPORT SCOPE AND SEGMENTATION:

Parameters	Details
Market Size in 2023	USD 8.07 Billion
Revenue Forecast in 2030	USD 14.62 Billion
Growth Rate	CAGR of 8.9% from 2024 to 2030
Analysis Period	2023–2030
Base Year Considered	2023
Forecast Period	2024–2030
Market Size Estimation	Billion (USD)
Growth Factors	Increasing demand of location tracking systems in commercial vehicles. The utilization of GPS tracking in cargo and container for high value shipments. Government regulations for transporting dangerous and hazardous goods requires efficient tracking systems.
Countries Covered	28
Companies Profiled	10
Market Share	Available for 10 companies
Customization Scope	Free customization (equivalent to up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope.
Pricing and Purchase Options	Avail customized purchase options to meet your exact research needs.

KEY PLAYERS

• Calamp

• Orbocomm

• Qualcomm Technologies, Inc

• Sierra Wireless

• Hexagon

• Queclink Wireless Solutions Co., Ltd

• Shenzhen Concox Information Technology Co. Ltd

• Ezurio

• TomTom International BV

• Meitrack Group