The global GPS tracker market was worth $482 million in 2019. It is expected to grow at a compound annual growth rate (CAGR) of 9.60% and reach $695.4 million by 2023. This report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider GPS equipment market, and compares it with other markets.

Major players in the GPS equipment market are Yiwen Technology, Queclink Wireless Solutions Co., Ltd, Laird PLC., Tomtom International BV, Concox Wireless Solution, Xirgo Technologies, Inc., Shenzhen Concox Information Technology Co. Ltd. and Maestro Wireless Solutions.

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 giving 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.