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GPS Tracking Device Market to See High CAGR Growth of 12.10% by 2026

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peeter dbmr

GPS tracking device market is to register a healthy CAGR of 12.10% in the forecast period of 2020-2026. GPS tracking is basically an observation of the situation by the use of the Global Positioning System (GPS) to trace the position of an object distantly. The technology can locate latitude, line of longitude, course direction and ground speed of the target.

The GPS may be a bunch of twenty-four aligned satellites that orbit the earth and create it a possibility for particular ground receivers to locate their geographic location. The location precision is in between 10 to 100 meter for the many types of equipment. The accuracy is often located inside one meter with distinctive defense-approved equipment.

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Major Market Players

Few of the major competitors currently working in global GPS tracking device market are CalAmp, Sierra Wireless, ORBCOMM, Queclink Wireless Solutions Co ., Ltd., Concox Information Technology Co., Ltd. , Laird, TomTom International BV. , Meiligao GroupTELTONIKA, ATrack Technology Inc.,  Geotab Inc. , Spy Tec International,  Rekvizitai.lt Lithuania, Lantronix, Inc, Xirgo Technologies., GPS Insight, ClearPathGPS, Inc, Azuga, Agile Fleet, US Fleet Tracking , ARIHANT ELECTRICALS, Shenzhen Eelink Communication Technology Co., Ltd., GPS SYSTEMS INDIA, AssetTrackr Pvt Ltd   among others.

Segmentation: Global GPS Tracking Device Market

  • By Type (Standalone Tracker, OBD Device, Advance Tracker)
  • By Deployment Type (Commercial Vehicle, Cargo and Container, Others)
  • By GPS Tracking Device (Satellite, Cellular)
  • By Industry (Transportation & Logistics, Construction, Oil & Gas, Metals & Mining, Government, Others)
  • By Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa)

Competitive Analysis

Global GPS tracking device market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of GPS tracking device market for Global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.

Market Drivers:

  • Business vehicles increment capital to large supply of GPS system is a driving factor for the market growth
  • Small size, longer life and dominating ROI of GPS devices is enhancing the market growth
  • Lower prices of GPS devices is flourishing the market growth
  • Upgrading in the software is driving the market growth

Market Restraints:

  • Many environmental aspects leads to poor user experience acting as a restraint for the market growth
  • Impact of the non-standard products is hindering the market growth

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Key Insights in the report:

  • Complete and distinct analysis of the market drivers and restraints
  • Key market players involved in this industry
  • Detailed analysis of the market segmentation
  • Competitive analysis of the key players involved

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