Market Synopsis
The global positioning system (GPS) devices market is expected a steady growth due to the acceptance of advanced technology across various sectors. The market is expected a valuation of USD 2.53 Bn by 2023, at 11.9 % CAGR between 2017 and 2023 (forecast period).
The GPS tracking device is generally carried by a vehicle or by a moving person and used in monitoring and tracking the current location of a vehicle or a person. The GPS tracking device market size has a high demand across sectors such as information technology (IT), transportation, and telecommunication. It offers real-time information about products, vehicles, and individual. These devices provide advanced tracking systems both for consumers and business that further enhances security and safety. Information regarding the moving object can be stored inside the tracking devices or be transferred to a central control unit. The GPS tracker comprises a GPS module that receives the GPS signal.
The system uses radio, satellite or cellular modems that are fitted along with the tracking devices so that the devices with GPS enabled can be used to track mobile objects. The location of the device further uses geometric coordinates so that it can position the object on the map. Furthermore, the GPS tracking system can be classified into three parts namely basic, intermediate and advanced.
Drivers and Restraints
The prime reasons propelling the demand for GPS tracker devices is the easy installation of these devices at affordable costs. Also, the low cost makes it easy for the small and medium-sized business to install these systems and improve their efficiency. Moreover, various governments are setting up GPS devices across transport systems to add utilities to public services. Moreover, cloud technology and IoT are some of the key factors driving the growth of this market.
Meanwhile, to gain competitive advantage, some of the manufacturers are launching GPS tracking devices which are low in cost. Introduction of these nonstandard products are one of the major restraining factors affecting the market growth. Usage of these substandard GPS tracking devices might lead to poor user experience.
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Global GPS Tracking Device Market Segmentation
The GPS tracking device market can be segmented on the basis of type, component, end user, and region.
On the basis of type, the market can be segmented into covert GPS trackers, standalone tracker, advance tracker and others, wherein the advance tracker market is expected to showcase a sharp growth rate during the forecast period. Advance trackers are installed in commercial vehicles to offer performance-related information about the vehicles and provide data regarding engine diagnosis in addition to basic functionalities.
On the basis of component, the market can be segmented into GPS loggers, personal GPS trackers, real-time GPS trackers, and others.
On the basis of end-users, the GPS tracking device can be segmented into automotive and aerospace, healthcare, transportation, retail, government and defense, industrial, hospitality, education, and others. Among them, the transportation sector is expected to display a rapid growth rate and holds the largest market share in the GPS tracking device market size.
Regional Analysis
Geographically, the market can be segmented into North America, Europe, Asia Pacific and Rest-of-the-World (RoW). North America has been observed to be the leading region with the highest market share. Over two million people in this region have been using GPS Personal Emergency Response Systems with the growing demand for personal safety. GPS tracking devices are used to monitor anti-poaching patrol cars and track their location for personal as well as commercial purposes.
Meanwhile, Europe is also showing a positive growth rate in this market because of safety purposes and tracking real-time vehicle location and speed updates. While this market has a huge potential growth, countries in Asia Pacific such as South Korea, Japan, and China can contribute to market revenue.
Industry Developments
Concox Information Technology Co. Ltd. had ad introduced their lineup of IoT solutions to the Mexican market along with a range of products for car rental, personal security, fleet management, logistics, etc.
Competition Analysis
Some of the prominent players in this market are Tomtom International Bv (Neitherland), Sierra Wireless Inc. (Canada), Atrack Technology Inc. (Taiwan), Concox Information Technology Co. Ltd. (China), and others.
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The report "GPS Tracking Device Market by Type (Standalone Tracker, OBD Device & Advance Tracker), Deployment Type (Commercial Vehicle, Cargo & Container), Industry (Transportation & Logistics, Metals & Mining, and Construction) and Geography - Global Forecast to 2025" The GPS tracking device market is expected to reach USD 3.7 billion by 2025, at a CAGR of 11.4% between 2017 and 2025.
The factors that are driving the growth of market include the increasing sales of commercial vehicles, small farm factor, affordable price, and high ROI.
The growth of these devices is driven by the growth of commercial fleet management and declining prices of GPS trackers.
“APAC is projected to dominate the GPS tracking device market between 2017 and 2025” APAC is one of the emerging markets for the GPS tracking devices.
The usage of GPS tracking devices in this region is less as compared to other regions.
Some of the key players offering GPS Tracking devices include Calamp (US), Orbocomm (US), Sierra Wireless (Canada), Quelink Wireless Solution (China), Concox Wireless Solution (China), TomTom International (Netherlands), Laird (UK), Xirgo Technologies (US), and Maestro Wireless Solutions (Hong Kong) among others.
GPS Tracking Device MarketData Bridge Market research released a new market study on GPS Tracking Device Market with 100+ market data Tables, Pie Chart, Graphs & Figures spread through Pages and easy to understand detailed analysis In GPS Tracking Device Market research report also directs the manufacturer about planning of advertising and sales promotion efforts and makes it more effective.
GPS Tracking Device Market survey provides key information about the industry such as helpful and important facts and figures, expert opinions, and the latest developments across the globe.
This market study includes drivers and restraints for the market along with the impact they have on the demand over the forecast period derived with the help of SWOT analysis.Global GPS tracking device market is to register a healthy CAGR of 12.10% in the forecast period of 2019-2026.
The report contains data from the base year of 2018 and the historic year of 2017Grab Sample Report + All Related Tables & Charts of Global GPS Tracking Device Market Study Now @ https://www.databridgemarketresearch.com/request-a-sample/?dbmr=global-gps-tracking-device-marketMarket Definition: Global GPS Tracking Device MarketGPS 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 locationTop Manufacturers Covered in the Report: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.
The study covers the global GPS tracking industry statistics, in terms of revenue, for a period ranging between 2015 and 2025.
The report, besides estimating the ‘GPS Tracking Device’ market potential till 2025, analyzes on who can be the market leaders and what partnerships would help them to capture the market share.
The report gives an overview about the dynamics of the market, by discussing various aspects such as drivers, restraints, Porter’s 5 forces, value chain, customer acceptance and investment scenario.
Request for sample copy of the report at: https://www.adroitmarketresearch.com/contacts/request-sample/624 Rising instances of unauthorized use of company vehicles coupled with the increasing need for fleet productivity are projected to drive the global GPS tracking devices market demand over the forecast period.Engagement of vehicles in timely delivery of labor, materials, money or machines, where improvement in transit time & productivity can make a significant difference to the cost or control over logistics, is a prospect for vehicle tracking system installed.
These factor together are providing an impetus for the growth of the global GPS tracking device market.As the global automotive industry is showing rapid paradigm shift towards electric vehicles (EVs), GPS for electric cars is an additional factor projected to benefit the overall GPS tracking device market.
For instance, GPS tracking for EVs will continuously monitor the situation of charging and will notify whether it is time to return home or look for a charging station.Asia Pacific was the leader within the global GPS tracking device industry with a projected revenue size of USD 1.77 billion by 2025 on account of the rising sales of automobile coupled with the increasing installation of telematics.
