GPS Tracking Device Market Analysis
The global GPS tracking device market is set to grow at a CAGR of 12.90%, estimated to reach USD 6.2 Billion by 2030 driven by the increasing demand for IoT and cloud technology. , states the new Market Research Future (MRFR) analysis. A GPS tracking device, simply put, is a navigation device that is used for tracking the device’s movements and determining its geographical position. Advance tracker, covert GPS trackers, standalone tracker, and others are the different types of GPS trackers.
factors are fuelling the demand for the global GPS tracking device market. Such factors, as revealed by the new MRFR analysis, include the booming transportation sector, expanding tourism industry, people’s increasing disposable income, development of wireless networks, advances in data analytics, and growing demand for automotive. Additional factors adding market growth include increasing awareness about safety, mandatory regulations for telematics, a rise in commercial car sales, vehicle theft protection, high ROI, affordable price, and different government mandates like electronic logging devices.
On the contrary, several environmental factors, the impact of non-standard products, the presence of cost-effective substitutes, and the ongoing COVID-19 impact may limit the global GPS tracking device market growth over the forecast period.
Key Players
Leading contenders profiled in the global GPS tracking device market report include Queclink Wireless Solutions Co., Ltd. (China), Verizon Wireless (U.S), Spy tech, Inc. (U.S), Concox Information Technology Co., Ltd. (China), Laipac Technology, Inc. (Canada), Sierra Wireless Inc. (Canada), Orbocomm Inc. (US), Calamp Corp. (US), Tomtom International Bv ( Neitherland), and Atrack Technology Inc. (Taiwan).
Market Segmentation
The global GPS tracking device market is bifurcated on the basis of end user, component, and type.
- By type, the global GPS tracking device market is segmented into the advance tracker, covert GPS trackers, standalone tracker, and others. Of these, the advance trackers will lead the market over the forecast period. Increasing use in commercial cars to offer data associated with engine diagnosis and performance-based information, and basic functionalities are adding to the growth of the segment.
- By components, the global GPS tracking device market is segmented into GPS loggers, personal GPS trackers, real-time GPS trackers, and others.
- By end users, the global GPS tracking device market is segmented into hospitality, government and defense, automotive and aerospace, industrial, transportation, retail, education, healthcare, and others. Of these, the transportation segment will command the largest share in the market over the forecast period. The rise in technological advances in the auto sector, such as autonomous cars and C-V2X technology that are largely dependent on GPS tracking devices to improve the reliability and accuracy of navigation is fuelling the growth of the segment.
Global GPS Tracking Device Market – Regional Analysis
North America dominates the global GPS tracking device market. The region houses many advanced communication technologies and witnesses high uses of GPS vehicle tracking devices. Besides, the increase in demand from the automotive sector and vehicle thefts increases the size of the GPS tracker market for cars. The early adoption of cloud-based deployment services and GPS trackers propels the development of the market.
Asia Pacific stands second in the global GPS tracking device market. The market is driven by the rising sales of premium and luxury vehicles and uptake of GPS trackers. The strong presence of notable manufacturers and operating units with the availability of sophisticated technologies boost the regional market growth. Furthermore, the increasing adoption of GPS services and cloud-based services drives the growth of the regional market.
The proliferation of smartphones provides enormous opportunities for business growth. The growing use of navigation services offers an impetus to the regional market's growth. Rapidly growing countries, such as Japan, China, and India, are anticipated to grow rapidly through the forecast period.
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