The report of GPS Tracking Device Market by Type (Standalone Tracker, OBD Device, Advance Tracker), GPS Tracking Device (Cellular, Satellite), Deployment Type (Commercial Vehicle, Cargo & Container, Others), Industry (Transportation & Logistics, Construction, Oil & Gas, Metals & Mining, Government, Others (Hospitality, Education, Retail, Agriculture, and Healthcare)), and Region (North America, Asia Pacific, Europe, South America, and Middle East & Africa) is expected to reach US$ XX Mn by 2027, at a CAGR of XX% during the forecast period.
The increasing number of commercial vehicles, the accuracy of these devices in ascertaining the position of mobile objects are the major drivers for the growth of the GPS tracking device market. Also, increasing the adoption of GPS technology to monitor and keep track of these vehicles, offers better consumer service, small in size and has a longer lifespan. Furthermore, the use of a GPS tracking device for security and surveillance applications is a factor expected to force the growth of the global GPS tracking device market in the future.
Additionally, the installation of these devices does not incur very high costs, which further popularizes these devices. The transport industry is the main consumer of these products, buses, trucks, freights, and cars owned by businesses are fitted with a GPS tracking system. An alternative important factor reinforcing demand is the installation of these devices across public transport systems. The governments want to add utility to public services, thus, these systems are being rapidly adopted across government undertakings.
Also, the advancement in the technology and software, and growing usage of GPS tracking devices for usage-based insurance also known as pay-as-you-drive insurance can create high revenue are expected to offer numerous opportunities for the market in the future.
However, the occurrence of obstacles and extreme weather condition that includes geomagnetic storms that can affect the accuracy of GPS are factors that may hamper the growth of the global GPS tracking device market. A GPS tracking unit in commercial vehicles requires a direct line of sight between the receiver and satellite. Therefore, if an object lies within the direct path, it can deviate the GPS signal and result in a poor signal. Numerous environmental factors, like dense trees, steep hillsides, tall buildings, or even heavy cloud cover, can weaken GPS signal and might give delayed results because of these geographical limitations.
According to the deployment type segments, the commercial vehicle segment is expected to register the largest market share of the global market in terms of revenue in the future. Growing adoption of GPS for tracking and monitoring of commercial vehicles, like buses, construction vehicles, trucks, etc. and protection of valuable goods that are loaded in these vehicles.
Region-wise, Europe held the largest share in terms of revenue and is expected to continue its position over the forecast period. The presence of prominent automotive companies that consist of Box Telematics Ltd., Ruptela UAB, Teltonika UAB, and Neomatica LLC are offering GPS tracking devices in vehicles is a crucial factor driving the growth of the market in this region. North America market is expected to accounts for the second-largest share in terms of revenue in the future.
The market in the Asia Pacific is expected to register the fastest growth in terms of revenue in the future, because of the Asia Pacific countries, such as China, South Korea, and Japan are developing markets for GPS tracking devices. As well as, thanks to the aging infrastructure, manufacturing facilities and asset safety, and security, the Asia Pacific region is expected to hold a considerable share in the GPS tracking market.
Key players operating in the GPS Tracking Device Market are Laird PLC, Calamp Corp, Teltonika UAB, Concox Wireless Solutions Co., Ltd., TomTom International BV, Sierra Wireless Inc, Geotab Inc. Meitrack Group, ATrack Technology Inc, Orbocomm Inc, Ltd, and Trackimo LLC.
Maximize Market Research, a global market research firm with a dedicated team of specialists and data has carried out extensive research about the Global GPS Tracking Device Market. The report encompasses the market by different segments and region, providing an in-depth analysis of the overall industry ecosystem, useful for making an informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics, and future opportunities that might exist in the Global GPS Tracking Device Market. The driving forces, as well as considerable restraints, have been explained in depth. In addition to this, competitive landscape describing the strategic growth of the competitors have been taken into consideration for enhancing market know-how of our clients and at the same time explain Global GPS Tracking Device Market positioning of competitors.
Browse the market data Tables and Figures spread through a comprehensive research report and in-depth TOC on “Global GPS Tracking Device Market”.
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