The global GPS tracking device market is projected to reach USD 2.53 billion at a healthy 11.9% CAGR between 2017- 2023, 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.
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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.
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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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1 MARKET INTRODUCTION
1.1 INTRODUCTION
1.2 SCOPE OF STUDY
1.2.1 RESEARCH OBJECTIVE
1.2.2 ASSUMPTIONS
1.2.3 LIMITATIONS
1.3 MARKET STRUCTURE:
1.3.1 GLOBAL GPS TRACKING DEVICE MARKET: BY TYPE
1.3.2 GLOBAL GPS TRACKING DEVICE MARKET: BY COMPONENTS
1.3.3 GLOBAL GPS TRACKING DEVICE MARKET: BY END USER
1.3.4 GLOBAL GPS TRACKING DEVICE MARKET: BY REGION
2 RESEARCH METHODOLOGY
2.1 RESEARCH COMPONENTS
2.2 PRIMARY RESEARCH
2.3 SECONDARY RESEARCH
2.4 FORECAST MODEL
3 MARKET DYNAMICS
3.1 INTRODUCTION
3.2 MARKET DRIVERS
3.3 MARKET CHALLENGES
3.4 MARKET OPPORTUNITIES
4 EXECUTIVE SUMMARY
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