Market Research Future Insights -
By 2030, the market for GPS tracking devices is anticipated to grow at a CAGR of 12.90%,
totaling USD 6.2 billion. During the anticipated period, the market's growth is
anticipated to be supported by rising sales of GPS-enabled automobiles and
increasing smartphone penetration. The market for global positioning systems is
also expected to rise as a result of the rising social media usage in
developing nations and the high volume of component manufacturer and integrator
mergers and acquisitions.
The increasing demand for IoT
and cloud technology and the increasing commercial vehicle sales are two of the
main driving forces behind this booming market.
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Key Players -
The following are a few of
the major businesses involved in the global positioning systems market: Verizon
Wireless (U.S), Concox Information Technology Co. Ltd. (China), Calamp Corp.
(US), Orbocomm Inc. (US), Sierra Wireless Inc. (Canada), Atrack Technology Inc.
(Taiwan), Tomtom International Bv ( Netherland), Spy tech Inc. (U.S), Queclink
Wireless Solutions Co. Ltd., Laipac Technology Inc. (Canada).
For instance, in order to
supply fleet management solutions to transportation businesses, Trimble Inc.
purchased Veltec, a fleet management provider with headquarters in Brazil, in
October 2018. To expand the market footprint and overall profitability, the
acquisition was made. Similar to this, Hexagon AB introduced the PIM7500 GNSS
receiver in May 2018 which incorporates AI technology. It is specifically made
for driverless buses, delivering highly accurate vehicle locations.
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Regional analysis -
The Global GPS Tracking
Device Market is broadly distributed over numerous regions of the world based
on geographical classification. North America, Europe, Asia-Pacific, and the
Rest of the World are a few of the top-performing geographical areas.
Out of all the regions, North
America is held responsible for creating the largest GPS tracking device market
share in the previous predicted years. In that area, there is a strong need for
GPS car tracking devices. Due to significant government military spending
(about 4.0% of each country's GDP annually) and widespread smartphone use in
the area, North America led the world in 2017. The region's smartphone adoption
rate, which was roughly 64.0% in 2017, is driving the rising demand for
location-based services.
However, Asia Pacific is
anticipated to develop at the fastest rate throughout the forecast period due
to an increase in smartphone users, a rise in broadband adoption, and
significant expenditures in network infrastructure. Additionally, the expansion
of the social media user base and the rise in GPS-enabled applications that
allow users to broadcast their real-time whereabouts are predicted to fuel
regional market expansion throughout the projected period.
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Market Segmentation -
The GPS Tracking Device
Market is ideally categorized into 3 parts based on type, components and end
user. The segmentation based on type is further sub-categorized into Covert Gps
Trackers, Standalone Tracker, and Advance Tracker sections. The
components-based segment is further divided into Gps Loggers, Personal Gps
Trackers, and Real Time Gps Trackers sections. Whereas the end-user based
market is further divided into Automotive And Aerospace, Healthcare,
Transportation, Government And Defense categories.
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