Global GPS Tracking Device Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028
“Global GPS Tracking Device Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by MarketResearch.biz. The global GPS tracking device market report has been segmented on the basis of type, deployment type, end use industry, and region.
Global GPS Tracking Device Market: Overview
GPS tracking device is used for detecting and tracking an object or an entity using global positing system. It provides information regarding latitude and longitude as well as course of direction and speed of the target. GPS tracking device provides real-time and accurate information to the end user. Availability of GPS tracking device in affordable cost is making individuals more inclined towards its usage.
Global GPS Tracking Device Market: Dynamics
Key factor driving growth of the global GPS tracking device market is increasing number of commercial vehicles. In addition, increasing adoption of GPS technology to monitor and keep track of these vehicles, and offer better consumer service are factors supporting growth of the target market. GPS tracking device is small in size and has longer lifespan is another factor anticipated to fuel growth of the target market. Furthermore, use of GPS tracking device for security and surveillance applications is a factor expected to propel growth of the global GPS tracking device market in the near future.
However, occurrence of obstacles and extreme weather condition that includes geomagnetic storms that can effect accuracy of GPS are factors that may hamper growth of the global GPS tracking device market. Nevertheless, growing usage of GPS tracking devices for usage-based insurance also known as pay-as-you-drive insurance can create high revenue opportunities for players in the target market.
Global GPS Tracking Device Market: Segment Analysis
Among the type segments, the advance tracker segment is expected to register high growth in terms of revenue over the forecast period. Availability of cost-effective advance tracker and increasing its adoption in vehicles as it provides data regarding performance of engine are factors anticipated to fuel growth of this segment in the target market.
Among the deployment type segments, the commercial vehicle segment is expected to dominate the global market in terms of revenue in the near future. Growing adoption of GPS for tracking and monitoring of commercial vehicles such as buses, construction vehicles, trucks, etc. and protection of valuable goods that are loaded in these vehicles are factors driving growth of this segment in the global market.
Global GPS Tracking Device Market: Regional Analysis
Market in Europe accounts for significant share in terms of revenue and is expected to maintain its position over the forecast period. Presence of prominent automotive companies that includes GPS tracking devices in vehicles is a key factor fueling growth of the target market in this region. North America market is expected to accounts for second-highest share in terms of revenue in the near future.
Market in Asia Pacific is anticipated to register fastest growth in terms of revenue in the near future. Increasing number of automotive manufacturing facilities, especially in emerging countries is a factor propelling growth of the target market. In addition, use of GPS tracking for safety and security of assets is another factor supporting growth of the GPS tracking device market in Asia Pacific.
Global GPS Tracking Device Market Segmentation:
Segmentation by Type:
- Advance Tracker
- Standalone Tracker
- OBD Device
Segmentation by Deployment Type:
- Cargo & Container
- Commercial Vehicle
Segmentation by End Use Industry:
- Metals and Mining
- Transportation and Logistics
- Oil and Gas
- Others (Education, Healthcare, Hospitality, etc.)
Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Estimated Year 2020 Actual Year 2021 Forecast Period 2021–2030 Revenue in US$
- ORBCOMM Inc.
- CalAmp Corp.
- Queclink Wireless Solutions Co., Ltd.
- Sierra Wireless, Inc.
- Tomtom International B.V.
- ATrack Technology Inc.
- Laird PLC
- Meitrack Group
- Geotab Inc.
- Trackimo LLC
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