GPS Tracking Device Market, By Type (Covert GPS Trackers, Standalone Tracker, Advance Tracker), by Components (GPS Loggers, Personal GPS Trackers, Real-Time GPS Trackers), By End-User (Automotive and aerospace, Healthcare, Transportation, Government and defense) – Global Forecast 2023
The global GPS tracking device market is predicted to touch USD 2.53 billion at an 11.9% CAGR over the forecast period (2017-2023), reveals the new Market Research Future (MRFR) report. A GPS (global positioning system) is basically a navigation device that is carried by a person or a moving car that uses it for tracking the movements of the device and also determining its location. This technology helps to pinpoint latitude, longitude, course direction, and ground speed of the target.
The information recorded can be relayed over a cellular network in real time, or the data can be downloaded from the device manually after the same has been retrieved. GPS tracking devices has a huge range of applications including government, metals and mining, oil and gas, construction, transportation and logistics, and others. The modern technology used in GPS tracking devices will help in converting GPS tracking devices for being placed anywhere with regards to dependability, range, and size and also used for surveillance.
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Various factors are driving the growth of the GPS tracking device market. These factors, in accordance with the Market Research Future (MRFR) report, include high ROI, affordable price, increasing sales of commercial cars, long life of devices, and easy installation. Additional factors driving market demand include increasing use of GPS tracking devices in the transportation industry, the level of accuracy, increasing installation across public transport systems, and advancements in software and technology.
On the contrary, several environmental factors, coupled with the impact of nonstandard GPS tracking products is predicted to hamper the GPS tracking device market growth over the forecast period.
The Market Research Future report offers a wide segmental analysis of the GPS tracking device market based on end user, component, and type.
Based on type, the GPS tracking device market is segmented into advance tracker, standalone tracker, convert GPS tracker, and others. Of these, the advance tracker segment is predicted to have the largest share in the market over the forecast period. It is generally installed in commercial cars to offer information that is performance-related concerning cars and offer data about engine diagnosis along with basic functionalities.
Based on component, the GPS tracking device market is segmented into real-time GPS trackers, personal GPS trackers, GPS loggers, and others.
Based on end users, the GPS tracking device market is segmented into education, hospitality, industrial, government and defense, retail, transportation, healthcare, automotive and aerospace, and others. Of these, the transportation sector will dominate the market over the forecast period.
Based on the region, the GPS tracking device market report covers growth opportunities and the latest trends across Asia Pacific (APAC), Europe, North America, and Rest of the World (RoW). Of these, North America will dominate the market over the forecast period. This is owing to increasing use of GPS personal emergency response systems for personal safety. GPS tracking devices are used for monitoring anti-poaching vehicles and tracking their location both for commercial and personal purposes.
The GPS tracking device market in Europe is expected to have positive growth rate over the forecast period owing to safety needs and tracking speed updates and real-time vehicle location.
The GPS tracking device market in the APAC region is predicted to have a favorable growth over the forecast period. China, Japan, as well as South Korea, are the key contributors here.
Leading players profiled in the GPS tracking device market report include Concox Information Technology Co. Ltd. (China), Atrack Technology Inc. (Taiwan), Sierra Wireless Inc. (Canada), and Tomtom International Bv (Neitherland), among others. The key market players are using innumerable strategies to boost their footprint in the market such as acquisitions, partnerships, joint ventures, agreements, research and development, market initiatives, clinical trials, new product launches, and others to boost their footprints.
July 2019: BSL and RDCIS have created a GPS-based innovative system to track locomotives. This system will help to improve the rail traffic’s efficiency both outside and inside the plant premises.
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