GPS Tracking Devices Market - Key Industry Segments Poised for Strong Growth

Posted by Savni on February 3rd, 2020

Overview:

GPS trackers are applied in various solutions by food delivery companies, leading to the escalation of market growth during the forecast period. An upsurge in the on-demand fleet management solutions in the transport and logistics sectors is prompting extensive growth in the GPS tracker market. Due to this, transportation and logistics operations are made simpler as GPS installations result in better planning, real-time tracking, cost optimization, and better handling of dispatch schedules. The compact size and the cost-effectiveness of the GPS tracker are estimated to augment the GPS tracker market positively. Further, the ability to geofence, define accessible arena and obtain historical tracking reports are leading to higher demand for GPS trackers from end users. However, the GPS tracker market is estimated to face restricting of growth due to a lack of global standards in the manufacturing of GPS tracking devices.

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GPS trackers are being used increasingly in recent years primarily because of the development of applications and gadgets that enable geo-tracking. The Market Research Future (MRFR) has stated that the global GPS tracker market will expand at a robust CAGR of 14.42% during the forecast period. Increasing compatibility with smartphones, precision navigation & tracking, and simplified operations are causing the GPS tracker market to augment further. The use of GPS trackers is leading to reduced labor costs, elimination of employee frauds, enhancement in customer service, and better management of field personnel activity pushing the market exponentially.

Regional Analysis:

Asia Pacific, Europe, North America, and the Rest of the World are the regional segments of the GPS tracker market as studied in the Market Research Future (MRFR) report. Burgeoning demand for effective fleet management by many transportation and logistics companies in the U.S. are pushing the market in North America. Further, a higher application of GPS tracking devices by law enforcement agencies is also augmenting the GPS tracker market in North America. Moreover, proliferating demand for GPS trackers for construction assets and logistics is likely to promote substantial growth in Mexico. North America is likely to showcase lucrative growth with a CAGR of 12.75% during the review period.

Asia Pacific is estimated to generate a revenue of USD 650.04 million by 2023 while expanding at a 16.42% CAGR during the forecast period. Increasing demand for wearable GPS tracking devices for human and pet tracking is pushing the market to a great extent. An exponential rise in the adoption of GPS trackers for tracking personal vehicles, cargo trailers, and construction assets in China are likely to promote sizeable market growth in the region.

Europe is estimated to expand at a CAGR of 15.02% during the forecast period. Elevated demand for GPS trackers in the automotive industry is promoting lucrative growth in the region. Rising demand for GPS trackers in various tracking gadgets such as drones and unmanned aerial vehicles is also projected to fuel the market growth exponentially.

Key Players:

The global GPS Tracking Devices Market report published by MRFR includes profiling of Orbocomm Inc., Laipac Technology, Inc., TomTom International BV, Calamp Corp, Concox Information Technology Co., Ltd, Atrack Technology Inc., Sony Mobile Communications Inc, Sierra Wireless Inc, Spy Tech, Inc, Verizon Wireless, and Queclink Wireless Solutions Co., Ltd.

Market Segmentation:

MRFR segments the GPS tracker market on the basis of network, vertical, type, and region. The GPS market is segmented into 2G, 3G, and LTE based on network. The LTE segment is anticipated to accrue USD 1,898.6 million during the forecast period, expanding at a CAGR of 15.23%.

 Based on vertical, the GPS tracker market includes segments of oil & gas, automotive & aerospace, transportation & logistics, government & defense, metals & mining, and healthcare. The transportation segment is expected to garner a revenue of USD 846.98 million, registering a CAGR of 17.05% by the end of the forecast period.

Based on type, the market is segmented into standalone tracker, advanced tracker, and GPS tracker. The advanced tracker segment is likely to garner a CAGR of 16.09% and accrue a revenue of USD 981.74 million through the assessment period.

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