GPS Tracker Market Size - Business Development and Global Forecast 2023

Posted by Savni on March 27th, 2020

Market Highlights

The global ground positioning system (GPS) tracker market could attain the valuation of USD 2.72 billion by 2023, says Market Research Future (MRFR). It is expected to intensify at a rate of 14.42% during the forecast period (2018-2023).

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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Market Segmentation

The segmental evaluation of the worldwide GPS tracker market has been done on the basis of network, vertical, and type.

The GPS tracker market, network-wise, comprises 3G, LTE, and 2G. The LTE segment could attain a valuation of USD 1,898.6 million while achieving a CAGR of 15.23% during the forecast period.

With respect to the vertical, the GPS tracker market can be narrowed down to oil & gas, transportation & logistics, government & defense, automotive & aerospace, healthcare, metals & mining, and others. The transportation segment is expected to accrue revenues of up to USD 846.98 million during the conjectured time frame and could achieve a CAGR of 17.05% during those years.

Depending on the type, the market for GPS trackers has been segmented into covert GPS tracker, advanced tracker, and standalone tracker. The advanced tracker segment could reach the valuation of USD 981.74 million by 2023 and is expected to attain a CAGR of 16.09% during the review period.

Detailed Regional Analysis

Asia Pacific, Europe, North America, and the Rest of the World are the regional segments of GPS Tracker Market Size 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.

Leading Companies

TomTom International BV, Calamp Corp, Orbocomm Inc., Sony Mobile Communications Inc, Laipac Technology, Inc., Verizon Wireless, and Queclink Wireless Solutions Co., Ltd, Sierra Wireless Inc, Spy Tech, Inc, Concox Information Technology Co., Ltd, Atrack Technology Inc., are some of the leading players in the GPS tracker market.

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