GPS Tracking Device Market Analysis
The global GPS tracking device market is projected to reach USD 2.53 billion at a healthy 11.9% CAGR between 2017- 2023, states the new Market Research Future (MRFR) analysis. A GPS tracking device, simply put, is a navigation device that is used for tracking the device’s movements and determining its geographical position. Advance tracker, covert GPS trackers, standalone tracker, and others are the different types of GPS trackers.
Various factors are fuelling the demand for the global GPS tracking device market research. Such factors, as revealed by the new MRFR analysis, include the booming transportation sector, expanding tourism industry, people’s increasing disposable income, development of wireless networks, advances in data analytics, and growing demand for automotive. Additional factors adding market growth include increasing awareness about safety, mandatory regulations for telematics, a rise in commercial car sales, vehicle theft protection, high ROI, affordable price, and different government mandates like electronic logging devices.
On the contrary, several environmental factors, the impact of non-standard products, the presence of cost-effective substitutes, and the ongoing COVID-19 impact may limit the global GPS tracking device market growth over the forecast period.
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Global GPS Tracking Device Market Segmentation
The GPS tracking device market research can be segmented on the basis of type, component, end user, and region.
On the basis of type, the market can be segmented into covert GPS trackers, standalone tracker, advance tracker and others, wherein the advance tracker market is expected to showcase a sharp growth rate during the forecast period. Advance trackers are installed in commercial vehicles to offer performance-related information about the vehicles and provide data regarding engine diagnosis in addition to basic functionalities.
On the basis of component, the market can be segmented into GPS loggers, personal GPS trackers, real-time GPS trackers, and others.
On the basis of end-users, the GPS tracking device can be segmented into automotive and aerospace, healthcare, transportation, retail, government and defense, industrial, hospitality, education, and others. Among them, the transportation sector is expected to display a rapid growth rate and holds the largest market share in the GPS tracking device market size.
Global GPS Tracking Device Market – Regional Analysis
The GPS Tracking Device market Analysis by MRFR outlines the primary regions as Europe, North America, APAC or Asia Pacific and RoW or Rest-of-the-World.
North America is at the top of its game, having clinched the leading position in the global market. It is estimated that more than two million people in North America use GPS Personal Emergency Response Systems for personal safety. GPS tracking devices are finding use in monitoring applications for anti-poaching patrol cars for commercial and personal purposes. Apart from this, GPS tracking devices in the region are subjected to extensive R&D to note further advancements, which helps boosts its demand across industries. Also, high disposable income of people has led to higher product demand, resulting in development of advanced GPS tracking device for car by manufacturers in the region.
In APAC, GPS has become a critical aspect of applications such as self-driving cars and drones, emerging as an indispensable tool in countries like Japan and India. Increasing popularity of automation, support from government initiatives along with the expansion of the transport industry is also inducing tremendous market growth for GPS tracking devices in the region. Japan, South Korea and China hold the most growth potential in the regional market, following the constant surge in the demand for GPS tracking devices and locators. It is also projected despite the financial instability caused by the novel coronavirus; the APAC market will remain resilient throughout the appraisal period.
Key Players
Leading contenders profiled in the global GPS tracking device market report include Queclink Wireless Solutions Co., Ltd. (China), Verizon Wireless (U.S), Spy tech, Inc. (U.S), Concox Information Technology Co., Ltd. (China), Laipac Technology, Inc. (Canada), Sierra Wireless Inc. (Canada), Orbocomm Inc. (US), Calamp Corp. (US), Tomtom International Bv ( Neitherland), and Atrack Technology Inc. (Taiwan).
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