The global positioning system (GPS) devices market is expected a steady growth due to the acceptance of advanced technology across various sectors. The market is expected a valuation of USD 2.53 Bn by 2023, at 11.9 % CAGR between 2017 and 2023 (forecast period).
The GPS tracking device Market is generally carried by a vehicle or by a moving person and used in monitoring and tracking the current location of a vehicle or a person. The GPS tracking market has a high demand across sectors such as information technology (IT), transportation, and telecommunication. It offers real-time information about products, vehicles, and individual. These devices provide advanced tracking systems both for consumers and business that further enhances security and safety. Information regarding the moving object can be stored inside the tracking devices or be transferred to a central control unit. The GPS tracker comprises a GPS module that receives the GPS signal.
The system uses radio, satellite or cellular modems that are fitted along with the tracking devices so that the devices with GPS enabled can be used to track mobile objects. The location of the device further uses geometric coordinates so that it can position the object on the map. Furthermore, the GPS tracking system can be classified into three parts namely basic, intermediate and advanced.
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Some of the prominent players in this market are Tomtom International Bv (Neitherland), Sierra Wireless Inc. (Canada), Atrack Technology Inc. (Taiwan), Concox Information Technology Co. Ltd. (China), and others.
Drivers and Restraints
The prime reasons propelling the demand for GPS tracker devices is the easy installation of these devices at affordable costs. Also, the low cost makes it easy for the small and medium-sized business to install these systems and improve their efficiency. Moreover, various governments are setting up GPS devices across transport systems to add utilities to public services. Moreover, cloud technology and IoT are some of the key factors driving the growth of this market.
Meanwhile, to gain competitive advantage, some of the manufacturers are launching GPS tracking devices which are low in cost. Introduction of these nonstandard products are one of the major restraining factors affecting the market growth. Usage of these substandard GPS tracking devices might lead to poor user experience.
Global GPS Tracking Device Market Segmentation
The GPS tracking device market 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.
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Geographically, the market can be segmented into North America, Europe, Asia Pacific and Rest-of-the-World (RoW). North America has been observed to be the leading region with the highest market share. Over two million people in this region have been using GPS Personal Emergency Response Systems with the growing demand for personal safety. GPS tracking devices are used to monitor anti-poaching patrol cars and track their location for personal as well as commercial purposes.
Meanwhile, Europe is also showing a positive growth rate in this market because of safety purposes and tracking real-time vehicle location and speed updates. While this market has a huge potential growth, countries in Asia Pacific such as South Korea, Japan, and China can contribute to market revenue.
Concox Information Technology Co. Ltd. had ad introduced their lineup of IoT solutions to the Mexican market along with a range of products for car rental, personal security, fleet management, logistics, etc.
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