GPS Tracking Device Market Analysis
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 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.
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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.
The well-known players in the GPS Tracking Device system Market are listed as, Spy tech, Inc. (U.S), Verizon Wireless (U.S), Tomtom International Bv (Neitherland), Calamp Corp. (US), Laipac Technology, Inc. (Canada), , Sierra Wireless Inc. (Canada), Concox Information Technology Co., Ltd. (China), Orbocomm Inc. (US), and Queclink Wireless Solutions Co., Ltd. (China), Atrack Technology Inc. (Taiwan) and to name a few.
The global GPS Tracking Device System Market is segmented by the elements of type, components, and end-users.
In terms of type: Covert GPS tracking devices market, Standalone Tracker, Advance Tracker, and others are the segments that are contributing to the market’s growth.
In terms of components: GPS Loggers, Personal GPS Trackers, Real-Time GPS Trackers, and others are the segments acquiring most of the market’s share and contributing to its growth during the forecast period.
In terms of end-user: Automotive and aerospace, Healthcare, Transportation, Retail, Government and defense, Industrial, Hospitality, Education are the segments acquiring the maximum market share.
Region-wise analysis of GPS Tracking Device market studied for the key regions such as Asia Pacific, North America, Europe and Rest of the World.
Among these, North America stands as the leading region around the world in terms of having the highest market share. In this region, these devices are widely used in assisting monitor anti-poaching patrols in the present days and tracking the location throughout the time in commercial as well as for personal purposes. Such factor is emerging and thus thriving the market to evolve considerably during the forecast period.
On the other hand, Europe region is also displaying a positive growth in the GPS Tracking Device devices market in support of safety purpose and even in getting a real-time update about the vehicle location, vehicle speeds, as well as instant alert message to bad driver behaviors.
Asia-Pacific region is also one of the critical regions in grabbing the significant share of the market as countries like China, Japan, and South Korea are emerging markets for GPS tracking devices market. Here, the market has enormous potential for growth of GPS tracking device market specifically China.
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