The global GPS or global positioning system tracking device market size reached USD 2.15 Billion in 2021 and is expected to register a revenue CAGR of 12.3% during the forecast period, according to a latest analysis by Emergen Research. GPS tracking market revenue growth is driven by factors such as increasing demand for the Internet of Things (IoT) and cloud technology, increasing commercial vehicle sales, growing usage of digital maps, and advancements and upgrades of software used in GPS tracking devices. GPS technology has become an integral component of modern life, and GPS tracking is the core of every car monitoring system. The system consists of a network of satellites circling the Earth and gadgets that can determine the position of an object or a person. Today, GPS has a variety of applications, ranging from global military exercises to navigational directions for vehicles.
The study on the GPS Tracking Device market applies research methodologies including the investigation and interview techniques to weigh up on the product price, revenue, import and export status and production capability of the manufacturers operating in the GPS Tracking Device market for the forecast period, The market intelligence report focuses primarily on the market size, share and growth rate of the industry during the estimated period with the aim to help business owners make a wise investment decision and chalk out a blueprint of profitable business strategies.
The continued spread of COVID-19 has emerged as one of the greatest risks to the global economy and is creating significant anxiety and economic suffering for consumers, businesses, and communities worldwide. The “new normal,” which involves social separation and working from home, has caused difficulties with daily activities, routine work, requirements, and supplies, resulting in delayed initiatives and missed chances. The global GPS tracking device manufacturing and industrial sectors have been badly hit by the COVID-19 epidemic, since production facilities have ceased operations, resulting in a huge increase in demand among industries.
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The report is a comprehensive research study of the global GPS Tracking Device market inclusive of the latest trends, growth factors, developments, opportunities, and competitive landscape. The research study includes an in-depth analysis of the market using advanced research methodologies such as SWOT analysis and Porter’s Five Forces analysis. The report is formulated with data gathered from primary and secondary research examined and validated by industry experts. The report provides an overview of the market leaders, segmentation by type, application, and region, and technological advancements.
Some major companies operating in the market include:
CalAmp, ORBCOMM, Sierra Wireless, ATrack Technology Inc., Geotab Inc., Concox, Trackimo, Meitrack Group, RUPTELA, and Geoforce, Inc.
The report further covers comprehensive SWOT analysis and Porter’s Five Forces analysis to offer a complete understanding of the competitive landscape and scenario of each market player. The report also provides an in-depth analysis of the applications and product types offered in the market.
Emergen Research has segmented the global GPS tracking device market on the basis of technology type, deployment type, end-use, and region:
- Technology Type Outlook (Revenue, USD Billion; 2019-2030)
- Standalone Tracker
- OBD Device
- Advance Tracker
- Deployment Type Outlook (Revenue, USD Billion; 2019-2030)
- Commercial Vehicles
- Cargo & Containers
- End-Use Outlook (Revenue, USD Billion; 2019-2030)
- Aerospace & Defense
- Transportation & Logistics
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Major Geographies Covered in the Report:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Some Key Highlights From the Report
- The commercial vehicles segment accounted for moderate revenue share in 2021. Commercial GPS tracking is incredibly useful and is getting more popular among businesses that use vehicles. One can improve business operations by using a GPS tracker for commercial cars to always detect the precise position of drivers. Installing a GPS tracker that connects with mapping software enhances routing, dispatch, and safety while also lowering fuel costs and increasing the number of jobs that can be accomplished.
- The on-board diagnostic segment accounted for a significant revenue share in 2021. OBD Tracker is a GPS device that offers a number of features such as can read engine fault codes, engine RPM, and vehicle speed.
- It’s easier to set up and operate, and it’s more suited for vehicle monitoring. The scope of applicability is expanded. Once the gadget is placed, this tracker will begin its ongoing surveillance of the car.
- The aerospace & defense accounted for a significant revenue share in 2021. GPS is employed by aviators globally to improve flying safety and efficiency. With its accurate, continuous, and global capabilities, GPS offers a continuous satellite navigation service to fulfill the demands of a variety of aviation users.
- Space-based positioning and navigation provide three-dimensional positioning determination for all flight phases, such as takeoff, en-route, and landing, in addition to airport surface navigation. GPS continues to facilitate the growth of quicker and more efficient flying routes.
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The global GPS Tracking Device market report evaluates the latest economic scenario in terms of value and volume. It highlights the key growth drivers, restraints, production capacity, demand & supply ratio, import/export status, growth rate, and other critical aspects. Additionally, the report also performs SWOT analysis, Porter’s Five Forces analysis, speculation attainability investigation, and venture return investigation.
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