Market Highlights:
The evolution of location tracking products is gaining momentum as it becomes imperative to track individuals or goods due to a range of reasons. The global GPS tracker market is projected to achieve revenues worth USD 2.72 billion while expanding with a 14.42 % CAGR in the forecast period. The necessity to access real-time location information on individuals and items is a key factor in boosting the expansion of the GPS tracker market globally. The improvements in global navigation satellite system (GNSS) network to obtain real-time as well as historical worldwide data tracking is also benefitting the overall growth of the market.
The increased demand for operational efficiency required in an organization has augmented the demand for GPS trackers in virtually every industry vertical of late. Thus, the organizations have become more resolute about increasing the operational efficiency, decreasing time to market, and advancing enhanced customer services which is beneficial to the growth of the market in the long term. The emergence of food trucks is a notable trend which employs the use of GPS trackers and business intelligence tools to promote their location, show their weekly schedules and share their real-time location to attract customers, is also notably motivating the development of GPS tracker market in this segment. Due to the neat design of the trackers, they are easily integrated into the vehicles; this factor has further contributed to the development of the market.
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Major Key Players
- Orbocomm Inc.,
- Laipac Technology, Inc.,
- TomTom International BV,
- Calamp Corp,
- Concox Information Technology Co., Ltd,
- Atrack Technology Inc.,
- Sony Mobile Communications Inc,
- Sierra Wireless Inc,
- Spy Tech, Inc,
- Verizon Wireless,
- Queclink Wireless Solutions Co., Ltd
The global GPS Tracker Market report includes an evaluation of the market dynamics, historical trends, ongoing industry trends, and forecast. It also comprises of a thorough market factor analysis that incorporates market factor analysis, supply chain analysis, and Porter’s Five Forces Analysis. A comprehensive analysis of the global GPS tracker market based on region as well as segmentation along with a country-level analysis of each segment is also offered in the report.
Market Segmentation:
The segmentation of the global GPS tracker market is carried out on the basis of type, network, vertical and region. On the basis of type, the GPS tracker market is segmented into covert GPS tracker, standalone tracker, and advanced tracker. The advanced tracker segment is expected to achieve revenues totaling USD 981.74 million while expanding with a CAGR of 16.09% in the forecast period. On the basis of network, the market is segmented into LTE, 3G and 2G. The LTE segment is anticipated to achieve revenues touching USD 1,898.6 million while growing with a CAGR of 15.23% in the duration of the forecast period. Based on vertical, the global GPS tracker market is segmented into automotive & aerospace, healthcare, transportation & logistics, government & defense, oil & gas, metals & mining and others. The transportation segment of the market is expected to earn revenues totaling USD 846.98 million in the duration of the forecast period, while advancing with a 17.05% CAGR in the duration of the forecast period. The regions included in the global GPS tracker market are Asia Pacific, Europe, North America and the rest of the world.
Regional Analysis
The regional analysis of the global GPS tracker market covers regions such as Asia Pacific, North America, Europe, and the rest of the world. The North American region generated revenue worth USD 343.17 billion in 2017 and is expected to grow at a CAGR of 12.75% in the forecast period. Mounting demand for efficient fleet management by many transportation and logistics service providers in the US is compelling the market development. High implementation of GPS tracking devices by law enforcement agencies in the country is also inducing the market growth in the US. Increasing demand for GPS trackers for construction assets and logistics is driving the growth of GPS tracker in Mexico. Furthermore, the growing adoption of GPS tracker in the mining industry also propels the market growth in Mexico. The European region is anticipated to develop at a 15.02% CAGR in the forecast period and had earned revenue worth USD 1,110 million by 2023. The rising demand for GPS trackers in commercial vehicles and automotive industry used for transportation and travel purposes is primarily motivating the GPS tracker market in Germany. The elevated demand for GPS trackers in tracking drones and unmanned aerial vehicles in Germany is also motivating the market’s growth in the region. The adoption of GPS trackers by Interpol to trail police fleet vehicles and accused to lessen crime in France and across the European region drives the market development. The Asia Pacific region is anticipated to create revenues worth USD 650.04 million by 2023 while progressing at a CAGR of 16.42% in the forecast period. The growing demand for wearable GPS tracking devices for pets and human tracking is compelling the market progress in the region. While, the high adoption of GPS trackers for tracking of personal vehicles, cargo trailers, and construction assets in China is triggering the market expansion.
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The market is driven by all the companies contending to advance their market share. Robust competition, speedy advances in network, and recurrent changes in government regulations concerning the use of tracking devices are significant factors that test the market expansion. The vendors in the market are competing based on cost, reliability, product quality, and aftermarket services. It is crucial for the vendors to offer high-quality services and cost-efficient and to survive and succeed in an intensely competitive market.
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