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 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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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.
Key Players
Leading players profiled in the GPS tracking device market report include Concox Information Technology Co. Ltd. (China), Atrack Technology Inc. (Taiwan), Sierra Wireless Inc. (Canada), and Tomtom International Bv (Neitherland), among others. The key market players are using innumerable strategies to boost their footprint in the market such as acquisitions, partnerships, joint ventures, agreements, research and development, market initiatives, clinical trials, new product launches, and others to boost their footprints.
July 2019: BSL and RDCIS have created a GPS-based innovative system to track locomotives. This system will help to improve the rail traffic’s efficiency both outside and inside the plant premises.
Market Segmentation
The Market Research Future report offers a wide segmental analysis of the GPS tracking device market based on end user, component, and type.
Based on type, the GPS tracking device market is segmented into advance tracker, standalone tracker, convert GPS tracker, and others. Of these, the advance tracker segment is predicted to have the largest share in the market over the forecast period. It is generally installed in commercial cars to offer information that is performance-related concerning cars and offer data about engine diagnosis along with basic functionalities.
Based on component, the GPS tracking device market is segmented into real-time GPS trackers, personal GPS trackers, GPS loggers, and others.
Based on end users, the GPS tracking device market is segmented into education, hospitality, industrial, government and defense, retail, transportation, healthcare, automotive and aerospace, and others. Of these, the transportation sector will dominate the market over the forecast period.
Regional Analysis
Based on the region, the GPS tracking device market report covers growth opportunities and the latest trends across Asia Pacific (APAC), Europe, North America, and Rest of the World (RoW). Of these, North America will dominate the market over the forecast period. This is owing to increasing use of GPS personal emergency response systems for personal safety. GPS tracking devices are used for monitoring anti-poaching vehicles and tracking their location both for commercial and personal purposes.
The GPS tracking device market in Europe is expected to have positive growth rate over the forecast period owing to safety needs and tracking speed updates and real-time vehicle location.
The GPS tracking device market in the APAC region is predicted to have a favorable growth over the forecast period. China, Japan, as well as South Korea, are the key contributors here.
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