As per the report published by Market Research Future (MRFR), the global GPS tracker market is slated to acquire a substantial revenue generation of USD 2.72 billion at a moderate 14.42% CAGR over the review period of 2018 to 2023.
The market is enduring an exacting period with its robust growth coming to an abrupt halt in light of the COVID-19 pandemic. MRFR report on market highlights the future prediction and the growth alternatives that can be created.
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Drivers and Restraints
The adoption of a GPS tracking system is majorly observed for security purposes in transport, fleet management, patrols, and asset tracking, among others, is impacting the growth of the global GPS tracker market. The influence applications addressed by GPS trackers have improved compatibility with precision navigation and tracking, smartphones, and simplified operations. Furthermore, the deployment of GPS trackers for reducing labor costs, improving customer service, management of field personnel activity, and removal of employee fraud is projected to boost the market’s development in the forecast period. The efficiency and low cost of GPS trackers are forecasted to have a positive drive on the rise of the market as it can result in its application for humans and pets. The capability to geofence, define accessible arena and achieve historical tracking reports are increasing the inclination of end-users towards GPS trackers. The expansion in cloud technologies offering scalable and flexible storage and mobile accessibility, along with the popularity of IoT, is expected to provide new opportunities for addressing conventional challenges in the forecast period. The market for GPS trackers is poised to be constrained by the lack of global standards for creating GPS tracking devices.
The segmental analysis of the global GPS tracker devices is carried out on the basis of network, vertical, type and region. The segmentation of the global GPS with tracker market on the basis of the network consists of LTE, 3G, and 2G. The LTE segment is poised to reach market share worth USD 1,898.6 million while expanding with a CAGR of 15.23% in the review period. Based on the vertical, the GPS tracker market globally is segmented into oil & gas, transportation & logistics, automotive & aerospace, healthcare, government & defense, metals & mining, and others. The transportation segment of the market is projected to witness a market share totaling USD 846.98 million in the interval of the review period while rising with a 17.05% CAGR in the assessment period. Based on type, the global market for GPS trackers is divded into a standalone tracker, covert GPS tracker, and advanced tracker. The advanced tracker segment is slated to reach a market share adding up to USD 981.74 million while rising with a CAGR of 16.09% in the review period.
The geographical analysis of Covid 19 GPS Tracker Market has been carried out in four major regions, namely the Asia Pacific, Europe, North America, and the rest of the world (including the Middle East and Africa and Latin America).
Escalating demand for efficient fleet management by many transportation and logistics service suppliers in the US is fueling the market’s growth in the North American region. The growing application of GPS tracking devices by law enforcement agencies is also encouraging market growth in the North American region. Furthermore, increasing demand for GPS trackers for construction assets and logistics is fueling the growth of GPS trackers in Mexico. The North American region creating revenue worth USD 343.17 billion in 2017 and is poised to grow at a CAGR of 12.75% during the forecast period.
Additionally, the rising adoption of GPS trackers in the mining industry is propelling market growth in Mexico. The Asia Pacific region is slated to generate income worth USD 650.04 million by 2023 while emerging at a CAGR of 16.42% in the review period. The growing demand for wearable GPS tracking devices for pets and human tracking is also a positive factor for the market’s progress in the region. Although, the high adoption of GPS trackers for monitoring of cargo trailers, personal vehicles, and construction assets in China is projected to prompt the market expansion in the forecast period favorably. The European region is estimated to progress at a 15.02% CAGR in the forecast period and is poised to earn revenue worth USD 1,110 million by 2023.
The leading market players identified by MRFR in the global market are Laipac Technology, Inc., Orbocomm Inc., TomTom International BV, Concox Information Technology Co., Ltd, Calamp Corp, Atrack Technology Inc., Sierra Wireless Inc, Verizon Wireless, Sony Mobile Communications Inc, Spy Tech, Inc, and Queclink Wireless Solutions Co., Ltd
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