The global ground positioning system (GPS) tracker market could attain the valuation of USD 2.72 billion by 2023, says Market Research Future (MRFR). It is expected to intensify at a rate of 14.42% during the forecast period (2018-2023).
Growth Boosters and Primary Challenges
The market for GPS tracking devices has gained immense traction in recent years, on account of rising adoption of advanced technologies across diverse sectors. Rising focus on security systems and improved management of resources could play a stellar role in market growth. The GPS technology is extensively used for determining the exact location of vehicles as well as other mobile entities. The information about the moving object is sent to a central control unit or is stored in the tracking device. GPS makes use of satellite, cellular modems fitted with the tracking device or radio. The GPS tracking system comprises three primary parts, which are basic, intermediate, and advance design.
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One of the critical reasons behind the strong demand for GPS devices across diverse sectors is their accuracy when it comes to pinpointing the position of the moving objects. Also, installing these devices does not cost much, which has led to its high demand. The device’s low cost accelerates its deployment in small- and medium-sized businesses in a bid to improve their efficiency. As a result, the market’s consumer base has expanded considerably over the years.
The transport industry is considered to be a primary consumer of GPS trackers wherein trucks, buses, cars and freights are fitted with GPS tracking system. Another market booster could be the rising installation of these devices in public transport systems. As the governments are striving to add utility to public services, GPS tracking systems are noting massive demand across government undertakings.
The segmental evaluation of the worldwide GPS tracker market has been done on the basis of network, vertical, and type.
The GPS tracker market, network-wise, comprises 3G, LTE, and 2G. The LTE segment could attain a valuation of USD 1,898.6 million while achieving a CAGR of 15.23% during the forecast period.
With respect to the vertical, the GPS tracker market can be narrowed down to oil & gas, transportation & logistics, government & defense, automotive & aerospace, healthcare, metals & mining, and others. The transportation segment is expected to accrue revenues of up to USD 846.98 million during the conjectured time frame and could achieve a CAGR of 17.05% during those years.
Depending on the type, GPS Tracker Market Size has been segmented into covert GPS tracker, advanced tracker, and standalone tracker. The advanced tracker segment could reach the valuation of USD 981.74 million by 2023 and is expected to attain a CAGR of 16.09% during the review period.
In its regional analysis, MRFR has studied the GPS tracker market in the regions of Europe, North America, Asia Pacific, and the rest of the world (RoW).
Given the massive demand for effectual fleet management among several transportation and logistics service suppliers in the United States (US), North America will be the leading market. Surging use of GPS tracking devices in law enforcement agencies also stimulates market growth. Apart from this, mounting demand for GPS trackers for construction assets and logistics helps elevate market position in Mexico. Increasing adoption of GPS tracker in the mining sector also benefits the Mexico market. North America had touched the valuation of USD 343.17 billion in 2017 and could grow at a rate of 12.75% during the evaluation period.
Asia Pacific market size could expand to USD 650.04 million by 2023, and it is expected to attain a CAGR of 16.42% during the review period. Soaring demand for wearable GPS tracking devices for human tracking as well as pets leads to the market’s progress. On top of this, the rising adoption of GPS trackers to track personal vehicles, construction assets, and cargo trailers in China could encourage market expansion in the coming years.
Europe has been estimated to advance at a CAGR of 15.02% during the assessment forecast period. The regional market could be worth USD 1,110 million by 2023, says MRFR. The accelerated demand for GPS trackers in commercial vehicles and automotive industry principally favors market growth in Germany. The robust demand for GPS trackers in devices like unmanned aerial vehicles and tracking drones leads to market advancement as well. Other than this, mounting adoption rate of GPS trackers by government and law enforcement authorities in the region is expected to motivate the market’s progress from 2018 to 2023.
TomTom International BV, Calamp Corp, Orbocomm Inc., Sony Mobile Communications Inc, Laipac Technology, Inc., Verizon Wireless, and Queclink Wireless Solutions Co., Ltd, Sierra Wireless Inc, Spy Tech, Inc, Concox Information Technology Co., Ltd, Atrack Technology Inc., are some of the leading players in the GPS tracker market.
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