GPS Tracker Market Grow at CAGR of 12.3 % by 2027

GPS Tracker Market

Qualiket Research

New study Analysis report of Global GPS Tracker Market has been developed by Qualiket Research.

PUNE, MAHARASHTRA, INDIA, October 18, 2021 /EINPresswire.com/ — Global GPS Tracker Market size is projected to grow from USD 1780 million in 2020 to USD 4930 million by 2027, at a CAGR of 12.3 %. GPS trackers have become more popular in recent years, owing to the emergence of geo-tracking applications and gadgets.

GPS tracking is gaining traction as a result of the adoption of superior improvements in a few domains. The emphasis placed on security frameworks and asset management will be critical in advancing the business sector’s development. GPS (Global Positioning System) technology is commonly utilized to determine the precise location of cars and other mobile substances. The data on the moving article might be transferred to a central control unit or stored within the tracking device. The framework utilizes satellite, radio, or cell modems outfitted with the tracking device; Devices can be used to track the mobile objects.

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Rising Uses of Video Telematics are a Major Driving Force behind Market Growth

The global GPS Tracking Device Market is gaining traction as a result of substantial technological advancements. Furthermore, there is an increasing integration of video telematics into field service management, as well as advanced analytics capable of altering fleet management software. The growing number of users who use GPS trackers to track many devices on a single screen using smart and sophisticated software drives market growth.

Major Key Players in GPS tracker Market

The key players profiled in GPS tracking market analysis include Sierra Wireless, Orbocomm, Atrack Technology, Geotab Inc., Box Telematics, Meitrack Group, Calamp Corp, Starcom System Ltd., and Concox Wireless Solution, Trackimo Group.

COVID-19 Impact on the GPS tracker Market

The COVID-19 pandemic is having a global impact on society and the economy. This outbreak’s impact is expanding by the day, and it is disrupting the supply chain. It is causing stock market instability, a drop in corporate confidence, a major slowing of the supply chain, and an increase in customer worry.

The COVID-19 pandemic is having a global impact on society and the economy. This outbreak’s impact is expanding by the day, and it is disrupting the supply chain. It is causing stock market instability, a drop in corporate confidence, a major slowing of the supply chain, and an increase in customer panic.

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Market Segmentation Analysis

Based on the Type, the market is segmented into Standalone Tracker, OBD Device & Advance Tracker. The advance tracker category is predicted to hold the biggest market share. Vehicles are equipped with advanced trackers, and cargo and containers exchange not just vehicle location but also engine diagnosis and other parameters for temperature-controlled logistics.

Based on the Deployment Type, the market is segmented into Commercial Vehicle, Cargo & Container and others. The GPS tracking market for commercial vehicles was the largest. The installation of a GPS tracker aids in the tracking and monitoring of commercial vehicles such as trucks, buses, heavy commercial vehicles, and construction equipment. The increased sales of commercial cars would lead to an increase in the use of GPS tracking systems.

Based on the Industry, the market is segmented into Transportation & Logistics, Metals & Mining, and Construction. The transportation and logistics industries held the largest share of the GPS tracking market. During the forecast period, the industry is expected to develop at the fastest CAGR. For tracking purposes, GPS tracking devices are frequently employed in commercial vehicles such as trucks, trailers, buses, and light commercial vehicles.

Regional Analysis

Based on Region, the market was studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The global GPS tracking device market is dominated by North America. The region is home to several modern communication technologies, and GPS vehicle tracking devices are widely used. This is attributed to increased consumer adoption of new technology and rising disposable income.

Recent Developments:

• In March 2017, Orbocomm developed a Class B vessel tracking technology in collaboration with Weatherdock (Germany) and Pole Star Space Applications Limited (London). This solution consists of tamper-proof gear that may be mounted to small watercraft, such as pleasure ships and fishing vessels, in order to track their location at all times.

• In April 2017, Global Top Technology’s GNSS embedded module business was bought by Sierra Wireless, Inc. (Taiwan). Global Top’s GNSS embedded modules will become part of Sierra Wireless OEM Solution products as a result of this acquisition.

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