The global GPS tracker industry will touch USD 2.72 billion at a 14.42% CAGR in the forecast period 2020- 2027, states the latest Market Research Future (MRFR) analysis. A GPS tracker is a device used for tracking and determining the present location. The people or moving vehicle mostly uses this device to know the exact current location.
Various factors are fuelling the global GPS tracker market demand. As per the recent MRFR market estimates, such factors include the increasing need for fleet management in logistics, growing need for advanced GPS trackers, and the growing awareness of the different benefits of these trackers such as simplified operation, navigation and tracking accuracy, and high compatibility with smartphones, along with removal of employee fraud, better customer service, management of field personnel activity, and reduced labor costs. The additional factors adding market growth include the alluring features of GPS tracking devices such as historic fleet data feed, real-time update, automated alerts, reporting, and geofencing, increasing use in transport and government & defense, growing investment in satellite deployment and LTE network, long life of the GPS device, and growing use in commercial vehicles.
On the contrary, the impact of the COVID-19 pandemic, lack of global standards in the production of GPS tracking devices, burgeoning need for OBD dongles, security issues related to fleet management system, and connectivity issues with GPS trackers may limit the global GPS tracker market growth over the forecast period.
The MRFR report throws light on an inclusive segmental analysis of the global GPS tracker market network based on vertical, network, and type.
By type, the global GPS tracker market is segmented into advanced tracker, standalone tracker, and convert GPS tracker. Of these, the advanced tracker segment will lead the market over the forecast period.
By network, the global GPS tracker market is segmented into 2G, 3G, and LTE. Of these, the LTE segment will dominate the market over the forecast period.
By vertical, the global GPS tracker market is segmented into metals and mining, oil and gas, government and defense, transportation and logistics, healthcare, automotive and aerospace, and others. Of these, the transportation and logistics segment will spearhead the market over the forecast period.
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By region, the global GPS tracker market covers the recent trends and growth opportunity across Europe, North America, the Asia Pacific (APAC), and Rest of the World (RoW). Of these, the APAC region will precede the market over the forecast period. Increase in strict government regulations, increase in vehicle production in India and China, rising popularity of automation, favorable government initiatives, expansion of the transport business, the presence of large number of manufacturing facilities, rising sales of commercial cars for transportation and logistics purposes, aging infrastructure, and the asset’s security and safety are adding to the global GPS tracker market growth in the region.
In Europe, the global GPS tracker market is predicted to have second-largest share over the forecast period. The presence of several key players, the region being an automotive manufacturing hub, various conferences and events related to GPS tracking device, and the growing need for GPS tracking devices are adding to the global GPS tracker market growth in the region.
In North America, the global GPS tracker market is predicted to have healthy growth over the forecast period. Increasing need for efficient fleet management by many logistics and transportation service providers in the US, high implementation by law enforcement agencies, growing demand for logistics and construction assets in Mexico, and growing adoption in the mining industry are adding to the global GPS tracker market growth in the region.
The leading players profiled in the global GPS tracker market report include Atrack Technology Inc, Queclink Wireless Solutions Co. Ltd, Verizon Wireless, Spy Tech Inc, Sierra Wireless Inc, Concox Information Technology Co. Ltd, Calamp Corp, TomTom International BV, Sony Mobile Communications Inc, Laipac Technology Inc., and Orbocomm Inc., among others.
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