GPS Tracker Market Expected to Attain USD 5.36 Billion by 2030 with a CAGR of 13.83% - Report by Market Research Future (MRFR)
Rising Need for Cloud and IoT Technology to Boost GPS Tracker Market Growth
New York US, May 04, 2022 (GLOBE NEWSWIRE) -- GPS Tracker Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “GPS Tracker Market” information by Type, by Network, by Vertical and Region – Forecast to 2030” market size to reach USD 5.36 billion, growing at a compound annual growth rate of 13.83% by 2030.
GPS Tracker Market Scope:
The market is expanding due to rising need for automation of marine operations like navigation, search and rescue, location determination, and speed measurement to obtain real-time position information in order to improve safety and efficiency while reducing the risks associated with potential hazards or accidents. The market is expected to be driven by the growing use of GPS data for navigational hazard location, underwater surveying, and mapping.
Dominant Key Players on GPS Tracker Market Covered are:
- Orbocomm Inc.
- Laipac Technology Inc.
- TomTom International BV
- Calamp Corp
- Concox Information Technology Co. Ltd
- Atrack Technology Inc.
- Sony Mobile Communications Inc
- Sierra Wireless Inc
- Spy Tech Inc
- Verizon Wireless
- Queclink Wireless Solutions Co. Ltd.
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Market USP Exclusively Encompassed:
Rising Need for Cloud and IoT Technology to Boost Market Growth
The rising need for cloud and IoT technology will boost market growth over the forecast period. For tracking, GPS tracking devices are utilized in a variety of industries, including healthcare, automotive, and more. The need for monitoring has risen at a rapid rate in recent years. GPS trackers are smart gadgets and things with electronics and internet connectivity which can connect with the cloud, be controlled remotely, and also communicate with one another. This is due to an increase in the demand for tracking systems, which promotes market growth.
Impact of Non-standard Products to act as Market Restraint
The impact of non-standard products coupled with several environmental factors that results in poor user experience may act as market restraints over the forecast period.
Low Awareness amid Small Scale Manufacturers to act as Market Challenge
The low awareness amid small scale manufacturers coupled with competition from non-fluctuating and uninterrupted power supply systems may act as market challenges over the forecast period.
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Segmentation of Market Covered in the Research:
The GPS tracker market is bifurcated based on type, network, and vertical.
By type, the GPS tracker market is segmented into advanced tracker, standalone tracker, and covert GPS tracker.
By network, the GPS tracker market is segmented into 2G, 3G, and LTE.
By vertical, the GPS tracker market is segmented into metals and mining, oil and gas, government and defense, transportation and logistics, healthcare, automotive and aerospace, and others.
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APAC to Precede GPS Tracker Market
The APAC region will precede the GPS tracker market over the forecast period. In the projected period of 2018 to 2023, the GPS tracker market in Asia Pacific is expected to grow at the fastest rate. The increase in severe government restrictions and the rise in vehicle production especially in developing markets such as India & China are factors attributed to market growth. According to the OICA, India produced 4.51 million commercial vehicles in 2016 and 4.78 million in 2017. APAC is likely to rise at the fastest rate throughout the projection period, owing to rising car manufacturing and trade activity. Due to rise in car sales, the surge in the use of new GPS technology with greater capabilities, and increased deployment of GPS based personal tracking systems in this area, Asia Pacific is expected to have a high expansion in the GPS tracking device market. Lightweight GPS transmitters indeed have been developed in China in recent years to suit the demand for animal tracking. In 2016, new vehicle sales within the Asia-Pacific area, which included passenger cars, buses, and trucks, totaled 40.5 million units, with the American Ford Motor Company selling 126,834 vehicles in the region. The high prevalence of low-cost Android devices, the expanding penetration of e-commerce, and increased logistics investment in numerous industries continue to be significant drivers of growth in the Asia Pacific area. Due to its vast number of industrial facilities and expanding sales of commercial vehicles for logistics and transportation, the APAC area is likewise growing at the fastest rate. Due to rapid urbanization, significant industrialization, and a developing economy, APAC is expected to be the fastest growing market, having a CAGR of 8.78 percent. Increased sales of automobiles in this region are also contributing to the market's expansion. During the years 2021-2026, APAC is expected to be the hotspot for creating industrial centres, boosting market growth. Smart Eclipse, a vehicle tracking gadget, was launched by VST Mobility Solutions in November 2019.
North America to Have Admirable Growth in GPS Tracker Market
Because of the growing adoption of intelligent transportation systems, the GPS tracker market in North America will boost at a healthy rate over the forecast period. Out of all the geographies, North America is credited with creating the highest market share in the previous predicted years. In that region, there is a huge need for GPS car tracking devices. The major companies are putting up their best efforts to boost market income in the next years. The high prevalence of OBD GPS trackers in cars due to regulatory obligations, the expanding penetration of Bluetooth beacons and smartphones in commercial applications, as well as increasing innovation by major technology firms all remain key growth drivers in the region.
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COVID-19 Impact on the Global GPS Tracker Market
The ongoing outbreak has had an impact on the whole marketing industry in the region. The Global GPS Tracking Device Market is one of the affected marketing areas, having lost its productions, workforce, communication, transportation, and a variety of other resources as a result of the global lockdown. Due to communication gaps as well as other challenges, the need for tracking devices was lowered, forcing the industry to implement numerous methods and techniques to enhance sales and production. As a result, the worldwide GPS tracking industry statistics are slowly but steadily being hampered by the tracking device sector, which is predicted to register higher market revenue in the forecast period.
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