MRFR Press Release/- Market Research Future has published a Cooked Research Report on the Global GPS Tracker Market.
The GPS tracker market is anticipated to witness healthy growth from 2023 to 2030, a research report suggests. Growing at a CAGR of 12.8%, the market is projected to reach USD 6.5 billion by 2030. The increasing demand for fleet management system is expected to support the market growth along with the growing demand for advanced GPS trackers. As predicted by analysts, the lack of global standards will negatively affect the market’s performance from 2023 to 2030. During the forecast period, the market will be supported by the advantages of using GPS trackers and the implementation of fleet management systems.
The unavailability of professional services on the other hand will challenge navigation systems sector based organizations functioning in the global GPS tracker market. Analysts have split the market into type, network, and vertical segments based on products and services. Navigation systems based companies have been profiled. The shifting preference for cheaper alternatives is set to affect the global market during the forecast period 2018 to 2023. The report also provides the market’s performance forecasts till 2023. Strategies of navigation systems based companies are studied. The navigation systems sector itself is supported by the rapidly growing population as well as the presence of effective communication. During the forecast period 2018 to 2023, the GPS tracker market is set to witness a health growth across type, network, and vertical segments as well as regional markets.
The navigation systems sector has seen growth across type, network, and vertical segments owing to favorable policies across regional markets and the availability of many untapped opportunities. To study the market, analysts have further segmented type, network, and vertical into advanced tracker, covert GPS tracker, and standalone tracker on the basis of type. The market is further segmented into the network sub segment which is split into LTE, 3G, and 2G. Additionally, the GPS tracker market on the basis of vertical is segmented into automotive & aerospace, government & defense, healthcare, metals & mining, oil & gas, transportation & logistics, and others.
The segmental analysis presented in the report provides navigation systems field based organizations insights into key growth factors such as a rise in disposable income as well as challenges such as the growing penetration of alternatives in the market the market will face from 2018 to 2023. The growing application areas and a rise in the disposable income are some of the key factors having an influence on navigation systems industry based companies, suggest analysts as per the GPS tracker market report. But the report also identifies growing concerns regarding high cost and an underdeveloped infrastructure as major threats companies in navigation systems will face till 2023.
Navigation systems market based companies in the GPS tracker market are functioning across North America, Europe, Asia Pacific, the Middle East, and Africa including the rest of the world. The surging usage across different industries will be a key growth driver for regional markets. However, the lack of investments in R&D will turn out to be a threat. For the forecast period 2018 to 2023. Each of these regional markets are studied in the report. Starting from North America, the regional market and navigation systems vertical based companies are spread across the United States, Mexico, and Canada. The lack of skilled human resource will turn out to be a major challenge from 2018 to 2023. Parts of the European market covered in the report are regional markets spread across the United Kingdom, France, Italy, and Germany. The market in the region will be benefitted by advancements in technology as well as the increasing demand from various industry verticals, suggests the report. Similarly, the navigation systems sector’s segmental analysis for the Asia Pacific region covers India, Japan, China, and others. For the rest of the world, the research report for the GPS tracker market covers the Middle East and Africa. GPS tracker market forecasts based on the findings are presented for the forecast period till 2023.
The global GPS tracker market research report brings a comprehensive study of type, network, and vertical market segments, regional analysis, and navigation systems vertical based company details of key players. As the forecast period 2018 to 2023 will bring new opportunities for the market owing to a rise in disposable income and the growth of communication channels, the market is set to grow at a compound annual growth rate of 14.42% and is predicted to reach a value of US$2.72 billion by 2023. With SWOT analysis of navigation systems sector based companies and Porter’s Five Force model analysis based findings, and understanding challenges such as the lack of demand from developing countries and an underdeveloped infrastructure, companies in the navigation systems sector can change the way business is done.
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