Pune, India, December 2018 /press release/- Market Research Future Published a cooked Research Report on GPST Tracker Market – Forecast to 2023
The use of GPS trackers has increased significantly in the past few years mainly because of the development of devices and applications that enable geographical tracking. The GPS tracker market is projected to expand its earning share to USD 2.72 billion while progressing with a 14.42 % CAGR in the duration of the forecast period from 2018 to 2023. The vital applications addressed by GPS trackers are increased compatibility with smartphones, precision navigation and tracking, and simplified operations. Furthermore, the use of GPS trackers for reducing labor cost, enhancing customer service, management of field personnel activity and elimination of employee fraud is expected to boost the market’s development in the forecast period.
The application of GPS trackers by food delivery companies is among one of the prime segments which is accredited with the escalation of demand in the market. The upsurge in on-demand fleet management solutions is pushing the transportation and logistics sector as this segment continually deals with the transfer of vehicles and goods from one point to another. The installation of GPS trackers in fleet management enables planning, real-time tracking, handling dispatch schedules of goods and cost optimization. The application of the features of GPS trackers has resulted in an improved operational performance level which is guiding the evolution of GPS tracker market. The compactness and low cost of GPS trackers is forecasted to have a positive influence on the growth of the market as it can lead to its application for human and pets. The ability to geofence, define accessible arena and obtain historical tracking reports are increasing the inclination of end users towards GPS trackers. The progress in cloud technologies offering scalable and flexible storage and mobile accessibility along with the popularity of IoT is expected to offer new opportunities for addressing traditional challenges in the forecast period. The market for GPS trackers is anticipated to be constrained by the lack of global standards for manufacturing GPS tracking devices.
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The segmental analysis of the GPS tracker market globally is carried out on the basis of network, vertical, type and region. The segmentation of the GPS tracker market on the basis of network consists of 3G, LTE, and 2G. The LTE segment is estimated to reach incomes worth USD 1,898.6 million while developing with a CAGR of 15.23% in the forecast period. On the basis of vertical, the GPS tracker market globally is segmented into transportation & logistics, oil & gas, automotive & aerospace, government & defense, healthcare, metals & mining and others. The transportation segment of the GPS tracker market is projected to make returns totaling USD 846.98 million in the interval of the forecast period, while expanding with a 17.05% CAGR in the forecast period. Based on type, the market for GPS trackers is segmented into standalone tracker, covert GPS tracker, and advanced tracker. The advanced tracker segment is projected to accomplish returns adding up to USD 981.74 million while growing with a CAGR of 16.09% in the duration of the forecast period. The regions counted in the GPS tracker market globally are Europe, Asia Pacific, North America and the rest of the world.
Detailed Regional Analysis
The global GPS tracker market covers regions such as Asia Pacific, North America, Europe, and the rest of the world in its regional analysis. Escalating demand for effectual fleet management by many transportation and logistics service suppliers in the US is compelling the market’s expansion in the North American region. High application of GPS tracking devices by law enforcement agencies is also inducing the market growth in the North American region. Furthermore, increasing demand for GPS trackers for construction assets and logistics is driving the growth of GPS tracker in Mexico. The North American region generated revenue worth USD 343.17 billion in 2017 and is expected to grow at a CAGR of 12.75% in the forecast period.
Additionally, the rising adoption of GPS tracker in the mining industry is propelling the market growth in Mexico. The Asia Pacific region is estimated to generate income worth USD 650.04 million by 2023 while developing at a CAGR of 16.42% in the forecast period. The increasing demand for wearable GPS tracking devices for pets and human tracking is also a compelling factor for the market’s progress in the region. Although, the elevated adoption of GPS trackers for tracking of cargo trailers, personal vehicles, and construction assets in China is expected to prompt the market expansion in the forecast period favorably. The European region is estimated to progress at a 15.02% CAGR in the forecast period and is forecasted to earn revenue worth USD 1,110 million by 2023. The escalating demand for GPS trackers in automotive industry and commercial vehicles used for transportation and travel functions is principally motivating the GPS tracker market in countries like Germany. The improved demand for GPS trackers in devices such as tracking drones and unmanned aerial vehicles in Germany is also encouraging the market’s progress in the region. Moreover, the adoption of GPS trackers by government and law enforcement authorities to trail police fleet vehicles and accused to lessen crime rates across the European region is forecasted to motivate the market’s development in the forecast period from 2018 to 2023.
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, and Queclink Wireless Solutions Co., Ltd are some of the influential contenders in the GPS tracker market.
The competitors in the market are cementing their market position by using their financial position, product innovations, corporate strength, segmental R&D investment, product portfolio, strategy analysis, and significant innovations in the market among other factors.
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