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GPS Tracking Devices Market Drivers Increasing adoption of GPS tracking and monitoring in marine applications
HYDERABAD, TELANGANA, INDIA, Sept. 29, 2022 /EINPresswire.com/ — IndustryARC, in its latest report, forecasts that the GPS tracking devices market size is estimated at US$3.98 billion by 2026 and is expected to grow by CAGR 12.9 will grow % during forecast period 2021-2026. The growth of the GPS tracking devices market is mainly attributed to the growing demand for tracking the current geographical position of moving objects, assets or people to collect real-time information for security purposes. The increasing adoption of intelligent transportation systems that ensure vehicle theft protection and the growing demand for real-time tracking of all connected devices that enable machine-to-machine (M2M) communication to provide real-time visibility and control for asset monitoring in remote areas attain have contributed to the growth of the market. With the increasing integration of Wide Area Augmentation System (WAAS) into air navigation to improve accuracy, integrity and availability, the demand for satellite-based radio navigation and tracking systems has become enormously important. Increasing demand for on-board diagnostics, electronic logging devices, standalone trackers and geolocation data loggers that speed up a commercial vehicle tracking system is fueling the market for GPS tracking devices. The report offers a complete analysis of the market, its main segments, growth factors, trends, drivers and challengers, key players and more.
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The central theses:
1. It is estimated that Europe will dominate the market between 2021 and 2026 due to government regulations and heavy investments in integrating GPS trackers with the latest technologies.
2. Increasing adoption of GPS trackers in marine applications and increasing demand for industrial asset management solutions are expanding the market.
3. It is analyzed that the commercial vehicle segment will dominate the market during the forecast period 2021-2026 owing to the increasing adoption of commercial fleet management.
4. Transportation and logistics are expected to dominate the market between 2021 and 2026 due to the massive transition to smart transportation.
5. Data security is one of the challenges hampering the market growth.
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1. The commercial vehicle segment dominated the market in 2020 with a 42% share and is projected to hold the largest market share of GPS tracking devices of 44% by 2026 due to the growing demand for commercial fleet management.
2. The GPS Tracking Devices market is segmented into Industrial and Consumer segments. The industrial segment held the main market with a 67% share in 2020 and is expected to dominate the market between 2021 and 2026. In the industrial segment, it is estimated that transportation and logistics will dominate the market at a CAGR of 11.23% over the period 2021-2026 as government norms to install GPS trackers in commercial and passenger vehicles to ensure safety increase.
3. GPS Tracking Devices market is segmented into North America, Europe, APAC, South America and RoW. Europe dominated the market with a 31% share in 2020 and is expected to hold the largest market share between 2021 and 2026 citing the early adoption of GPS tracking system for security purposes, strict government regulations to ensure public safety and heavy investment in the Integration of software is due with GPS tracking devices.
The top 5 players in the GPS tracking device industry are:
1. Orbcom Inc.
2. Laird PLC
3. Teltonika UAB
4. Geotab Inc.
5. Sieraa Wireless Inc.
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A. Smart Fleet Management Market
B. Real-time positioning systems market
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September 29, 2022 at 1:00 p.m
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