New York, Aug. 4, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the “GPS Tracking Device Global Market Report 2023” – https://www.reportlinker.com/p06479729/?utm_source=GNW
The global GPS tracking device market is expected to grow from $2.56 billion in 2022 to $2.91 billion in 2023, at a compound annual growth rate (CAGR) of 13.4% . The war between Russia and Ukraine has hurt the chances of a global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions against several countries, an increase in commodity prices and supply chain disruptions, which has led to inflation in goods and services and affected many markets around the world. The GPS tracking device market is expected to reach $4.76 billion in 2027, at a compound annual growth rate of 13.1%.
The GPS tracking devices market consists of sales of plug-in, hardwired, and battery-powered GPS trackers. The values in this market are “factory gate” values, that is, the value of the goods sold by the manufacturers or creators of the goods to other companies (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes the related services sold by the producers of the goods.
Europe was the largest region in the GPS tracking device market in 2022. The regions covered in the GPS tracking devices report are Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
GPS tracking device refers to software devices that provide location monitoring information to remotely track the location of an entity or object using the Global Positioning System (GPS). It is used by fleet managers to locate assets on a route, report on traffic conditions, and keep track of other vehicle activity.
The main types of GPS tracking devices are standalone trackers, obd devices and advance trackers. A standalone tracker is a separate unit or device used for GPS tracking operations.
The various application areas include commercial vehicles as well as cargo and containers used in the automotive, aerospace and defense, healthcare and transportation sectors.
Increasing demand for commercial vehicles is expected to drive the growth of the GPS tracking devices market in the future. A commercial vehicle refers to a vehicle registered to a company, such as company cars, fleet vehicles or other vehicles used to transport goods and general equipment for commercial or business purposes.
GPS tracking devices are used in commercial vehicles to keep track of the vehicle, improve vehicle maintenance and improve customer service by providing real-time status. Therefore, increasing demand for commercial vehicles is driving the growth of the GPS tracking devices market.
For example, in 2023, U.S. commercial vehicle production rose 10%, from 7,604,154 in 2021 to 8,308,603 in 2022, according to the International Organization of Motor Vehicle Manufacturers, a Paris-based international trade association Production of commercial vehicles The number of vehicles in Argentina increased by 24% from 250,647 in 2021 to 279,388 in 2022.
Therefore, increasing demand for commercial vehicles is driving the growth of the GPS tracking devices market.
Product innovation is a major trend that is becoming increasingly popular in the GPS tracking device market. Large companies operating in the GPS tracking device market are focusing on developing new solutions to strengthen their position in the market.
For example, ATrack Technology Inc., a China-based company that develops and manufactures telematics hardware, launched the AL300 LTE-M waterproof tracker with IP67 waterproof and dustproof capabilities in January 2022. The tracker is designed to support heavy machinery or transport equipment such as refrigerated trucks, trailers, scooters and heavy agricultural and construction machinery that need to be monitored and placed outdoors for long periods of time. It helps to effectively control costs for heavy outdoor machinery and transport equipment.
In September 2020, Trina Solar Co., Ltd., a China-based company that researches, manufactures and sells PV products, EPC and O&M, acquired Nclave Renewable SL for an undisclosed amount. Through this acquisition, Trina combines Solar’s State Key Laboratory’s leading technology with Nclave’s smart tracker technology, expanding them into a complete solution for efficient tracker products. NCLAVE Renewable SL is a Spain-based company that designs, manufactures and services fixed tilt and solar trackers.
The countries covered in the GPS tracking devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and the USA.
Market value is defined as the revenue that companies derive from the sale of goods and/or services within the specified market and region through sales, grants or donations in the applicable currency (in USD unless otherwise stated).
Revenues for a specific region are consumption values, i.e. revenues generated by organizations in the specified region within the market, regardless of where they are produced. This does not include proceeds from resales along the supply chain, either further along the supply chain or as part of other products.
The GPS Tracking Devices Market Research Report is one of a series of new reports that provide statistics on the GPS Tracking Devices market, including global GPS Tracking Devices industry market size, regional shares, competitors with GPS Tracking Devices market share, and detailed GPS market segments GPS tracking devices, market trends and opportunities, and all the other data you may need to succeed in the GPS tracking device industry. This GPS Tracking Devices Market Research Report provides a complete overview of everything you need with a detailed analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06479729/?utm_source=GNW
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