GPS Monitoring Gadget Market Dimension, Share, Traits, High Firms, Enterprise Progress and Funding Alternatives, Share and Forecasts 2031

Kenneth Research recently added a report on GPS Tracking Devices Market to its market research report repository, highlighting the latest trends, key opportunities, drivers and challenges related to the growth of the market over the forecast period ie 2022. 2031. GPS tracking devices market is expected to grow globally mainly due to growing trade of ICT goods and services. According to World Bank statistics, global exports of ICT goods increased from 11.164% of total merchandise exports in 2017 to 11.53% of total merchandise exports in 2019.

The US market is recovering quickly; In a release dated May 4, 2021, the US Bureau and Economic Analysis and the US Census Bureau mention the rebound in US international trade in March 2021. Exports to the country reached US$200 billion, up US$12.4 billion US dollars in February 2021. Following the continuous development In an increasing trend, imports amounted to US$ 274.5 billion, increasing by US$ 16.4 billion in February 2021. However, with COVID19 still plaguing economies around the world, average U.S. exports fell $7.0 billion year-on-year (year-on-year) from March 2020 to March 2021, while imports fell $20 billion over the same period $.7 billion rose. This definitely shows how the market is trying to recover and this will directly impact on Healthcare/ICT/Chemical industry and create huge demand for products of GPS Tracking Devices Market.

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The global market for GPS tracking devices was valued at US$1.19 billion in 2016 and is projected to reach US$3.54 billion by 2025, growing at a CAGR of 12.87% from 2017 to 2025.

A GPS tracking unit is a device, usually carried by a moving vehicle or person, that uses the Global Positioning System to determine and track its precise location, and therefore that of its wearer, at intervals. The recorded location data can be stored in the tracking unit or it can be transmitted to a central location database or an internet connected computer using a cellular (GPRS or SMS), cellular or satellite modem embedded in the unit.

Market Dynamics:
1. Market drivers
1.1 Increasing applications of commercial vehicles
1.2 Growing demand for smaller size, longer lifespan and high profitability
1.3 Growing consumer preference for affordable prices

2. Market Restrictions
2.1 Impact of non-standard products and multiple environmental factors will result in poor user experience

Market segmentation:
1. Global GPS Tracking Devices Market, by Deployment Type:
1.1 commercial vehicle
1.2 Freight and Containers
1.3 Miscellaneous

2. Global GPS Tracking Devices Market, by Type
2.1 Standalone Tracker
2.2 PBD Device
2.3 Forward Trackers

3. Global GPS Tracking Devices Market by Industry Segments:
3.1 Transportation and logistics
3.2 Construction
3.3 Oil and Gas
3.4 Metals and Mining
3.5 Government
3.6 Education
3.7 Retail
3.8 Hospitality
3.9 Agriculture
3.10 Healthcare

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4. Global GPS Tracking Devices Market by Communication Technology:
4.1 Satellite
4.2 Cellular

5. Global GPS Tracking Devices Market by Region:
5.1 North America (USA, Canada, Mexico)
5.2 Europe (Germany, UK, France, rest of Europe)
5.3 Asia Pacific (China, India, Japan, rest of Asia Pacific)
5.4 Latin America (Brazil, Argentina, rest of Latin America)
5.5 Middle East and Africa

Competitive landscape:
The major players in the market are as follows:
1. Calamp Corporation
2. Sierra Wireless, Inc.
3. Orbocomm Inc.
4. Queclink Wireless Solutions Co.,Ltd
5. Shenzhen Concox Information Technology Co.,Ltd
6. Laird PLC.
7. Tomtom International Bv
8. Meitrack Group
9. Teltonika UAB
10. Atrack Technology Inc.
11.Trackimo LLC
12. Geotab Inc

These major players have adopted various organic as well as inorganic growth strategies such as mergers and acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their positions in this market.

RESEARCH METHOD OF VERIFIED MARKET INTELLIGENCE:
The research study on GPS Tracking Devices market was conducted in five phases which includes secondary research, primary research, expert advice, quality check and final review.

The market data was analyzed and forecast using market statistical and coherent models. Market shares and major trends have also been considered while preparing the report. Apart from that, other data models include Vendor Positioning Grid, Market Timeline Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Measurement Standards, Top to Bottom Analysis, and Vendor Share Analysis.

To learn more about Verified Market Intelligence research methodology and other aspects of the research study, please contact our sales team

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