GPS Monitoring Gadgets Market Development Evaluation, Rising Traits, Alternatives, Income, COVID 19 Evaluation, Enterprise Technique, Future Prospects, and Trade Outlook 2023
iCrowdNewswire Dec. 30, 2020 2:00 p.m. ET
Market size
Market Research Future (MRFR) assumes that the market for GPS tracking device 2020 can reach a remarkable valuation of $ 2.53 billion by the end of 2023. MRFR also expects the market to grow 11.9% between 2017 and 2023, the evaluation period. With the report we will provide a Covid-19 impact analysis. The report offers an in-depth review of the market following the coronavirus disease outbreak.
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COVID-19 impact analysis
Since the SARS-CoV-2 outbreak, several companies have faced difficult decisions regarding financial decisions and cost-cutting measures that will ensure an uninterrupted flow of operations. The lockdown situation was the short-term impact of the pandemic, which resulted in weaker demand from hyperscale cloud service and smartphone providers. Falling demand had a knock-on effect in the semiconductor industry as falling prices and vendors pulled out of their current fab plans. The COVID-19 outbreak has also resulted in the closure of operations, e-commerce and retail stores, causing supply chains to collapse and creating a larger gap between supply and demand.
Taking into account the long-term impact of covid-19, governments are doing everything possible to enforce favorable initiatives and measures such as tax exemptions, financial packages and interest rate cuts. Work-from-home strategies are the newest norm in businesses, and the increasing trend in BYOD policies may also lead to a demand for connected devices, computers, laptops and various storage solutions in the coming period. As countries strive for a Covid-19 breakthrough, the demand for GPS tracking devices is expected to grow significantly in the coming years.
Main drivers and main obstacles
The GPS tracking device market has grown at an immense speed in recent years thanks to the increasing adoption of the latest technologies in various industries. The push for security systems together with better resource management can make a significant contribution to market growth. Companies everywhere are increasingly using GPS to track vehicles and are gaining the upper hand by delivering an enhanced customer experience. As a result, the increasing use of GPS trackers in commercial vehicles can play an important role in market expansion.
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The low cost of GPS tracking devices also increases demand from small and medium-sized businesses who use them to increase their efficiency. The world market has seen a rapid expansion of its consumer base in recent years. The transportation industry has become a major end user in the market. Commercial trucks, buses, cars and goods are equipped with GPS tracking systems. Real-time GPS tracking devices for people and cars are growing rapidly in the transportation industry. They monitor idling, engine starting and stopping, and acceleration without wasting time.
In July 2019, ATrack Technology Inc. launched AK7V, a vehicle tracker that is not only economical, but also made up of sophisticated features that are proving very useful for fleet management solutions around the world. This is one of the cases where reputable companies apply various hacks like product launch, agreement, and collaboration, which not only strengthens their position but also creates significant market growth for GPS tracking devices.
Market segmentation
The GPS Tracker Market has been extensively covered in the report taking into account segments such as Type, Component, and End-user.
The GPS Tracking Device Market by Type has been considered for standalone trackers, covert GPS trackers, advance trackers, and others. The pre-tracker market will see the fastest growth in the coming years as it is widely used in commercial vehicles to provide performance-based information as well as data for engine diagnosis and basic functions.
Components described in the market study are real-time GPS trackers, personal GPS trackers, GPS loggers, and others.
Major end users in the GPS tracking device market include healthcare, education, retail, transportation, industrial, automotive and aerospace, government and defense, hospitality, and others. Of these, the transport sector can show an exciting growth course with the largest share in the world market. Given the increasing technological innovations in the automotive industry, some of which include C-V2X technology and autonomous vehicles that rely heavily on GPS tracking devices to improve navigation accuracy and reliability. The auto GPS tracker market is booming worldwide. The growth of the transportation sector is in line with the growing tourism industry and rising disposable income of people around the world
Regional outlook
The market analysis for GPS tracking devices by MRFR describes the main regions Europe, North America, APAC or Asia-Pacific as well as RoW or rest of the world.
North America is at the forefront after taking the leading position in the world market. It is estimated that more than two million people in North America use emergency GPS systems for personal safety. GPS tracking devices are used in anti-poaching patrol vehicle surveillance applications for commercial and personal use. That being said, GPS tracking devices are undergoing extensive research and development in the region to see further advances that will help drive demand across all industries. The high disposable income of the people has also resulted in increased product demand, which has led to the development of an advanced GPS tracking device for cars by manufacturers in the area.
In APAC, GPS has become a critical aspect of applications such as self-driving cars and drones, and has proven to be an indispensable tool in countries such as Japan and India. The increasing popularity of automation, support from government initiatives, and the expansion of the transportation industry are also driving tremendous growth in the market for GPS tracking devices in the region. Japan, South Korea and China have the greatest potential for growth in the regional market after the demand for GPS tracking devices and tracking devices has steadily increased. It is also projected despite the financial instability caused by the novel coronavirus; The APAC market will remain stable throughout the evaluation period.
Major companies
Verizon Wireless (USA), Concox Information Technology Co., Ltd. (China), Calamp Corp. (USA), Orbocomm Inc. (USA), Sierra Wireless Inc. (Canada), Atrack Technology Inc. (Taiwan), Tomtom International Bv (Noneland), Spy Tech, Inc. (USA), Queclink Wireless Solutions Co. Ltd. (China), Laipac Technology, Inc. (Canada) are renowned companies in the GPS tracking device industry.
Latest updates
May 2020
The research team at the Seoul Institute of Technology has developed a new GPS tracking system that can also receive signals from a tunnel and underground structures. The device can display the exact location of the moving vehicle in navigation services on car infotainment systems or smartphones.
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