GPS Monitoring Gadgets Market Dimension Progress Alternatives, Developments and Regional Forecast to 2022-2031
market size
Market Research.Biz
anticipates that the market for the GPS tracking device industry can reach a remarkable valuation of USD 2.53 billion in 2022 by the end of 2023. MARKET RESEARCH.BIZ also anticipates that the market will grow by 11.9% between 2021 and 2031, the assessment period. We will provide the report with a Covid-19 impact analysis. The report offers an in-depth review of the market following the outbreak of the coronavirus disease.
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COVID-19 Impact Analysis
Since the outbreak of SARS-CoV-2, several companies have had to make difficult decisions regarding financial decisions and cost-cutting measures that ensure uninterrupted operations. The lockdown situation has been the short-term impact of the pandemic, which has resulted in weaker demand from hyperscale cloud service and smartphone providers. Falling demand has created a domino effect in the semiconductor industry as prices fall and vendors pull back their current fab plans. The outbreak of COVID-19 has also resulted in the closure of factories, e-commerce and retail stores, causing supply chains to collapse and creating a larger gap between demand and supply.
With the long-term impact of Covid-19 in mind, governments are doing everything they can by pushing through favorable initiatives and measures such as tax exemptions, financial packages and interest rate cuts. Work-from-home strategies are the latest norm among businesses, and the increasing trend of BYOD policies may also stimulate demand for connected devices, computers, laptops, and various storage solutions in the coming period. As countries rush to achieve a Covid-19 breakthrough, demand for GPS tracking devices is expected to increase significantly in the years to come.
Primary Drivers and Main Obstacles
The market for GPS tracking devices has reached an immense speed in recent years thanks to the increasing adoption of the latest technologies in several industries. The boost given to security systems along with better resource management can contribute significantly to market growth. Businesses around the world are increasingly using GPS to track vehicles and are gaining the upper hand by providing an enhanced customer experience. Therefore, increasing use of GPS trackers in commercial vehicles can play a significant role in market expansion.
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The low cost of GPS tracking devices also increases their demand among small and medium-sized businesses who use them to increase their efficiency. Hence, the global market has witnessed a rapid expansion of its consumer base in recent years. The transportation industry has become an important end user in the market; with trucks, buses, cars and cargo from companies equipped with GPS tracking systems. Real-time GPS tracking devices for people and cars are seeing rapid growth in the transportation industry to monitor idling, engine starting and stopping, and speed without wasting time.
In July 2019, ATrack Technology Inc. had launched AK7V, a vehicle tracker that is not only economical but also has highly advanced features that are proving to be very useful for fleet management solutions around the world. This is one of the instances where reputable players apply various hacks like product launch, agreement and collaboration which not only strengthens their position but also brings significant GPS tracking devices market growth.
market segmentation
The GPS Trackers market has been extensively covered in the report, considering segments such as type, component, and end-user.
GPS Tracking Devices Market by Type has been segmented into standalone trackers, covert GPS trackers, advanced trackers and others. The market for advanced trackers is poised to see the greatest growth over the coming years as they are widely used in commercial vehicles to provide performance-based information as well as engine diagnostic data along with basic functionalities.
The components described in the market study are real-time gps trackers, personal gps trackers, gps loggers and others.
Major end-users in GPS tracking devices market include Healthcare, Education, Retail, Transportation, Industrial, Automotive & Aerospace, Government & Defense, Hospitality, and others. Of these, the transportation sector has an exciting growth trajectory, with the largest share of the world market. With the rise of 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 market for car GPS trackers is thriving globally, with growth in the transportation sector in line with the expanding tourism industry and rising disposable incomes of people worldwide.
Regional Outlook
MARKET RESEARCH.BIZ GPS Tracking Devices Market Analysis outlines the major regions as Europe, North America, APAC or Asia Pacific and RoW or Rest of the World.
North America is at the top of its game and has taken the leading position in the world market. It is estimated that more than two million people in North America use GPS Personal Emergency Response Systems for personal safety. GPS tracking devices find use in anti-poaching patrol car surveillance applications for commercial and personal purposes. Apart from that, GPS tracking devices are undergoing extensive research and development in the region to see further advancements, which helps to increase cross-industry demand. Also, people’s high disposable income has led to higher product demand, which has led to the development of advanced car GPS tracking devices by manufacturers in the region.
In APAC, GPS has become a critical aspect of applications such as self-driving cars and drones, and has become an indispensable tool in countries like Japan and India. The increasing popularity of automation, support from government initiatives as well as the expansion of the transportation industry are also leading to tremendous market growth for GPS tracking devices in the region. Japan, South Korea and China have the greatest potential for growth in the regional market after steadily increasing demand for GPS trackers and tracking devices. It is also projected despite the financial instability caused by the novel coronavirus; the APAC market will remain resilient during the assessment 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 (Nodeland), Spy tech, Inc. (USA), Queclink Wireless Solutions Co. Ltd. (China), Laipac Technology, Inc. (Canada) are the reputable companies which are engaged in GPS trackers industry.
Latest updates
May 2020
The Seoul Institute of Technology research team has developed a new GPS tracking system that can pick up signals even from tunnels and underground structures. The device can display the exact location of the moving vehicle via navigation services on car infotainment systems or smartphones.
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