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Geographical position data loggers that speed up commercial vehicle tracking systems are boosting the GPS tracker market.
HYDERABAD, TELANGANA, INDIA, Jan. 18, 2023 /EINPresswire.com/ — The global market size for GPS tracking devices has been estimated at US$3.98 billion by 2026 and is projected to grow at a CAGR of 2.9% during the forecast period 2021 . 2026. The growth of 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.
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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.
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By Deployment: The GPS tracking device is divided into Commercial Vehicle, Cargo, and Container segments. The commercial vehicle segment dominated the market in 2020 with a 42% share and is expected to hold the largest market share of GPS tracking devices of 44% by 2026 due to the growing demand for commercial fleet management.
By End-User: 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.
By Geography: The GPS locators 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 industry’s top 5 GPS tracking devices are:
1. Orbcom Inc.
2. Laird PLC
3. Teltonika UAB
4. Geotab Inc.
5. Sieraa Wireless Inc.
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Jan 18, 2023 at 2:15 p.m
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