In keeping with Brandessence Market Analysis, the market measurement for GPS monitoring units will attain USD 3.38 billion by 2025 at 11.58% CAGR
PUNE, India, October 14, 2021 / PRNewswire / – Brandessence Market Research estimates the market size of GPS tracking devices at $ 1.57 billion in 2018 and expected to be achieved $ 3.38 billion by 2025 with a CAGR of 11.58% over the forecast period. “The increase in real-time fleet monitoring, increasing mining and military activities around the world and the increased use of GPS trackers in commercial vehicles are the main drivers for the growth of the global GPS market for tracking devices
The GPS industry is a fragmented landscape thanks to low barriers, increased demand for standalone devices, and growing functional value for diverse stakeholders. The landscape remains innovative thanks to the increasing demand for cost effective, easy to connect, repair and advanced equipment. The main players in the GPS industry are TomTom International BV, Calamp Corp., Orbocomm Inc., Sierra Wireless Inc., Queclink Wireless Solutions Co., Ltd., Shenzhen Concox Information Technology Co., Laird Plc., Meitrack Group, Teltonika UAB, ATrack Technology Inc., Trackimo LLC, Geotab
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Global GPS Tracking Devices Market Dynamics –
The rise in real-time fleet monitoring, increasing mining and military activity around the world, and increased use of GPS trackers in commercial vehicles are the key factors driving the growth of the global GPS tracking devices market. The use of GPS tracking systems is rapidly increasing with the primary concern of the proposed system for identifying vehicle theft or for monitoring the precise positioning of vehicles. For example; VE Commercial Vehicles (VECV), a joint venture between the Volvo Group and Eicher Motors, reported around 6,236 units in December 2018. In addition, lower prices for GPS tracking devices with route optimization and fuel cost reduction are expected to stimulate market growth over the forecast period. Fuel costs are a major expense in fleet management, but GPS tracking devices can help reduce that cost and save you money. However, the mechanism of a GPS tracking system can produce inaccurate results that can affect the growth of this market.
Asia Pacific is expected to see high growth in the global GPS Tracking Devices market
Asia pacific is expected to see strong growth in the GPS tracking device market in this region due to soaring vehicle sales, increasing adoption of new GPS technology with enhanced functionality, and increased implementation of a GPS based personal tracking system in this region. In recent years, the lightweight GPS transmitters have become increasingly popular China to meet wildlife viewing needs. New car sales in the Asia Pacific The American Ford Motor Company sold 126,834 vehicles in the region including cars, trucks and buses Asia Pacific Region in 2016. Europe ranks as the second highest region in market expansion due to the increasing commercial use of GPS tracking systems as well as increasing government spending on telematics. Certain European countries are adopting GPS technology by focusing on applications in land surveying, vehicle tracking, geographical information systems and coastal navigation.
The GPS Tracker Market report is segmented into major regions including North America, Europe, Asia Pacific, middle East & Africa, and Latin America. Among these the North America The region is expected to hold the largest share of the global GPS tracker market. The widespread use of OBD GPS trackers in cars in accordance with legal regulations, the increasing prevalence of smartphones and Bluetooth beacons in commercial applications as well as increasing innovation by key players in the technology industry remain important growth drivers in the region. The GPS tracker market in Asia Pacific is expected to grow fastest in 2020-2025. The high penetration of inexpensive Android devices, the increasing penetration of e-commerce and increasing logistics investments in various industries remain important growth drivers in the Asia Pacific region.
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GPS Tracker Market: What Is a GPS Tracking Device?
Global GPS Tracking Device is a gadget that sends the signal like a satellite to a global contact point and then helps to transmit it to the authorized recipient. In the real-life scenario, your mobile device is a GPS tracking device that sends signals to authorized entities such as Google (Android operators) that are used for the commercial development of entities such as Android apps and to improve the user experience.
There are three main types of GPS trackers on the market. First, the advanced trackers are at the forefront of technological advancement. These GPS trackers are also known to transmit data over GSM connectivity. These devices are common to all brands of smartphones and can transmit various types of data including total distance traveled, physical information of the user and sound bits with the help of the microphone, emergency panic button response and a few others.
Second common type of stand-alone trackers that operate on their own backup power supply and are geared towards dedicated location tracking. These devices are ideal for use in commercial vehicles, as they can provide fleet operators with the information they urgently need without having to invest in expensive devices or power supplies. These are also ideal for use in retail stores where management can track customers and employees by attaching them to the trolley. These devices are also great for keeping track of valuable personal assets like car keys, wallets, and more. Their compactness and stand-alone application make them ideal for the sole purpose of asset location tracking for commercial purposes.
The third type of GPS tracker are OBD devices. These devices are popular in most vehicles today. These are installed in OBD slots in vehicles and are often pre-installed in new vehicles. These trackers are designed to meet the requirements of law enforcement agencies, regulators, and third parties like insurance companies. These can monitor movement and lack of movement and run on vehicle batteries. Advanced OBD trackers can also work independently if necessary. These provide intermittent information in order to put as little strain as possible on the vehicle batteries. OBD trackers are ideal for location tracking as well as vehicle information including theft alerts. These devices quickly become the contact point for various applications, as they can work simultaneously with several subsystems thanks to a simple plug-in function in order to communicate vehicle information.
The promising advances in GPS technology have brought the democratization of technology to universal acceptance. These devices are now helping everyone in an economy, including consumers, protect their assets and provide services such as key tracking. These devices also help law enforcement agencies monitor vehicles in real time and share information with third parties such as insurance companies if necessary. GPS trackers are also great for businesses as they provide key features like location tracking to improve efficiency and productivity. The increasing effectiveness and reliability of GPS tracking, major commercial applications, and increasing device cost-effectiveness promise robust growth for the GPS industry in 2020-2025.
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GPS Tracker Market: Key Trends
When GPS trackers came into the spotlight, their application to the logistics and transportation industries was evident. However, these devices remain in rugged use in industries such as mining, oil and gas, and even in niche applications such as environmental monitoring. Industries like mining and oil require high-end equipment because these industries often operate in remote locations.
In addition, their application includes ensuring the safety of their valuable assets and employees. As a result, the GPS tracker industry often provides devices that offer high precision, are designed for rugged operation, offer offline tracking, embed driver ID options, include accident detection, and even lone worker safety. The growing demand for GPS devices in key applications such as oil exploration provides a promising forecast for the growth of the GPS tracker industry over the 2020-2025 period.
The slowdown in oil demand and reduced investment in oil wells remain a potential barrier to growth in the GPS tracker market. However, despite the slowing oil recovery, the growth promise of end industries such as oil and gas remains huge for players in the GPS tracker industry. Potential interference between other applications such as mobile devices, military security equipment, and potential abuse remain the major threats to the growth of the GPS Tracker market. While these restrictions and threats do not alarm in most industries, they are particularly worrying for industries like aviation. Recently, the FAA reported GPS interference with sea-based missile equipment that resulted in a civilian aircraft losing access to location tracking. Intelligent GPS location tracking and intelligent communication with the responsible authorities can be the order of the day for future developments. The increasing support of artificial intelligence in technologies such as the Internet of Things could promise further application in key industries such as aviation with more reliable use.
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