According to a recent report published by Allied Market Research, titled “GPS Tracking Devices Market by Technology, Type and Application: Global Opportunity Analysis and Industry Forecasts 2021-2028”, the global GPS Tracking Devices market was valued at USD 1.78 billion in 2020 and is projected to reach USD 4.93 billion by 2028, growing at a compound annual growth rate of 12.3% between 2021 and 2028. The data logger and data pusher devices segment together accounted for nearly half of the market share in 2020 and is expected to maintain this trend during the forecast period.
𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐓 𝐎𝐂: https://www.alliedmarketresearch.com/request-sample/A11685
The key factor driving the growth of GPS tracking devices market is the increasing demand for IoT and cloud technology and the rise in commercial vehicle sales. The major factors restraining the growth of this market are the impact of non-standardized products and several environmental factors leading to poor user experience. The opportunity lies in the increasing use of digital maps and the advancement and upgradation of software used in GPS tracking devices.
By technology, the personal GPS tracker market is further segmented into standalone trackers, OBD devices, and advanced trackers. Among all, the standalone tracker devices segment was the largest segment in terms of revenue, generating revenue of $662.8 million in 2020. However, the advanced tracker devices segment is expected to witness the fastest growth at a CAGR of 14.5% during the forecast period.
According to GPS Tracking Devices Market Trends, the aerospace and defense segment is the fastest growing application segment, registering a compound annual growth rate (CAGR) of 17.4% during the forecast period. However, the largest revenue contributor is the transportation sector, which accounted for $566.1 million in 2020.
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By region, the market is segmented into North America, Europe, Asia Pacific and LAMEA. Europe was the largest segment in terms of revenue with a value of USD 584.8 million in 2020. This region is expected to reach a market value of USD 846.2 million by 2022, growing at a compound annual growth rate of 11.0%. Furthermore, Europe is expected to maintain its dominant position during the forecast period. LAMEA and Asia Pacific are the second and third largest regions in the GPS tracking devices market.
COVID-19 Impact Analysis
COVID-19 has caused the entire semiconductor industry to mobilize quickly and make short-term decisions with long-term implications. Semiconductor companies operate in a complex ecosystem and work with numerous raw material, assembly, testing, packaging and equipment suppliers and partners around the world along the value chain.
Demand in the wireless communications sector is expected to increase due to factors such as increasing usage of broadband, higher demand for cloud services and video streaming. In addition, in the medium to long term, COVID-19 is expected to further drive the need for digital transformation and technologies such as 5G, IoT, AI and intelligent edge computing for future optimization.
Some manufacturers of GPS tracking devices have experienced temporary delays in the production of these devices, as well as increased costs and lost revenue due to the pandemic.
The manufacturing sector suffered heavy losses, resulting in no new orders being placed during the pandemic. Moreover, this impact is estimated to continue into 2021. In addition, the international consumer electronics and electrical appliance markets are in a very weak state due to the lockdowns imposed to combat the pandemic. Although the markets in the US and Europe recovered slightly in the second half of 2020, they are still well below pre-crisis levels. Therefore, the GPS tracking devices market is facing major obstacles due to the emergence of the COVID-19 pandemic.
The overall impact of the pandemic is affecting the production process of several industries, including semiconductors and electronics. Trade barriers are further limiting the demand and supply outlook. As the governments of various countries have already announced complete lockdown and temporary closure of industries, the entire production process is being negatively affected.
Key findings of the study
• The transportation segment is expected to be the major application area during the forecast period.
• Asia Pacific and Europe currently dominate the GPS tracking devices market. Europe is expected to witness the highest growth rate during the forecast period.
• The United States was the major contributor in the North America GPS tracking devices market analysis.
𝐈𝐧𝐪𝐮𝐤𝐫𝐲 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐤𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/A11685
The major players profiled in this report include Sierra Wireless, Orbocomm, Atrack Technology, Geotab Inc, Box Telematics, Meitrack Group, Trackimo Group, Calamp Corp, Starcom System Ltd, and Concox Wireless Solution. These major players have adopted various strategies such as new product launch and development, acquisition, partnership and collaboration, and business expansion to increase their presence in the GPS Tracking Devices industry during the forecast period.
About Us:
Allied Market Research (AMR) is a full-service market research and business consulting arm of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides unmatched quality “Market Research Reports” and “Business Intelligence Solutions” to global corporations as well as medium and small businesses. AMR has a targeted approach to provide its clients with business insights and consulting to help them make strategic business decisions and achieve sustainable growth in their respective market space.
We maintain professional business relationships with various companies, which helps us in sourcing market data that helps us in preparing accurate research data tables and confirms the utmost accuracy of our market forecasts. All the data included in the reports published by us is acquired through primary interviews with top officials of leading companies in the concerned industry. Our method of sourcing secondary data includes extensive online and offline research and discussions with knowledgeable industry professionals and analysts.
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About Us:
Allied Market Research (AMR) is a full-service market research and business consulting arm of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides unmatched quality “Market Research Reports” and “Business Intelligence Solutions” to global corporations as well as medium and small businesses. AMR has a targeted approach to provide its clients with business insights and consulting to help them make strategic business decisions and achieve sustainable growth in their respective market space.
We maintain professional business relationships with various companies, which helps us in sourcing market data that helps us in preparing accurate research data tables and confirms the utmost accuracy of our market forecasts. All the data included in the reports published by us is acquired through primary interviews with top officials of leading companies in the concerned industry. Our method of sourcing secondary data includes extensive online and offline research and discussions with knowledgeable industry professionals and analysts.
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