Portland, OR, July 19, 2021 (GLOBE NEWSWIRE) – According to the report released by Allied Market Research, the global GPS Tracking Devices Market was set at $ 1.78 billion in 2020 and is projected to reach $ 4.93 billion by 2028, growing at a CAGR of 12.3% from 2021 to 2028.
The increasing demand for IoT and cloud technology and increasing sales of commercial vehicles are driving the growth of the global market for GPS tracking devices. However, poor user experience due to non-standard products hinders market growth. On the contrary, the increasing use of digital maps and the advancement and updating of software used in GPS tracking devices are expected to open up new opportunities in the years to come.
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Covid-19 scenario:
- The Covid-19 pandemic reduced the demand for GPS tracking devices due to the partial and total lockdown in various regions. In addition, governments of several countries were forced to shut down manufacturing and industrial sectors to curb the spread of infection, which hampered the demand for GPS tracking devices.
- The pandemic created economic hardship for businesses and consumers around the world. In addition, the adoption of work from home culture reduced the demand for GPS tracking devices.
- In addition, the longer lockdown led to disruptions in the supply chain and a shortage of raw materials.
The report segments the global GPS Tracking Devices Market by technology, type, application and region.
On a technology basis, the standalone tracker segment had the largest share in 2020, accounting for nearly two-fifths of the market. However, the Advance Tracker segment is expected to have the highest CAGR of 14.5% over the forecast period.
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Measured by type, the data logger segment dominated the market in 2020 with almost two fifths of the market in terms of sales. However, the data slide segment is expected to have the highest CAGR of 13.9% from 2021 to 2028.
The global GPS Tracking Devices market is analyzed across multiple regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Europe had the largest share in 2020, accounting for almost a third of the market. However, the Asia Pacific market is expected to be the highest CAGR of 15.6% in the forecast period.
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Global GPS Tracking Devices Market encompasses an in-depth analysis of key market players such as Sierra Wireless, Orbocomm, Atrack Technology, Geotab Inc., Box Telematics, Meitrack Group, Trackimo Group, Calamp Corp, Starcom System Ltd. and Concox Wireless Solution.
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Allied Market Research (AMR) is a full-service market research and management consulting arm of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides unmatched quality of “Market Research Reports” and “Business Intelligence Solutions” to global corporations as well as medium and small businesses. AMR provides focused business insights and advice to help clients make strategic business decisions and achieve sustainable growth in their respective market areas.
We have professional business relationships with various companies and this helps us unearth market data which will help us create accurate research data tables and confirm the highest accuracy of our market forecasts. Pawan Kumar, CEO of Allied Market Research, is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality data and help customers succeed in every possible way. All of the data presented in the reports we publish are extracted through primary interviews with top officials from leading companies in the domain in question. Our methodology for obtaining secondary data includes in-depth online and offline research and discussions with knowledgeable professionals and industry analysts.
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