Market Scenario:
The GPS Tracker market size is projected to grow from USD 2.8 Billion in 2023 to USD 6.5 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 12.8% during the forecast period (2023 - 2030).
The device of the GPS tracker is used for tracking down and understanding the present location. The moving vehicle or even the people are using such device to know the right location. There are different factors for this market such as cloud technology and IoT that matters the most. The GPS tracker is also created with modern technology that offers different applications using some special features. The GPS tracker device can also be used for surveillance by placing it anywhere depending on the size and range. Along with it, the standalone use and advanced tracking solution have also gained quite a lot of popularity.
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Key Players:
Key Companies in the GPS Tracker market includes,
- Sierra Wireless
- Orbocomm
- Atrack Technology
- Geotab Inc.
- Box Telematics
- Meitrack Group
- Trackimo Group
- Calamp Corp
- Starcom System Ltd.
- Concox Wireless Solution
As per the GPS Tracking Market, the demand for such solutions is more in sectors like transportation, IT and telecommunications to ensure the real-time information is offered to the vehicles, individuals and even the products. The GPS tracker is used for enhancing the security and safety of consumers and businesses. The pandemic has struck the whole region's marketing field. The global GPS tracking device solution is one of the aspects that got affected and has lost production, workforce, transportation and communication to name some. The sales demand has declined because of different communication gaps and issues that actually forced the whole tracking service industry for adopting different techniques and strategies for improving production and sales.
Competitive Outlook:
The downturn effects visible in the market are estimated to stay a little longer due to the scale of impact on the global market. The need for prudent analysis of the market trends and demand projections is estimated to lead to formidable development in the market. The constraints of growth are expected to be significant and considerable support will be needed to transform the market effectively. The instability in the forces of demand and supply is estimated to create a beneficial impact on the overall global market in the forecast period. The restoration and everyday operations are estimated to take some time, which will lead to intensive development of build-up in delivery. The financial assistance provided by the government around the world and trade bodies is estimated to salvage the situation in the coming years. The need to build sustainability into the core assets of the companies will help companies’ battle situations like the current pandemic more effectively.
Segmentation:
As per the Type:
The market of the Global GPS Tracking Device is categorized into different types such as:
- Advance Tracker
- Standalone Tracker
- Covert GPS Trackers
As per the Components:
The market of the Global GPS Tracking Device is categorized into different Components such as:
By Components:
- Real-Time GPS
- GPS Loggers
- Trackers
- Personal GPS Trackers
As per the End-users:
The market of the Global GPS Tracking Device is categorized by different End-users such as:
- Retail
- Education
- Transportation
- Hospitality
- Automotive and aerospace
- Defense
- Healthcare
- Government
Regional Analysis:
Depending on the regional classification, the market of the global GPS tracking device is widely spread in the different regions of the world. There are some of the top-notch performing regions which include Europe, North America, and Asia pacific. North America is known to be holding a good GPS Tracking Device Market Share in the forecast timelines out of all the other regions. The demand for GPS vehicle tracking is also quite high in other countries like Europe and the Asia Pacific and is likely to grow its market revenue in the coming years. There are other regions that also seem to be showing promising growth but a lack of technological advancement has slowed down their pace.
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Industry News:
In the year 2017, the Class B vessel tracking solution was created with Orbocomm, Weatherdock, and Pole Star Space Applications to be the key layers in this field.
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