GPS Tracking Device Market Size Market Growth Opportunity, Developments And Regional Forecast To 2022-2031
Market Research.Biz anticipates that the market for GPS Tracking Device Industry 2022 can procure a striking valuation of USD 2.53 Billion by 2023-end. MARKET RESEARCH.BIZ also expects the market to advance at a rate of 11.9% between 2021 and 2031, which is the appraisal period. We will provide covid-19 impact analysis with the report. The report offers an in-depth review of the market following the coronavirus disease outbreak.
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COVID-19 Impact Analysis
Since the SARS-CoV-2 outbreak, several companies have had to face tough decisions, with respect to financial decisions and cost-cutting measures that ensure uninterrupted flow of operations. The lockdown situation has been the short term impact of the pandemic, which has led to a weaker demand from the hyperscale cloud service and smartphone providers. The plummeting demand has had a domino effect in the semiconductor industry, with the falling prices and vendors pulling back their current fab plans. COVID-19 outbreak has also led to shutting down of operations, e-commerce and retail stores, resulting in supply chains collapsing and creating a bigger gap between the demand and supply ratio.
Taking into account the long-term impact of covid-19, governments are doing everything they can by imposing favorable initiatives and policies such as exceptions in tax, providing financial packages and reduction in interest rate. The work from home strategies are the latest norm among companies along with the increasing trend of the BYOD policies can also induce demand for connected devices, computers, laptops, and various storage solutions in the coming period. While the countries are rushing to achieve a covid-19 breakthrough, the demand for GPS tracking devices is expected to surge significantly in the coming years.
Primary Drivers and Main Barriers
The GPS tracking devices market has been pick immense speed in recent years, thanks to the rising adoption of the latest technologies across multiple industries. The boost given to the security systems along with better resource management can be instrumental in the market growth. Businesses everywhere are increasingly deploying GPS to track vehicles, gaining the upper hand by giving an enhanced customer experience. As a result, the increasing deployment of GPS trackers in commercial vehicles can play a significant role in market expansion.
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The low cost of GPS tracking devices also boosts their demand among small and medium-sized businesses that use them to elevate their efficiency. Thus, the global market has been observing rapid expansion of its consumer base in recent years. The transport industry has become a key end-user in the market; with trucks, buses, cars and freights belonging to businesses being equipped with GPS tracking systems. Real-time personal & car GPS tracking devices are witnessing fast growth in the transport industry, for monitoring idling, engine start and stop and speeding, without wasting time.
In July 2019, ATrack Technology Inc. had launched AK7V, which is a vehicle tracker that is not only economical but also consists of highly advanced features proving to be quite useful for fleet management solutions across the globe. This is one of the instances where renowned players are adopting various hacks such as product launch, agreement and collaboration, which not only boosts their position but also induces significant market growth for GPS tracking devices.
The market for GPS trackers has been extensively covered in the report, considering segments like type, component and end user.
GPS Tracking Device market by type has been considered for standalone tracker, covert GPS trackers, advance tracker and others. The market for advance trackers can note the highest growth in the years ahead, as they are vastly used in commercial vehicles to provide performance-based information as well as data related to engine diagnosis along with basic functionalities.
Components described in market study are real-time GPS trackers, personal GPS trackers, GPS loggers, and others.
Key end-users in the GPS tracking device market include healthcare, education, retail, transportation, industrial, automotive and aerospace, government and defense, hospitality, and others. Out of these, the transportation sector can exhibit an exhilarating growth trajectory, with the biggest share in the global market. With the surge in technological innovations in the automotive industry, some of which include C-V2X technology and autonomous vehicles that are heavily dependent on GPS tracking devices to enhance the accuracy and reliability for navigation. The market for car GPS trackers is thriving across the globe, with the growth in transportation sector in line with the expanding tourism industry and increasing disposable income of people worldwide.
The GPS Tracking Device market Analysis by MARKET RESEARCH.BIZ outlines the primary regions as Europe, North America, APAC or Asia Pacific and RoW or Rest-of-the-World.
North America is at the top of its game, having clinched the leading position in the global market. It is estimated that more than two million people in North America use GPS Personal Emergency Response Systems for personal safety. GPS tracking devices are finding use in monitoring applications for anti-poaching patrol cars for commercial and personal purposes. Apart from this, GPS tracking devices in the region are subjected to extensive R&D to note further advancements, which helps boosts its demand across industries. Also, high disposable income of people has led to higher product demand, resulting in development of advanced GPS tracking device for car by manufacturers in the region.
In APAC, GPS has become a critical aspect of applications such as self-driving cars and drones, emerging as an indispensable tool in countries like Japan and India. Increasing popularity of automation, support from government initiatives along with the expansion of the transport industry is also inducing tremendous market growth for GPS tracking devices in the region. Japan, South Korea and China hold the most growth potential in the regional market, following the constant surge in the demand for GPS tracking devices and locators. It is also projected despite the financial instability caused by the novel coronavirus; the APAC market will remain resilient throughout the appraisal period.
Verizon Wireless (U.S), Concox Information Technology Co., Ltd. (China), Calamp Corp. (US), Orbocomm Inc. (US), Sierra Wireless Inc. (Canada), Atrack Technology Inc. (Taiwan), Tomtom International Bv ( Neitherland), Spy tech, Inc. (U.S), Queclink Wireless Solutions Co. Ltd. (China), Laipac Technology, Inc. (Canada), are the renowned companies operating in the GPS tracking devices industry.
Seoul Institute of Technology’s research team has built a new GPS tracking system that can receive signals even from inside a tunnel and underground structures. The device can give the moving vehicle’s exact location on navigation services on car infotainment systems or smartphones.
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