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GPS Tracking Device Market to grow at USD$ ~2.53 Billion by 2023 at ~11.9% of CAGR| SARS-CoV-2, Covid-19 Analysis

07-15-2020 11:31 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Market Research Future

GPS Tracking Device Market

GPS Tracking Device Market

GPS Tracking Device Market, By Type (Covert GPS Trackers, Standalone Tracker, Advance Tracker), by Components (GPS Loggers, Personal GPS Trackers, Real-Time GPS Trackers), By End-User (Automotive and aerospace, Healthcare, Transportation, Government and defense) - Global Forecast 2023

The global positioning system (GPS) devices market is expected a steady growth due to the acceptance of advanced technology across various sectors. The market is expected a valuation of USD 2.53 Bn by 2023, at 11.9 % CAGR between 2017 and 2023 (forecast period).

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Competition Analysis

Some of the prominent players in this market are Tomtom International Bv (Neitherland), Sierra Wireless Inc. (Canada), Atrack Technology Inc. (Taiwan), Concox Information Technology Co. Ltd. (China), and others.

The GPS tracking device is generally carried by a vehicle or by a moving person and used in monitoring and tracking the current location of a vehicle or a person. The GPS tracking market has a high demand across sectors such as information technology (IT), transportation, and telecommunication. It offers real-time information about products, vehicles, and individual. These devices provide advanced tracking systems both for consumers and business that further enhances security and safety. Information regarding the moving object can be stored inside the tracking devices or be transferred to a central control unit. The GPS tracker comprises a GPS module that receives the GPS signal.

The system uses radio, satellite or cellular modems that are fitted along with the tracking devices so that the devices with GPS enabled can be used to track mobile objects. The location of the device further uses geometric coordinates so that it can position the object on the map. Furthermore, the GPS tracking system can be classified into three parts namely basic, intermediate and advanced.

Intended Audience

• Raw material providers
• Supplier of GPS tracking devices
• GPS antenna supplier
• Distributors and traders
• Semiconductor product designers
• Software and service providers
• GNSS/GPS IC supplier
• GNSS module supplier
• Semiconductor product designers
• Technology investors
• Research institutes,
• System Integrators
• Research/Consultancy firms

Drivers and Restraints

The prime reasons propelling the demand for GPS tracker devices is the easy installation of these devices at affordable costs. Also, the low cost makes it easy for the small and medium-sized business to install these systems and improve their efficiency. Moreover, various governments are setting up GPS devices across transport systems to add utilities to public services. Moreover, cloud technology and IoT are some of the key factors driving the growth of this market.

Meanwhile, to gain competitive advantage, some of the manufacturers are launching GPS tracking devices which are low in cost. Introduction of these nonstandard products are one of the major restraining factors affecting the market growth. Usage of these substandard GPS tracking devices might lead to poor user experience.

Global GPS Tracking Device Market Segmentation

The GPS tracking device market can be segmented on the basis of type, component, end user, and region.

On the basis of type, the market can be segmented into covert GPS trackers, standalone tracker, advance tracker and others, wherein the advance tracker market is expected to showcase a sharp growth rate during the forecast period. Advance trackers are installed in commercial vehicles to offer performance-related information about the vehicles and provide data regarding engine diagnosis in addition to basic functionalities.

On the basis of component, the market can be segmented into GPS loggers, personal GPS trackers, real-time GPS trackers, and others.

On the basis of end-users, the GPS tracking device can be segmented into automotive and aerospace, healthcare, transportation, retail, government and defense, industrial, hospitality, education, and others. Among them, the transportation sector is expected to display a rapid growth rate and holds the largest market share in the GPS tracking device market.

Regional Analysis

Geographically, the market can be segmented into North America, Europe, Asia Pacific and Rest-of-the-World (RoW). North America has been observed to be the leading region with the highest market share. Over two million people in this region have been using GPS Personal Emergency Response Systems with the growing demand for personal safety. GPS tracking devices are used to monitor anti-poaching patrol cars and track their location for personal as well as commercial purposes.

Meanwhile, Europe is also showing a positive growth rate in this market because of safety purposes and tracking real-time vehicle location and speed updates. While this market has a huge potential growth, countries in Asia Pacific such as South Korea, Japan, and China can contribute to market revenue.

Study Objectives of GPS Tracking Device System Market:

• To provide detailed analysis of the market structure along with forecast of the various segments and sub-segments of the GPS Tracking Device system market.
• To provide insights about factors affecting the market growth.
• To analyze the GPS Tracking Device system market based porter’s five force analysis etc.
• To provide historical and forecast revenue of the market segments and sub-segments with respect to four main geographies and their countries- North America, Europe, Asia, and Rest of the World (ROW).
• To provide country level analysis of the market with respect to the current market size and future prospective.
• To provide country level analysis of the market for segment on the basis of display type, components, end -users and region.
• To provide strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market.
• To track and analyze competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, new product developments, and research and developments in the GPS Tracking Device system

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