GPS Tracker Market Is Growing Due to the Growing Sales of Commercial Vehicles Around the World
𝗥𝗲𝗽𝗼𝗿𝘁 𝗣𝗮𝗴𝗲𝘀: [130 Pages]
GPS tracking refers to the global positioning system. These type of tracking devices are used to track or determine the exact location of the assets, such as a vehicle. This information is stored in the tracking unit and then transmitted to a central location using radio, cellular devices, or satellite modems embedded in the unit. GPS trackers track three separate data sets, such as timing, navigation, and positioning. Moreover, it entails a network of 24 satellites in orbit and a network of instruments on the ground that can establish the location of an individual or object on Earth with astonishing accuracy.
One of the major factor driving the growth of the GPS tracker market is advancement in cloud technology and Internet of Things (IoT) due to increasing number internet users across the world. Globally, internet user numbers are growing at an annual rate of more than 7½ %, but year-on-year growth is much higher in many developed and developing economies. According to DataReportal, around 4.72 billion people around the world use the internet in April 2021; that is more than 60% of the world’s total population. Both cloud technology and IoT need the installation of the GPS tracking device in any location such as home, office, and many more.
𝗚𝗼 𝗳𝗼𝗿 𝗺𝗼𝗿𝗲 𝗱𝗲𝘁𝗮𝗶𝗹 𝗶𝗻𝗳𝗼𝗿𝗺𝗮𝘁𝗶𝗼𝗻 𝗮𝗯𝗼𝘂𝘁 𝗚𝗣𝗦 𝗧𝗿𝗮𝗰𝗸𝗲𝗿 𝗠𝗮𝗿𝗸𝗲𝘁
Which further increases security of physical assets placed in residential or commercial settings. GPS tracker allows users to monitor vehicles, animals, individual, or any object in real time, as well as makes communication between users and devices faster and rapid, along with high reliability and accuracy. Moreover, GPS trackers help the organizations to run smoothly and timely. Thus, there is an increasing demand for GPS tracking devices around the world, which in turn is expected to augment the growth of the GPS tracker market.
𝐌𝐚𝐣𝐨𝐫 𝐏𝐥𝐚𝐲𝐞𝐫𝐬 𝐢𝐧 𝐂𝐮𝐫𝐫𝐞𝐧𝐭 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲: Orbcomm Inc., Laird PLC., Teltonika UAB, Geotab Inc., Sierra Wireless, Inc., Queclink Wireless Solutions Co., Ltd, Tomtom International Bv, Rilapp Technology Inc., Calamp Corporation, and Shenzhen Concox Information Technology Co.
Furthermore, the demand for GPC tracker has increased due to rapid growth of the automotive industry and the increasing sales of commercial vehicles worldwide, especially in Asia Pacific. According to the India Brand Equity Foundation (IBEF), in 2020, India was the fifth-largest auto market, with ~3.49 million units combined sold in the passenger and commercial vehicles categories. Moreover, it was the seventh largest manufacturer of commercial vehicles in 2019. By tracking the miles of the vehicles and identifying the shortest path of the route, GPS tracker helps reduce fuel consumption, which further helps eliminate the unnecessary fuel expenses.
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However, GPS tracker, sometimes, fails to perform in bad weather conditions such as heavy snowfall, rainfall, and others, which may restrain the GPS tracker market growth.
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