Despite the COVID-19 epidemic, FMI 2022-2027 discovers a GPS tracker market prediction with possible influence

A recent study by Future Market Insights titled "GPS Tracker Market: Global Industry Analysis (2012-2016) and Opportunity Assessment (2017-2027)" predicts that the global GPS tracker market will produce revenues of US$3,482.3 Mn in 2027, expanding at a CAGR of 8.4%. This notable revenue growth is attributed to the creation of new applications in the market, the entry of specialized competitors in the market, as well as the conventional uses of GPS trackers.

The emergence of new uses for GPS tracker technology has led to a notable expansion of the GPS tracker market worldwide. Revenue growth in other traditional uses, such as preventing merchandise theft, is also projected for the business. However, non-standard products will always be a problem in this market because of poor tracking quality.

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Global GPS Tracker Market: Recommendations

Governments should focus on launching more satellites to improve the accuracy of navigation and location detection provided by GPS trackers
GPS Tracker manufacturers should focus on manufacturing high-standard trackers and the non-standard trackers available in the market with poor quality should be banned
Awareness among the population and businesses should be increased considering all the potential advantages provided by GPS trackers
For successful implementation of GPS Trackers in novel applications, proper R&D should be conducted

Global GPS Tracker Market: Forecast by Type

Based on type, the global GPS tracker market is segmented into standalone trackers, OBD trackers, and advanced trackers. Although the advanced tracker segment is anticipated to exhibit high market attractiveness index over the forecast period, the OBD trackers segment is expected to grab the largest revenue share of 37.8% and 37% in 2017 and 2027 respectively.

Global GPS Tracker Market: Forecast by Industry

The global GPS tracker market is divided into several industries, including construction, energy & utilities, government, defense, transportation and logistics, healthcare, and others (BFSI, Media and Entertainment, Telecom). During the anticipated period, the Global GPS Tracker market's Transportation and Logistics segment is anticipated to be the most alluring in terms of value. Throughout the projected period, it is anticipated that the Energy & Utilities segment would increase at significant rates year over year. This market sector is anticipated to grow in value throughout the projected period at a CAGR of 8.4%. The Transportation and Logistics section is anticipated to generate revenues totaling US$ 550.6 million in 2017 and to rise steadily throughout the projection period.

Global GPS Tracker Market: Forecast by Application

The global market for GPS trackers is divided into three application categories: asset management, fleet management, and others (Pets wearable devices, wearable devices, etc.). In addition to having a high market attractiveness index for the projected period, Fleet Management is also anticipated to have the biggest market share, or 56.3%, in 2027. Throughout the projected period, a moderate Y-o-Y growth rate is anticipated for asset management. This market segment is anticipated to grow in value throughout the projected period at a CAGR of 7.3%.

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Global GPS Tracker Market: Forecast by Region

This research covers seven regions, including North America, Latin America, Western and Eastern Europe, APEJ, Japan, and the Middle East and Africa. North America and APEJ are anticipated to be the most alluring areas in the global GPS tracker market in terms of value throughout the forecast period. Throughout the projected period, the Western European market is anticipated to increase at significant rates year over year. Western Europe is anticipated to grow in value throughout the projection period at a CAGR of 8.5%. The market in North America is projected to be worth US$ 1067.6 Mn in 2017 and is anticipated to experience consistent revenue growth throughout the forecast period.

Global GPS Tracker Market: Key Players and Other Players

Some of the key players operating in the global GPS trackers market are Calamp Corporation, Sierra Wireless, Inc., Tomtom International Bv, Xirgo Technologies, Inc., Queclink Wireless Solutions Co., Spy Tec International Inc., ATrack Technology, Inc., Maestro Wireless Solutions Limited, Ruptela. Other players functioning in this market are- Laipac Technology Inc, Rocky Mountain Tracking Inc., and Amcrest Technologies Llc.

Market Segmentation

By Type:

Standalone Tracker
OBD Trackers
Advanced Trackers

By Application:

Fleet Management
Asset Management
Others (Pets wearable devices, wearable devices, etc.)

By Industry:

Transportation and Logistics
Construction
Government
Defence
Energy & Utilities
Healthcare
Others (BFSI, Media and Entertainment, Telecom)

By Region:

North America
Western Europe
Eastern Europe
Latin America
APEX
Japan
MEA

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.