GPS Tracking Device Market size is Anticipated to Grow $4.93 Billion by 2028 | Growing at a CAGR of 12.3%

Allied Market Research published a report on the GPS Tracking Device Market by Technology, Type, and Application: Global Opportunity Analysis and Industry Forecast, 2021-2028.

The global GPS tracking device market size was valued at $1.78 billion in 2020, and is projected to reach $4.93 billion by 2028, registering a CAGR of 12.3% from 2021 to 2028.

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GPS tracking device is a navigation device used for tracking a vehicle, object or a person. GPS establishes a person or object's location on Earth with astonishing precision. GPS tracking devices are used in vehicles, mining, agriculture, and others.

According to GPS tracking device market trends, the aerospace and defense segment is the fastest growing application segment, to register a CAGR of 17.4%, during the forecast period. However, transportation is the highest revenue contributor that accounted for $566.1 million in 2020.

By region, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA. Europe was the highest revenue-generating segment that was valued at $584.8 million in 2020. This region is further expected to attain a market value of $846.2 million by 2022, to grow at a CAGR of 11.0%. Moreover, Europe is expected to maintain its dominant position over the forecast period. LAMEA and Asia-Pacific are the second and third leading regions of the GPS tracking device market share, respectively.

Report Overview:
https://www.alliedmarketresearch.com/gps-tracking-device-market-A11685

GPS tracking devices are used in many sectors such as automotive, healthcare, and more for tracking. Over the past few years, the need for tracking has increased at a rapid pace. GPS trackers are embedded with electronics and internet connectivity to make them smart devices and objects, which can connect to the cloud, be remotely controlled, and communicate with each other. This is attributed to increased demand for tracking system, which, in turn, drives the market growth.

Competitive Analysis:
The GPS tracking device industry key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.

Some of the major key players of the global GPS tracking device market include,
⦁ Sierra Wireless
⦁ Orbocomm
⦁ Atrack Technology
⦁ Geotab Inc.
⦁ Box Telematics
⦁ Meitrack Group
⦁ Trackimo Group
⦁ Calamp Corp
⦁ Starcom System Ltd.
⦁ Concox Wireless Solution

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Top Impacting Factors:
Notable factors positively affecting the GPS tracking device market include increase in commercial vehicle sales and rise in demand for IoT and cloud technology and machinery in manufacturing units. However, nonstandard products and several environmental factors lead to poor user experience which hamper the growth of the market. Furthermore, surge in usage of digital map and rise in advancements and upgradation of software used in GPS tracking devices are expected to offer lucrative opportunities for the market growth in the coming years.

Key Benefits for Stakeholders:
⦁ This study comprises analytical depiction of the GPS tracking device market size along with the current trends and future estimations to depict imminent investment pockets.
⦁ The overall GPS tracking device market analysis is determined to understand the profitable trends to gain a stronger foothold.
⦁ The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
⦁ The present GPS tracking device market forecast is quantitatively analyzed from 2020 to 2028 to benchmark the financial competency.
⦁ Porter's five forces analysis illustrates the potency of the buyers and the sensor market share of key vendors.
⦁ The report includes the market trends and the GPS tracking device market share of key vendors.

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