Press release
GPS Equipment Global Market to Surpass $2.88 Billion with a Growing CAGR of 3.9% By 2028, Share, Trends, Growth Strategies and Competitive Analysis
GPS Equipment Global Market
The Business Research Company presents an extensive market research report on the GPS Equipment Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The gps equipment market size has grown steadily in recent years. It will grow from $2.39 billion in 2023 to $2.47 billion in 2024 at a compound annual growth rate (CAGR) of 3.3%. The growth in the historic period can be attributed to military application, consumer electronics boom, global positioning system (gps) satellite, automotive industry adoption, government initiatives and investment.
The gps equipment market size is expected to see steady growth in the next few years. It will grow to $2.88 billion in 2028 at a compound annual growth rate (CAGR) of 3.9%. The growth in the forecast period can be attributed to growth in iot and connected devices, security and anti-theft measure, data analytics and location-based services, demand surge in emergency response and disaster management, integration with autonomous drones. Major trends in the forecast period include expansion in outdoor recreation, growing safety concerns, emergence of autonomous vehicles, rising use in agriculture, government initiatives and regulations.
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Key Market Players:
Major companies operating in the gps equipment market report are Schlumberger Limited, Texas Instruments Inc., Garmin Ltd., Sensata Technologies Inc., Trimble Navigation Limited, Ramboll Group A/S, Jimi IoT, MiTAC Digital Technology Corporation (Navman), Suntech Power Holdings Co. Ltd., Eelink Communication Technology Limited, Queclink Wireless Solutions Co. Ltd., TomTom International BV, Laird PLC., Geotab Inc., Teltonika UAB, Calamp Corporation, Sierra Wireless Inc., Mio Technology Corporation, Verizon, Orbocomm Inc., Concox Wireless Solution, Shenzhen Concox Information Technology Co. Ltd., ATrack Technology Inc., Meitrack Group, Trackimo LLC, Ruptela UAB, Xirgo Technologies Inc., Shenzhen Coban Electronics Co. Ltd., Maestro Wireless Solutions, Spy Tec Inc., Sercel SA, IRIS Instruments, DMT GmbH & Co. KG, Phoenix Geophysics Ltd., Geotech Ltd., Petroleum Geo-Service, TGS-NOPEC Geophysical Company, Geoex Ltd., BGP Inc.
Market Drivers:
The increased use of GPS tracking devices in commercial vehicles contributed to the growth of the GPS equipment market. GPS tracking devices help in monitoring commercial vehicles such as trucks, buses, heavy commercial vehicles, and construction vehicles. Through monitoring and handling these vehicles in real-time with GPS trackers, companies can get real-time updates, optimize routes, increase efficiency, and improve fuel efficiency, among others. Businesses are increasingly using GPS for tracking vehicles and will have an edge over their competitors in providing a better customer experience. Therefore, the use of GPS equipment in commercial vehicles is a key factor leading to the growth of the GPS equipment market.
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https://www.thebusinessresearchcompany.com/report/gps-equipments-global-market-report
The gps equipment market covered in this report is segmented -
1) By Product Type: Data loggers, Data pushers, Data pullers, Covert GPS Trackers
2) By End-Use Industry: Transportation And Logistics, Construction, Oil And Gas, Metals And Mining, Government, Other End-Use Industries (Hospitality, Education, Retail, Agriculture, and Healthcare)
3) By Application: Road, Aviation, Marine, Location-based services, Surveying and Mapping, Other Applications
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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