Press release
Navigating the Future: GPS Equipment Market to Reach $2.88 Billion in 2028 at a CAGR of 3.9%, Driven by IoT and Security Trends
GPS Equipment Market Report
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.
Market Overview -
The GPS equipment refers to various devices and tools required for the functioning of the satellite navigation system. A GPS is a satellite navigation system that determines an object's location on the ground.
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Growing Adoption In Commercial Vehicle Tracking To Drive Market Expansion
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.
Competitive Landscape -
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.
Rapid Software Advancements Enhance Gps Tracking Capabilities
The software integrated with GPS trackers has developed rapidly. The use of advanced software can deliver real-time data on a specific location. The advanced software has helped improve mapping capabilities and the ability to integrate with resources such as Google Earth and predictive diagnosis. For instance, in September 2022, Trackem, a US-based platform for monitoring resources, supplies, and job progress, launched its most recent version of its GPS tracking platform for clients. The new system includes tools for tracking fuel bills, fleet-wide fuel usage, mileage analysis, and driver scorecards. Scorecards for drivers make it easier to see those who frequently accelerate quickly or drive too fast, both of which increase fuel consumption. This data may be employed for disciplinary or instructional purposes. Numerous places in the fleet that can be modified for fuel economy can be found with the use of detailed reports. Additionally, the new Maintenance area can help fleet managers or business owners stay current and repair their vehicles to maximize fuel efficiency. The development of an enhanced GPS tracker is gaining traction and contributes to the growth of the market.
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Key Segments -
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
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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