The GPS Tracking Device market Size is projected to grow from USD 3.1 Billion in 2023 to USD 6.5 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 12.9% during the forecast period (2023 - 2030).
Market Research Future Insights:
During the anticipated period, the market's growth is anticipated to be supported by rising sales of GPS-enabled automobiles and increasing smartphone penetration. The market for global positioning systems is also expected to rise as a result of the rising social media usage in developing nations and the high volume of component manufacturer and integrator mergers and acquisitions.
The increasing demand for IoT and cloud technology and the increasing commercial vehicle sales are two of the main driving forces behind this booming market.
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Key Players:
Key Companies in the GPS Tracking Device market include,
- Verizon Wireless (U.S)
- Concox Information Technology Co. Ltd. (China)
- Calamp Corp. (US)
- Orbocomm Inc. (US)
- Sierra Wireless Inc. (Canada)
- Atrack Technology Inc. (Taiwan)
- Tomtom International Bv ( Neitherland)
Regional analysis:
The Global GPS Tracking Device Market is broadly distributed over numerous regions of the world based on geographical classification. North America, Europe, Asia-Pacific, and the Rest of the World are a few of the top-performing geographical areas.
Out of all the regions, North America is held responsible for creating the largest GPS tracking device market share in the previous predicted years. In that area, there is a strong need for GPS car tracking devices. Due to significant government military spending (about 4.0% of each country's GDP annually) and widespread smartphone use in the area, North America led the world in 2017. The region's smartphone adoption rate, which was roughly 64.0% in 2017, is driving the rising demand for location-based services.
However, Asia Pacific is anticipated to develop at the fastest rate throughout the forecast period due to an increase in smartphone users, a rise in broadband adoption, and significant expenditures in network infrastructure. Additionally, the expansion of the social media user base and the rise in GPS-enabled applications that allow users to broadcast their real-time whereabouts are predicted to fuel regional market expansion throughout the projected period.
Market Segmentation:
The GPS Tracking Device Market is ideally categorized into 3 parts based on type, components and end user. The segmentation based on type is further sub-categorized into Covert Gps Trackers, Standalone Tracker, and Advance Tracker sections. The components-based segment is further divided into Gps Loggers, Personal Gps Trackers, and Real Time Gps Trackers sections. Whereas the end-user based market is further divided into Automotive And Aerospace, Healthcare, Transportation, Government And Defense categories.
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For instance, in order to supply fleet management solutions to transportation businesses, Trimble Inc. purchased Veltec, a fleet management provider with headquarters in Brazil, in October 2018. To expand the market footprint and overall profitability, the acquisition was made. Similar to this, Hexagon AB introduced the PIM7500 GNSS receiver in May 2018 which incorporates AI technology. It is specifically made for driverless buses, delivering highly accurate vehicle locations.
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