Dublin, April 26, 2023 (GLOBE NEWSWIRE) -- The "Global GPS Tracking Device Market Size, Share & Industry Trends Analysis Report by Type, Deployment, Industry, Regional Outlook and Forecast, 2022-2028" report has been added to ResearchAndMarkets.com's offering.
The Global GPS Tracking Device Market size is expected to reach $5.5 billion by 2028, rising at a market growth of 12.3% CAGR during the forecast period.
As it develops, more fleets are utilizing it to track their automobiles and get directions anywhere in the world. In order to monitor its real-time information on people, things, and vehicles, the entire market has increased demands in transportation, IT, and telecommunications. The online GPS tracker helps boost consumer and business security and safety.
Due to rising internet usage on smartphones and other portable devices, digital maps are rapidly expanding. GPS tracking gadgets are in high demand due to the growing use of digital maps. Furthermore, for route planning and navigation, most autonomous vehicles employ digital map systems. The main growth catalysts for the GPS tracking device market include recent developments in digital maps, like 3D maps, and how simple it is to understand and find a position.
The market is expected to grow due to GPS tracking device hardware and software advancements. Software, distance computations, and other techniques can be used to make technological improvements like real-time tracking and associatedinformation retrieval possible. The market is expanding due to greater software updates and enhancements to the devices' usability and effectiveness.
Market Growth Factors
Globally rising demand for commercial automobiles
GPS monitoring systems can find automobiles that use GPS to pinpoint their exact location. This makes monitoring even more important for safety and effective functioning. As a result, many commercial cars are fitted with GPS devices. Commercial vehicle sales, therefore, rise, supporting the GPS tracking device industry. Furthermore, it is also projected that the e-commerce sector's growing influence will raise demand for tracking systems in light and medium commercial vehicles. Therefore, all these factors will benefit the market's growth throughout the forecast period.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Acquisitions, and Partnerships & Collaborations.
Growing usage of GPS-based tracking and monitoring in various marine applications
GPS data is being used more frequently by mariners and oceanographers for buoy placement and underwater surveys. Effectively managing maritime port facilities is being improved by incorporating geographic information software (GIS) and GPS technology. With smart boat technology and a built-in GPS tracking system coupled with international LTE cellular connectivity, many industry participants have introduced next-generation linked boat devices. It is determined that these technological developments will drive the market in the coming years.
Market Restraining Factors
Poor user experience from the usage of nonstandard products and environmental factors
Environmental factors such as tall structures, dense vegetation, cloud cover, rain, and dense foliage can weaken the GPS signal. As a result, findings or tracking are occasionally delayed. A clean line of sight (LoS)between the satellite and thereceiver is necessary for the GPS tracking unit to function well in many devices or systems; alternatively, the signal may suffer. A poor consumer experience, as well as low quality, are also the results of the low-cost and inferior GPS tracking devices that many providers and manufacturers sell to obtain a competitive advantage. The market for GPS tracking device is constrained by these limitations.
Type Outlook
Based on type, the GPS tracking device market is segmented into standalone trackers, OBD devices and advance trackers. The on board diagnostics segment garnered a significant revenue share in the GPS tracking device market in 2021. Many functionalities are available with On-Board Diagnostics (OBD) trackers. It is more suited for monitoring vehicles and is simpler to set up and use. The tracker will continuously monitor the vehicle as soon as it is installed. Internet access allows for sporadic monitoring of the vehicle's actions. The OBD GPS tracker device may store and download the recorded location data to any internet-connected gadget.
Deployment Outlook
On the basis of deployment, the GPS tracking device market is divided into commercial vehicles and cargo & containers. The commercial vehicles segment witnessed the largest revenue share in the GPS tracking device market in 2021. The segment is rising because for businesses that employ automobiles, commercial GPS tracking is quite practical and gaining popularity. Users of GPS devices for commercial vehicles can improve business operations by knowing the exact position of vehicles at all times. Adding a GPS tracker that interacts with mapping software enhances dispatch, routing, and safety, lowers fuel costs, and expands the range of tasks that may be finished.
Industry Outlook
By industry, the GPS tracking device market is classified into transportation & logistics, construction, government, oil & gas, metals & mining and others. The construction segment procured a remarkable growth rate in the GPS tracking device market in 2021. Construction businesses can manage expensive types of machinery, such as towers, mobile cranes, generators, compressors, service cars, and heavy trucks, with the use of GPS. As a result, it has proven to bea crucial business tool in this sector. Moreover, it is employed for all construction-related assets. As a result, the demand for it is growing in this industry, driving the segment's growth.
Regional Outlook
Region-wise, the GPS tracking device market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Europe region acquired the highest revenue share in the GPS tracking device market in 2021. The center of the automotive industry as well as related technological advancements, is in Europe. Numerous enterprises manufacture commercial vehicles in the region. The development of telematics technology, with most businesses currently using telematics in fleet management, is the primary reason propelling the regional market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include TomTom N.V., Sierra Wireless, Inc. (Semtech Corporation), Sensata Technologies Holdings PLC, CalAmp Corp, Orbcomm, Inc. (GI Partners L.P.), Shenzhen Jimi IoT Co., Ltd., Queclink Wireless Solutions Co., Ltd., Teltonika, ATrack Technology, Inc. and Ruptela.
Strategies Deployed in GPS Tracking Device Market
Partnerships, Collaborations and Agreements:
- Jun-2022: CalAmp partnered with Bristlecone, a provider of AI-powered application transformation services for the connected supply chain. Following the partnership, the companies aimed to create joint solutions that utilize real-time data from CalAmp's edge computing devices, Supply Chain Visibility sensors, and CalAmp Telematics Cloud and Bristlecone's expertise in providing end-to-end supply chain transformation services powered by analytics and AI for building enterprise-ready automation and logistics visibility solutions.
- Jun-2022: CalAmp announced a partnership with Techmatics, a leader in transport and compliance. The company would provide commercial and public fleet operators with guaranteed Techmatics' apollo Electronic Logging Device (ELD) solution in addition to CalAmp's edge computing devices, enabling them to record and log crucial data required for regulatory compliance.
Product Launches and Product Expansions:
- Jan-2023: Sensata Technologies launched the new Sensata INSIGHTS brands, which offer end-to-end solutions for asset and worksite monitoring, telematics, and supply chain and logistics. The INSIGHTS platform connects the physical and digital worlds, enabling users to make the best decisions possible with superior data, a comprehensive understanding of the larger picture, and a stronger dedication to our client relationships. Sensata INSIGHTS provides proprietary technology to guarantee the highest levels of data quality and relevance to empower decisions and inspire precisely the appropriate actions to lower costs, avoid issues, and improve safety. Sensata INSIGHTS offers adaptable end-to-end supply chain monitoring and management solutions that are distinguished by more detailed data, superior insights, and a stronger dedication to our clients and partners.
Scope of the Study
By Type
- Advance Trackers
- Standalone Trackers
- On-Board Diagnostics (OBD) Devices
By Deployment
- Commercial Vehicles
- Cargo & Containers
By Industry
- Transportation & Logistics
- Construction
- Government
- Oil & Gas
- Metals & Mining
- Others
By Geography
North America
- US
- Canada
- Mexico
- Rest of North America
Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- TomTom N.V.
- Sierra Wireless, Inc. (Semtech Corporation)
- Sensata Technologies Holdings PLC
- CalAmp Corp
- Orbcomm, Inc. (GI Partners L.P.)
- Shenzhen Jimi IoT Co., Ltd.
- Queclink Wireless Solutions Co., Ltd.
- Teltonika
- ATrack Technology, Inc.
- Ruptela
Key Topics Covered:
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
Chapter 3. Competition Analysis - Global
Chapter 4. Global GPS Tracking Device Market by Type
Chapter 5. Global GPS Tracking Device Market by Deployment
Chapter 6. Global GPS Tracking Device Market by Industry
Chapter 7. Global GPS Tracking Device Market by Region
Chapter 8. Company Profiles
Companies Mentioned
- TomTom N.V.
- Sierra Wireless, Inc. (Semtech Corporation)
- Sensata Technologies Holdings PLC
- CalAmp Corp
- Orbcomm, Inc. (GI Partners L.P.)
- Shenzhen Jimi IoT Co., Ltd.
- Queclink Wireless Solutions Co., Ltd.
- Teltonika
- ATrack Technology, Inc.
- Ruptela
For more information about this report visit https://www.researchandmarkets.com/r/o1iqpp
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