January 07, 2019
GPS tracking devices utilize global positioning system in order to determine and track the current location of the vehicles for surveillance purposes. Market Research Future (MRFR) has published a report asserting that the global GPS tracking device system market is marked to expand remarkably at a CAGR of 11.9% during the forecast period of 2017-2023 and reach the market valuation of USD 2.53 Bn by the end of the forecast period.
The prominent players profiled by MRFR that are operating in the global GPR tracking device system market ATrack Technology Inc. (Taiwan), Tomtom International Bv (Netherlands), Calamp Corp. (the U.S.), Orbocomm Inc. (the U.S.), Sierra Wireless Inc. (Canada), Laipac Technology, Inc. (Canada), Concox Information Technology Co., Ltd. (China), Spy tech, Inc. (the U.S.), Verizon Wireless (the U.S.), Queclink Wireless Solutions Co., Ltd. (China) and others.
Market Drivers and Restraints:
GPS tracking devices are carried by vehicles or other moving objects in order to aid in monitoring and for tracking the current location of the vehicles or the objects. Increased utilization of these devices in transportation industry due to the increased popularity of mobility on demand system is majorly propelling the expansion of the global GPS tracking device system market during the assessment period. The easy installation and low cost of the devices are also leading to the rise in adoption of these devices across various industry verticals, which in turn is fueling the growth of the global GPS tracking device system market. However, introduction of non-standardized products that are cheaper in cost is leading to the poor user experience, which is likely to act as a restraining factor on the growth of the global GPS tracking devices system market.
The global GPS Tracking Device System Market is segmented on the basis of component, type and end-user. Based on type, the GPS tracking device system market has been segmented into covert GPS trackers, standalone tracker, advance tracker and others. Based on component, the GPS tracking device system market has been segmented into GPS loggers, personal GPS trackers, real-time GPS trackers and others. Based on end-users, the GPS tracking device system market has been segmented into automotive and aerospace, healthcare, transportation, retail, government and defense, industrial, hospitality, education and others.
Geographically, the global GPS tracking device system market has been segmented into four major regions such as North America, Europe, Asia Pacific and the rest of the world. The North America region commands for the major share in the global GPS tracking device system market owing to the easy adoption of advanced technology and extensive utilization of these devices in GPS Personal Emergency Response Systems with rise in demand for personal safety in this region. Increasing application of GPS tracking devices for safety purposes and real-time vehicle tracking along with the development of GPS tracking devices that are embedded with additional features such as in-built Wi-Fi and others are propelling the expansion of the GPS tracking device system market in the Europe region. The Asia Pacific region is expanding significantly in the global GPS tracking device system market owing to the increased government initiatives for keeping track on the various factors such as waste management, monitoring anti-poaching patrol cars and others, and high demand for tracking real-time location and speed of vehicles in this region.
In December 2018, it has been announced by Andhra Pradesh Government (India) that they have installed GPS tracking devices in the garbage trucks as a part of an initiative taken for revamping the existing solid waste management.
In November 2018, it has been announced that U-box and ERM Advanced Telematics have collaboratively launched a new and advanced vehicle-tracking device with a built-in Wi-Fi hotspot. The device is named as StarLink TrackerWi-Fi.
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