forecasts that the GPS Tracking Devices Industry Market 2022 can procure a striking valuation of USD 2.53 Billion by the end of 2023. MARKET RESEARCH.BIZ also expects the market to grow at a rate of 11.9% between 2021 and 2031, which is the evaluation period. We will provide a covid-19 impact analysis with the report. The report offers an in-depth look at the market in the wake of the coronavirus disease outbreak.
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COVID-19 Impact Analysis
Since the SARS-CoV-2 outbreak, several companies have had to face tough decisions, regarding financial decisions and cost reduction measures that ensure an uninterrupted flow of operations. The lockdown situation was the short-term impact of the pandemic, which led to weaker demand from large-scale cloud and smartphone service providers. The slump in demand has had a domino effect in the semiconductor industry, with prices falling and suppliers backing away from current manufacturing plans. The COVID-19 outbreak has also shut down operations, e-commerce and retail stores, causing supply chains to collapse and creating a wider gap between the demand and supply ratio. .
Given the long-term impact of covid-19, governments are doing everything they can by imposing favorable initiatives and policies such as tax exceptions, financial packages and reduced interest rates. Work from home strategies are the latest norm among businesses, while the growing trend of BYOD policies may also drive demand for connected devices, computers, laptops and various storage solutions in the period to to come. As countries race to achieve a covid-19 breakthrough, the demand for GPS tracking devices is expected to increase dramatically in the coming years.
Main Drivers and Barriers
The market for GPS tracking devices has grown at lightning speed in recent years, thanks to the increasing adoption of the latest technologies in many sectors. The boost given to security systems along with better management of resources can play a decisive role in the growth of the market. Companies around the world are increasingly deploying GPS to track vehicles, gaining the upper hand by providing an improved customer experience. Hence, the increasing deployment of GPS trackers in commercial vehicles can play an important role in expanding the market.
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The low cost of GPS tracking devices is also driving their demand from small and medium-sized businesses that use them to increase their efficiency. Thus, the global market has witnessed a rapid expansion of its consumer base in recent years. The transportation industry has become a key end user in the market; with trucks, buses, cars and goods belonging to companies equipped with GPS tracking systems. Real-time personal and automotive GPS tracking devices are growing rapidly in the transportation industry, to monitor idling, engine start and stop, and speed without wasting time.
In July 2019, ATrack Technology Inc. had launched AK7V, a vehicle tracker that is not only cost-effective but also comes with highly advanced features that are proving very useful for fleet management solutions across the world. This is one of the instances where renowned players are adopting various hacks such as product launch, agreement and collaboration which not only strengthens their position but also induces significant growth in the GPS Tracking Devices market .
The GPS tracker market has been extensively covered in the report, considering segments such as type, component, and end-user.
The GPS Tracking Devices Market by Type has been considered for standalone trackers, hidden GPS trackers, advanced trackers and others. The market for advanced trackers may experience the highest growth in the coming years as they are widely used in commercial vehicles to provide performance based information as well as engine diagnostic related data along with basic functionality.
The components described in the market study are real-time GPS trackers, personal GPS trackers, GPS loggers and others.
Major end users of the GPS Tracking Devices market include Healthcare, Education, Retail, Transportation, Industrial, Automotive & Aerospace, Government & Defense, Hospitality and others. Among these, the transportation sector can show an exhilarating growth trajectory, with the largest share of the global market. With the rise of technological innovations in the automotive industry, some of which include C-V2X technology and autonomous vehicles that rely heavily on GPS tracking devices to improve navigation accuracy and reliability. The market for car GPS trackers is booming all over the world, with the growth of the transport sector in line with the expansion of the tourism industry and the increase in the disposable income of people around the world.
GPS Tracking Devices Market analysis by MARKET RESEARCH.BIZ outlines major regions as Europe, North America, APAC or Asia-Pacific and RoW or Rest of the World.
North America is at the top of its game, having secured the leading position in the global market. It is estimated that more than two million people in North America use GPS personal emergency response systems for their personal safety. GPS tracking devices are finding use in anti-poaching patrol car monitoring applications for commercial and personal purposes. Apart from this, GPS tracking devices in the region undergo extensive R&D to note new advancements, which helps to drive its demand across all industries. Furthermore, the high disposable income of people has led to an increase in the demand for the products, which has resulted in the development of advanced GPS tracking device for cars by manufacturers in the region.
In Asia-Pacific, GPS has become an essential aspect of applications such as self-driving cars and drones, becoming an indispensable tool in countries like Japan and India. Rising popularity of automation, support from government initiatives as well as expansion in transportation industry are also driving tremendous growth of GPS tracking devices market in the region. Japan, South Korea and China hold the greatest growth potential in the regional market, following the steady increase in demand for GPS tracking and tracing devices. It is also projected despite the financial instability caused by the new coronavirus; the APAC market will remain resilient throughout the assessment period.
Verizon Wireless (USA), Concox Information Technology Co., Ltd. (China), Calamp Corp. (USA), Orbocomm Inc. (USA), Sierra Wireless Inc. (Canada), Atrack Technology Inc. (Taiwan), Tomtom International Bv (Norland), Spy tech, Inc. (USA), Queclink Wireless Solutions Co.Ltd. (China), Laipac Technology, Inc. (Canada), are the renowned companies operating in the GPS tracking device industry.
The Seoul Institute of Technology research team has built a new GPS tracking system that can receive signals even inside a tunnel and underground structures. The device can show the exact location of the moving vehicle to the navigation services of car infotainment systems or smartphones.
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