At 12.9% CAGR, GPS Tracking Devices Market Size Worth US$3.98 Billion by 2026: IndustryARC


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GPS Tracking Devices Market Drivers Rising Adoption of GPS Tracking and Surveillance in Marine Applications

HYDERABAD, TELANGANA, INDIA, Sept. 29, 2022 / — IndustryARC in its latest report predicts the market size of GPS tracking devices to reach US$3.98 billion by 2026 and is expected to grow at a CAGR of 12.9% during the forecast period 2021-2026. The growth of the GPS tracking devices market is mainly attributed to the increasing demand for tracking the current geographical position of moving objects, assets or individuals to collect real-time information for security purposes. The increasing adoption of an intelligent transport system providing protection against vehicle theft and the growing demand for real-time tracking of all connected devices enabling machine-to-machine (M2M) communication to achieve visibility and real-time control for asset monitoring in remote areas have contributed to the growth of the market. With the increasing integration of Wide Area Augmentation System (WAAS) with air navigation to improve accuracy, integrity and availability, the demand for radio navigation and satellite tracking system has gained tremendous traction. Growing demand for on-board diagnostics, electronic logging devices, autonomous trackers, data loggers to determine geographic position accelerating commercial vehicle tracking system is driving the GPS tracking device market. The report offers a comprehensive analysis of the market, its main segments, growth factors, trends, drivers and challengers, key players and more.

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Key points to remember:

1. Europe is estimated to dominate the market during 2021-2026 owing to government regulations and heavy investment in integrating GPS tracker with latest technologies.

2. Rising adoption of GPS trackers in maritime applications and growing demand for industrial asset management solutions are increasing the market.

3. The commercial vehicle segment is analyzed to dominate the market during the forecast period 2021-2026 owing to the growing adoption of commercial fleet management.

4. Transportation and logistics is expected to dominate the market between 2021 and 2026 owing to the massive shift towards intelligent transportation.

5. Data security is one of the challenges hampering the growth of the market.

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Segmental analysis:

1. Utility vehicle segment dominated the market in 2020 by acquiring a share of 42% and is analyzed to hold the leading GPS Tracking Devices market share of 44% by 2026 owing to growing demand for management commercial fleet.

2. The GPS tracking device market is segmented into industrial and consumer segments. The industrial segment held the major market with a share of 67% in 2020 and is expected to dominate the market from 2021 to 2026. It is estimated that in the industrial segment, transportation and logistics is dominating the market with a CAGR of 11.23% between 2021 and 2026 due to increased government standards regarding the installation of GPS tracker in commercial and passenger vehicles to ensure safety.

3. The GPS tracking devices market is segmented into North America, Europe, APAC, South America and RoW. Europe dominated the market by acquiring a 31% share in 2020 and it is estimated to hold the major share of the market between 2021 and 2026 owing to the early adoption of GPS tracking system for security purposes, strict government rules to ensure public safety and high investments in software integration. with GPS tracking devices.

Competitive Landscape:

Top 5 Players in the GPS Tracking Devices Industry are –

1. Orbcomm Inc.

2. PLC Laird

3. Teltonika UAB

4. Geotab inc.

5. Sierraa Wireless Inc.

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Related reports:

A. Smart Fleet Management Market

B. Real-Time Location System Market

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