A Comprehensive Report on the Market Size, Growth Prospect, Expansions, and Local Forecasts (2022-2031) For GPS Devices

GPS (Global Positioning System) devices have become an essential part of modern life. From finding an address to calling a cab and ordering food – everything is now possible because of GPS Tracking Device.

It is essentially run by a network of satellites capable of triangulating a particular area on earth down to a few meters – so that the users can be aware of their position anywhere on earth. Such a useful and important invention will have a bright future. This article attempts to report on the market size chances of growth and provide a decade-long projection on this market.

Dissection of market areas

The market utilizes the development of GPS Tracking Device on many fronts – mostly based on deployment, types, and application. Marketing professionals calculated the global market to reach USD 1.5 billion in 2016 in a forecast period of 2017 to 2024, growing at a CAGR of 13.0%. Several industries are now using these devices for their purpose – like, oil & gas, transportation & logistics, construction, metals & mining, and federal use. Let us know the amount the market segmentation based on the different types of utilization of the tracking devices or GPS Accessories: 

• Based on use, the GPS device market is divided into oil & gas, metals & mining, shipping & logistics, structural developments, government, and others. The transportation and logistics market indicates growth in the predicted time.
• According to the type of GPS Accessories, the GPS tracking device market is segmented into PBD Device, Standalone Tracker, and Advance Tracker. The advance tracker market is estimated to develop in the anticipated period.
• The GPS device market is segregated into commercial vehicles, cargo and container, and others based on placement. The commercial vehicle market is probable to develop in the estimated period.
• If one considers the topography, GPS devices are now used in 28 countries across numerous international borders – Europe, Asia-Pacific, North America & South America, Middle East, and Africa. Some of the major countries that now have established concerns producing GPS Accessories are India, Switzerland, Turkey, Russia, China, France, U.K., USA, Canada, Germany, Netherlands, South Korea, South Africa, Brazil, Japan, Australia, Singapore, and Saudi Arabia among others.

However, let us first know about the recent market scopes and the effect of the COVID – 19 pandemics on the development of GPS markets.

Recent market opportunities and the effect of the COVID – 19

Eminent market researchers anticipate that the market for GPS Accessories in 2022 can acquire a prominent evaluation of USD 2.53 Billion by the end of 2023. They also anticipate the market to progress between the appraisal periods of 2021 – 2031 at a rate of 11.9%. However, with the sudden attack of COVID-19, the situation changed rapidly. A short account of the effect on companies preparing the best GPS tracker for vehicle and other devices are given below:

• The SARS-CoV-2 outbreak forced several companies to implement harsh resolutions concerning economic choices and downsizing measures that ensured a continuous flow of operations.
• Although it acted as the short-term impact of the pandemic, the lockdown situation led to weaker demand from the hyper-scale cloud service and smartphone providers. The sinking demand resulted in a domino effect in the semiconductor production business – where the prices started to fall, and merchants started to put their plans on hold.
• COVID-19 outbreak has also resulted in the closing of e-commerce, operations, and retail stores. Consequently, supply chains began to collapse, and a bigger gap between the demand and supply ratio started to emerge.

The federal bodies of the world are doing their best to combat the long-term effect of COVID-19. Some of the policies they have implemented include initiatives to provide tax exceptions, access financial packages, and lessen interest rates.

The “work-from-home” policy is prevalent in most businesses, which, coupled with the snowballing development of BYOD guidelines, can generate requirements for computers, laptops, connected devices, and various storage solutions in the subsequent period. Moreover, scientific trials and research to achieve a breakthrough in combating COVID-19 will also result in a significant surge of GPS-equipped devices.

Main Market Inducers and Limitations  

The market for GPS-equipped devices has picked tremendous speed in the current years because of the intensifying implementation of state-of-the-art technologies across numerous industries. The enhancement of the security systems and improved supply management will be instrumental in the market growth. Industries everywhere are increasingly acquiring GPS-tagged vehicles, allowing an edge for the providers by ensuring a heightened buyer experience. As a direct effect of companies relying on thebest GPS tracker for vehicles, commercial automobiles can play a substantial role in the company’s market development.

Let us know about the chief factors that boost and limit the GPS devices’ business:

• The number of commercial vehicles has increased, creating a demand for the GPS tracker for vehicles– increasing its sales.
• The business can be smaller but show longer life and high ROI.
• The prices could be more reasonable in some cases.
• Environmental factors can affect GPS services and the service of the commercial logistics –leading to an unfortunate user experience.
• The companies need to upgrade their software periodically to the latest version.

Prevailing viable solutions

ATrack Technology Inc. launched an economical vehicle tracker named AK7V consisting of highly cutting-edge features that fleet management solutions across the globe are utilizing successfully. So, renowned businesses in the market are already into research, development, and collaboration – paving the way for significant market growth in the GPS – enabled devices’ businesses.