GPS Tracking Device Market Trends 2022: Industry Size, Segments, Share, Key Players, and Growth Factor Analysis by 2030
The global tracking device market was worth $1.78 billion in 2020. But with a steady growth to be expected in the next few years, it is predicted to reach an estimated $4.6 billion by 2025. According to another report, this number is estimated to be $4.93 billion by the end of 2028. According to the market study, the CAGR is 12.2% over the forecast period of 2019-2025. GPS tracking devices are used in various fields like mining, agriculture, and vehicles. They are navigation tools used to track an object, person, or car. Here we discuss what you can find in a research report on the current GPS device market.
What Are the Main Impacting Factors that Impact the GPS Tracking Device Market?
Major factors that positively affect the GPS tracking device market include increased sales of commercial vehicles and the rise in demand for cloud technology and IoT-based devices in manufacturing units.
However, environmental issues and below-standard products are the reasons behind poor user experience that negatively impact the market growth.
In addition, increased use of digital maps and software upgrades in GPS tracking devices are also estimated to offer unique market growth opportunities.
An Overview of the Increasing Demand for IoT and Cloud Technology
Besides automotive GPS trackers, other fields like healthcare also use GPS tracking devices. Over the last few years, this need has witnessed a rapid increase.
These devices are embedded with internet connectivity and electronics, making them easily connected to the cloud. Not only that, but you can also communicate with the person you are tracking and remotely control the position. Because of such high demands, the market has grown tremendously.
Segmentation Overview of the Global GPS Tracking Device Market
Segmentation in this globally based market has been done according to type, end-users, and components. There are also several subcategories of these segments, which you need to know to get a detailed view of the market.
The Type Segment of the global IoT GPS tracker market is subcategorized into:
- Standalone tracker
- Advance tracker
- Cover GPS tracker
- Others
The subcategories of the End-User Segment of the global GPS tracking device market are as follows.
- Hospitality
- Healthcare
- Industrial
- Retail
- Transportation
- Government and Defense
- Others
The sub-segments of the Component Segment of the global GPS tracking device market include:
- GPS Loggers
- Real-time GPS trackers
- Personal GPS trackers
- Others
Take a Look at the Geographical Overview of the Global GPS Tracking Device Market
The global market is also segmented based on various geographical regions in the world, including:
- Europe (Germany, France, Italy, the United Kingdom, Spain, and other areas of Europe)
- North America (the United States, Canada, and Mexico)
- LAMEA, comprising Latin America, the Middle East, and African countries
- Asia Pacific (China, Japan, Australia, India, South Korea, and other areas)
Competitive Insights of the Global GPS Tracking Device Market
In a research report on the global tracking device market, you will find a company profile section that includes real-time market analysis in terms of various subsections, such as product portfolio, company overview, business performance, financial performance, and SWOT analysis.
In that report, you will find the study of several top companies, including:
- Verizon Wireless (US)
- Queclink Wireless Solutions Co. Ltd. (China)
- Spy tech, Inc. (US)
- Laipac Technology, Inc. (Canada)
- Concox Information Technology Co. Ltd. (China)
- Orbcomm Inc. (US)
- Sierra Wireless Inc. (Canada)
- Tomtom International Bv (Netherlands)
- Calamp Corp. (US)
- Atrack Technology Inc. (Taiwan)
Research Methodology
The global automotive GPS tracker market report is a detailed market analysis study based on comprehensive secondary and primary information sources. To calculate how competitive the market is, various factors are considered that impact the market.
The detailed evaluation of the current industry trends and historical information helps the researchers build a base to get an idea of the market size using various estimates and predictions. They use an analytical triangulation method to check the numbers and figures associated with the GPS devices market.
What Are the Key Highlights of the Research Study?
The research study mainly focuses on the following key areas.
- The market research study on the IoT GPS tracker market gives key insights into restraints, market drivers, challenges, opportunities, regional outlook, market trends, critical competitive strategies taken by leading market players, and new product launches.
- It provides information about leading market players in the industry based on different parameters, including key developments, company overview, competitive strategies, financial performance, geographical presence, product portfolio, and distribution strategies.
- In the GPS tracking device report, you will find a study on different stakeholders operating in the industry. These stakeholders include distributors, product manufacturers, suppliers, financial analysts, investors, research and consulting firms, and new entrants. They are all actively involved in the industry.
- The primary research findings help company marketers, and management authorities make informed decisions by incorporating different factors. These include market expansion, marketing tactics, government initiatives, technological up-gradation, and future product launches.
Take a Look at the Key Research Findings
The global automotive GPS tracker market report offers the following key research findings.
- Detailed information on factors that will influence the market share and market growth in the future
- Current market situation and prospects in each region
- Quantitative and qualitative information about the market’s competitive landscape
Conclusion
Whenever it comes to obtaining a quality report on the IoT GPS tracker market, it is recommended to choose the best service provider. Their reports will undoubtedly help you stay on top of the competition.