In a recent research titled “GPS Tracker Market: Global Industry Analysis (2012-2016) and Opportunity Assessment (2017-2027),” Future Market Insights predicted that by 2027, the global GPS tracker market’s revenue would reach US$3,482.3 million. There will be a significant Compound Annual Growth Rate (CAGR) of 8.4% during the anticipated period, according to this data. The increase in sales can be linked to both the conventional uses of GPS trackers and the development of cutting-edge applications supported by the introduction of specialised players.
The launch of new applications utilising the GPS tracking system is primarily responsible for the market for GPS trackers experiencing tremendous development. Innovative use cases have evolved as a result of technological advancements, aiding the market’s quick growth.Additionally, the continued adoption of GPS trackers in conventional applications, such as preventing theft of valuables, is further fueling market growth.
Numerous businesses and sectors have used GPS trackers, which has resulted in a wide range of applications. Using GPS trackers to optimise operations and improve overall efficiency has shown to be extremely beneficial for sectors including logistics, transportation, and fleet management. Additionally, the demand for GPS tracking systems has expanded in fields including personal safety, pet tracking, and elder care.
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Global GPS Tracker Market: Recommendations
- Governments should focus on launching more satellites to improve the accuracy of navigation and location detection provided by GPS trackers
- GPS Tracker manufacturers should focus on manufacturing high standard trackers and the non-standard trackers available in the market with poor quality should be banned
- Awareness among population and businesses should be increased considering all the potential advantages provided by GPS trackers
- For successful implementation of GPS Trackers in novel applications, proper R&D should be conducted
Global GPS Tracker Market: Forecast by Type
On the basis of type, the global GPS tracker market is segmented into standalone trackers, OBD trackers, and advance trackers. Although, advanced trackers segment is anticipated to exhibit high market attractiveness index over the forecast period, OBD trackers segment is expected to grab largest revenue share of 37.8% and 37% in 2017 and in 2027 respectively.
Global GPS Tracker Market: Forecast by Industry
On the basis of industry, the global GPS tracker market is segmented into transportation and logistics, construction, government, defense, energy & utilities, healthcare, others (BFSI, Media and Entertainment, Telecom). In terms of value, Transportation and Logistics segment is projected to be the most attractive in the Global GPS Tracker market during the forecast period.
Energy & Utilities segment is expected to register high Y-o-Y growth rates throughout the forecast period. In terms of value, this segment is expected to expand at a CAGR of 8.4% during the forecast period. In 2017, Transportation and Logistics segment is estimated to be valued at US$ 550.6 Million and is expected to witness steady growth in terms of revenue throughout the forecast period.
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Global GPS Tracker Market: Forecast by Application
On the basis of Application, the global GPS trackers market is segmented into fleet Management, asset Management, others (Pets wearable devices, wearable devices etc.). Fleet Management is not only anticipated to exhibit high market attractiveness index over the forecast period, but is also expected to capture largest market share of 56.3% in 2027.
Asset Management is expected to register moderate Y-o-Y growth rate throughout the forecast period. In terms of value, this segment is expected to expand at a CAGR of 7.3% during the forecast period.
Global GPS Tracker Market: Forecast by Region
Seven regions such as North America, Latin America, Western Europe, Eastern Europe, APEJ, Japan and MEA are included in this report. In terms of value, North America and APEJ are projected to be the most attractive regions in the Global GPS Tracker market during the forecast period. Western Europe market is expected to register high Y-o-Y growth rates throughout the forecast period.
In terms of value, Western Europe region is expected to expand at a CAGR of 8.5% during the forecast period. In 2017, the market in the North America is estimated to be valued at US$ 1067.6 Mn and is expected to witness steady growth in terms of revenue throughout the forecast period.
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Global GPS Tracker Market: Key Players and Other Players
Some of the key players operating in the global GPS trackers market are Calamp Corporation, Sierra Wireless, Inc., Tomtom International Bv, Xirgo Technologies, Inc., Queclink Wireless Solutions Co.,Spy Tec International Inc., ATrack Technology, Inc., Maestro Wireless Solutions Limited, Ruptela. Other players functioning in this market are- Laipac Technology Inc, Rocky Mountain Tracking Inc., Amcrest Technologies Llc.
Market Segmentation
By Type:
- Standalone Tracker
- OBD Trackers
- Advanced Trackers
By Application:
- Fleet Management
- Asset Management
- Others (Pets wearable devices, wearable devices etc.)
By Industry:
- Transportation and Logistics
- Construction
- Government
- Defence
- Energy & Utilities
- Healthcare
- Others (BFSI, Media and Entertainment, Telecom)
By Region:
- North America
- Western Europe
- Eastern Europe
- Latin America
- APEJ
- Japan
- MEA
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
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