Market Overview
The global GPS Tracker Market Size is projected to account for USD 2.72 Billion of market
revenue during the review period. Further, the same market is anticipated to
increase the market growth at a 14.42 % CAGR during the forecast period of 2018
to 2023.
The GPS tracking system is widely used for fleet management, patrols,
asset tracking, and transport security purposes. Hence, the increasing demand
for GPS tracking systems is driving the GPS Tracker Market
Growth during the forecast period. Moreover, these GPS tracking devices
have many major benefits, such as tracking and navigation accuracy, high compatibility
with smartphones, and simplified and easy operation. Additionally, this GPS
tracker device has other benefits like the removal of employee fraud, better
customer service, management of field personnel activity, and reduced labor
costs.
Furthermore, there are some important features of GPS tracking devices
that include historic fleet data feed, automated alerts, geofencing, real-time
updates, and reporting. For instance, the increasing demand for advanced GPS
trackers in government & defense, transport & logistics, and other
industries is expected to expand the global market during the review period.
Moreover, the growing concerns over theft and personals are another major
growth driving factor for the global market. However, the lack of global standards
might hinder the market growth in the forecast period.
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Market Segmentation
According to the GPS Tracker Market
Forecast report, there are various market segments that are propelling the
market revenue. These segments include Network, Type, and Vertical. The global
market has been segmented into 2G, LTE, and 3G
based on the network segment.
The present market has been segregated
into Standalone Tracker, Covert GPS Tracker, and Advanced Tracker in terms of
type segment. For instance, the wearable type GPS tracker is projected to hold
the largest GPS Tracker Market Share in the research period because
of its advantages like children's safety, easy availability,
cost-effectiveness, and multiutility.
On the basis of the vertical segment, the
worldwide market has been classified into Healthcare, Automotive &
Aerospace, Government & Defense, Transportation & Logistics, Metals
& Mining, Oil & Gas, and others.
Regional Analysis
The GPS Tracker Market Analysis
highlights that geographical locations like Asia Pacific, Europe, North
America, Latin America, and the rest of the world are the major hubs of the GPS
tracker industry.
Among all, the Asia Pacific regional
market is anticipated to witness the highest CAGR during the forecast period of
2018 to 2023. This regional market is expanding due to the growth in vehicle
production in developing markets of China and India; and the development of
strict government regulations. According to the International Organization of
Motor Vehicle Manufacturers (OICA), growth has been witnessed in commercial
vehicles production in India. In 2016, the production was 4.51 million, and
further, it has increased to 4.78 million by the end of the year 2017.
Industry News
Presently, the leading market player for
GPS trackers market is ORBCOMM. This company provides Machine-to-Machine (M2M)
communications solutions and Industrial Internet of Things (IoT) that are
helpful to monitor, track, and manage mobile and fixed assets.
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