Market Synopsis
The GPS Tracking Device Market is expected a steady growth due to the acceptance of advanced technology across various sectors. The market is expected a valuation of USD 2.53 Bn by 2023, at 11.9 % CAGR between 2017 and 2023 (forecast period).
The GPS tracking device Market is generally carried by a vehicle or by a moving person and used in monitoring and tracking the current location of a vehicle or a person. The GPS tracking market has a high demand across sectors such as information technology (IT), transportation, and telecommunication. It offers real-time information about products, vehicles, and individual. These devices provide advanced tracking systems both for consumers and business that further enhances security and safety. Information regarding the moving object can be stored inside the tracking devices or be transferred to a central control unit. The GPS tracker comprises a GPS module that receives the GPS signal.
The system uses radio, satellite or cellular modems that are fitted along with the tracking devices so that the devices with GPS enabled can be used to track mobile objects. The location of the device further uses geometric coordinates so that it can position the object on the map. Furthermore, the GPS Tracking Device Market can be classified into three parts namely basic, intermediate and advanced.
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Competition Analysis
Some of the prominent players in this market are Tomtom International Bv (Neitherland), Sierra Wireless Inc. (Canada), Atrack Technology Inc. (Taiwan), Concox Information Technology Co. Ltd. (China), and others.
Market Segmentation:
The global GPS Tracking Device System Market is segmented on the basis of component, type and end-user. Based on type, the GPS tracking device system market has been segmented into covert GPS trackers, standalone tracker, advance tracker and others. Based on component, the GPS tracking device system market has been segmented into GPS loggers, personal GPS trackers, real-time GPS trackers and others. Based on end-users, the GPS tracking device system market has been segmented into automotive and aerospace, healthcare, transportation, retail, government and defense, industrial, hospitality, education and others.
Regional Analysis:
Geographically, the global GPS tracking device system market has been segmented into four major regions such as North America, Europe, Asia Pacific and the rest of the world. The North America region commands for the major share in the global GPS tracking device system market owing to the easy adoption of advanced technology and extensive utilization of these devices in GPS Personal Emergency Response Systems with rise in demand for personal safety in this region. Increasing application of GPS tracking devices for safety purposes and real-time vehicle tracking along with the development of GPS tracking devices that are embedded with additional features such as in-built Wi-Fi and others are propelling the expansion of the GPS tracking device system market in the Europe region. The Asia Pacific region is expanding significantly in the global GPS tracking device system market owing to the increased government initiatives for keeping track on the various factors such as waste management, monitoring anti-poaching patrol cars and others, and high demand for tracking real-time location and speed of vehicles in this region.
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Industry Developments
Concox Information Technology Co. Ltd. had ad introduced their lineup of IoT solutions to the Mexican market along with a range of products for car rental, personal security, fleet management, logistics, etc.
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