According to a recent report published by Future Market Insights, titled “GPS Tracker Market: Global Industry Analysis (2012–2016) and Opportunity Assessment (2017–2027),” the global GPS tracker market is poised for remarkable expansion, with revenue projected to reach US$ 3,482.3 million by 2027. This indicates a substantial Compound Annual Growth Rate (CAGR) of 8.4% during the forecasted period. The surge in revenue can be attributed to both the traditional applications of GPS trackers and the emergence of innovative applications in the market, bolstered by the entry of niche players.
The GPS tracker market is witnessing significant growth, primarily driven by the introduction of new applications utilizing the GPS tracking system. As technology advances, innovative use cases have emerged, contributing to the market’s rapid expansion. Additionally, the continued adoption of GPS trackers in conventional applications, such as preventing theft of valuables, is further fueling market growth.
The adoption of GPS trackers in various industries and sectors has brought about a wide range of applications. Industries like logistics, transportation, and fleet management have found immense value in using GPS trackers to optimize their operations and enhance overall efficiency. Moreover, sectors like personal safety, pet tracking, and elderly care have also witnessed increased demand for GPS tracking solutions.
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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.