Global GPS Trackers Market Introduction
From tracking or monitoring company’s assets or personal valuables or tracking the entire vehicle fleet for commercial or business purposes, GPS trackers have emerged as a valuable technological asset. GPS trackers are available in a wide variety of sizes and styles. Businesses, consumers and industries are coming up with innovative technologies which drives the need for GPS navigation systems. The most common application of GPS trackers is to navigate through new places and locations. However, GPS trackers have much wider domain of applications as they collect data from satellites, analyses the position/location and transmits the information to user’s device/system. GPS trackers are increasingly being deployed for government, defense, and automotive applications and is in fact the best way to track vehicles and could be considered as a cheapest anti-theft mechanism.
Global GPS Trackers Market Dynamics
Global GPS Trackers Market Drivers
The use of GPS trackers has led to easy installation, economic and reliable communication between vehicle and the application servers. The growing investments in the automotive sector for increasing vehicle production and development of autonomous vehicle is projected to drive the demand for GPS trackers. While using GPS trackers for commercial vehicle purposes, the fleet owner can keep an eye on location, vehicle speed, time and direction thus ensuring efficient monitoring. Various sectors of economy including the government centers have installed GPS trackers to improve the organizational efficiency. GPS trackers have also been available in economic price range which has led to its increasing demand.
Global GPS Trackers Market Restraints
There are some challenges faced by the global GPS tracker manufacturers such as the use of sub-standard and low grade GPS trackers have shown poor performance and corrupted results which has created ambiguity in the minds of consumers.
Additionally, the poor environmental conditions has also resulted in reduced accuracy of the devices in remote areas which is also a significant factor restraining the market growth.
Global GPS Trackers Market Trends
Apart from its use in the automotive industry, GPS trackers are also being used to locate kids along with two way calling system. The GPS trackers are installed with SMS or text alerts to ensure maximum safety.
Manufacturers have also developed water proof GPS trackers which can be deployed for outdoor applications.
Global GPS Trackers Market Segmentation
The global GPS trackers market can be segmented on the basis of type, vehicle type and end use industry.
On the basis of type, the global GPS trackers market can be segmented as:
On the basis of vehicle type, the global GPS tracker market can be segmented as:
On the basis of end use industry, the global GPS trackers market can be segmented as:
Global GPS Trackers Market: Regional Outlook
In terms of regional outlook, the global GPS trackers market is anticipated to be dominated by Asia Pacific region with China holding prominent share in the market. Various factors including vehicle production, vehicle parc, and the significant growth of other major end use industries. North America and Europe are also projected to hold noteworthy share in the global GPS trackers market; this is attributed to be the greater consumer adaption of the latest technologies and increasing disposable income. Latin America and Middle East and Africa, with the growing investments in the automotive sector and mining industry is also anticipated to drive the demand for GPS trackers over the forecast period.
Global GPS Trackers Market Participants
The global market for GPS trackers is a relatively fragmented market with a number of medium to small scale players.
Some of the market participants identified across the value chain of global GPS Trackers market are:
Brief Approach to Research
The research report presents a comprehensive assessment of the GPS Trackers market and contains thoughtful insights, facts, historical data and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to GPS Trackers market segments such as geographies, application and industry.
The report covers exhaustive analysis on:
Regional Analysis Includes:
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with GPS Trackers market attractiveness as per segments. The report also maps the qualitative impact of various market factors on GPS Trackers market segments and geographies.