GPS Tracking Device Market is expected to reach USD 2.89 billion by 2023

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Jun 26, 2017, 14:28 ET

NEW YORK, June 26, 2017 /PRNewswire/ -- Highlights

· GPS tracking device market to exhibit significant growth potential between 2017 and 2023

· The GPS tracking device market is expected to grow at a CAGR of 12.91% between 2017 and 2023 to reach USD 2.89 billion by 2023.

· The key driving factors for the growth of the GPS tracking device market include the increase in sales of commercial vehicles, smaller size, affordable price, and high ROI.

· Moreover, the advent of cellular technology reduced the service cost, while the decline in GNSS/GPS IC makes inroads in cell phone that provide the scale of economies to GNSS/GPS module supplier.

· Transportation & logistics to hold the largest share of the overall GPS tracking device market

· GPS tracking device is widely used in commercial vehicles such as trucks, trailers, buses, and light commercial vehicles for tracking purposes.

· According to International Organization of Motor Vehicle Manufacturers (OICA), the global commercial vehicle sales have surged by 3.27% and 4.37% in 2015 and 2016, respectively.

· Concern related to safety and security of high-value assets and valuable data generated by these devices engine diagnostics drive the growth of transportation & logistics industry.

· APAC to be the fastest-growing market for GPS tracking device during the forecast period

· APAC is an emerging market for GPS tracking devices. The penetration of GPS tracking devices in this region is low compared to other regions. Thus, it is an untapped market with a huge potential for growth of GPS tracking device.

· China has a huge potential market for GPS trackers. Shanghai, Shenzhen, and Ningbo-Zhoushan are some of the world's busiest ports. A large number of cargo and containers are transported from these ports.

"GPS tracking device market to exhibit significant growth potential between 2017 and 2023"
The GPS tracking device market is expected to grow at a CAGR of 12.91% between 2017 and 2023 to reach USD 2.89 billion by 2023. The key driving factors for the growth of the GPS tracking device market include the increase in sales of commercial vehicles, smaller size, affordable price, and high ROI. Moreover, the advent of cellular technology reduced the service cost, while the decline in GNSS/GPS IC makes inroads in cell phone that provide the scale of economies to GNSS/GPS module supplier.

"Transportation & logistics to hold the largest share of the overall GPS tracking device market"
GPS tracking device is widely used in commercial vehicles such as trucks, trailers, buses, and light commercial vehicles for tracking purposes. According to International Organization of Motor Vehicle Manufacturers (OICA), the global commercial vehicle sales have surged by 3.27% and 4.37% in 2015 and 2016, respectively. Concern related to safety and security of high-value assets and valuable data generated by these devices engine diagnostics drive the growth of transportation & logistics industry.

"APAC to be the fastest-growing market for GPS tracking device during the forecast period"
APAC is an emerging market for GPS tracking devices. The penetration of GPS tracking devices in this region is low compared to other regions. Thus, it is an untapped market with a huge potential for growth of GPS tracking device. China has a huge potential market for GPS trackers. Shanghai, Shenzhen, and Ningbo-Zhoushan are some of the world's busiest ports. A large number of cargo and containers are transported from these ports. Thus, GPS trackers for cargo and containers are expected to grow in the said region. Queclink Wireless Solutions Co., Ltd. (China), Concox Information Technology Co., Ltd. (China), and Meitrack Group (China) are well-established players from Chinese GPS tracking device market.

The break-up of the profiles of primary participants for the report has been given below:

• By Company Size: Tier 1 = 30%, Tier 2 = 35%, and Tier 3 = 35%
• By Designation: C–Level Executives = 55%, D–Level Executives = 30%, and Others = 15%
• By Region: North America = 20%, Europe = 35%, APAC = 35%, and RoW = 10%

The key players in the market include Calamp Corp. (US), Orbocomm Inc. (US), Sierra Wireless Inc. (Canada), Quelink Wireless Solution Co., Ltd. (China), Concox Wireless Solution Co., Ltd. (China), Ruptela UAB (Lithuania), Laird Plc (UK), Atrack Technology Inc. (Taiwan), Meitrack Group (China), Teltonika UAB (Lithuania), Trackimo LLC (US), and Geotab Inc. (Canada).

Research Coverage:
The research report on the global GPS tracking device market covers different segments—type, deployment type, communication technology, industry, and geography. The market has been segmented on the basis of type into standalone tracker, onboard diagnosis (OBD) device, and advance tracker. On the basis of deployment type, the GPS tracking device market has been classified into commercial vehicle, cargo and container, and others. The report covers qualitative information of two types of communication technology—satellite and cellular communication. Further, the GPS tracking device market has been segmented on the basis of industries into transportation & logistics, oil & gas, metals & mining, construction, government, and others (hospitality, education, retail, agriculture, and healthcare). The report covers four major geographic regions—North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW).

Key Benefits of Buying the Report:
Illustrative segmentation, analysis, and forecast for the market based on type, deployment type, industry, and geography has been conducted to give an overall view of the GPS tracking device market.
The value chain analysis included in the report to provide an in-depth insight into the GPS tracking device market.
The major drivers, restraints, opportunities, and challenges for the GPS tracking device market have been detailed in this report.
The report includes a detailed competitive landscape along with key players, in-depth analysis, and revenue of key players.
DIVE matrix provided in the report gives in-depth analysis of various manufacturers in the GPS tracking device market and listed them in dynamic players, innovators, vanguards, and emerging players.

Read the full report: http://www.reportlinker.com/p04960854/GPS-Tracking-Device-Market-by-Type-Deployment-Type-Industry-and-Geography-Global-Forecast-to.html

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