The GPS tracking device market is expected to reach USD 2.89 Billion by 2023, at a CAGR of 12.91% between 2017 and 2023. The growth of this market is propelled by various factors such as increasing commercial vehicle sales; and various government mandates such as electronic logging device (ELD), affordable price, high ROI, and vehicle theft protection.
The transportation & logistic industry accounted for the largest share of GPS tracking device market. The said industry is expected to grow at the highest CAGR during the forecast period. 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. This factor drives the deployment of GPS tracking of commercial vehicles, thereby driving the growth of transportation & logistics industry.
Advance tracker is expected to grow at the highest CAGR during the forecast period. Advance tracker is professionally installed in vehicles, and cargo and container not only provides vehicle location but also share engine diagnosis and various parameters for temperature-controlled logistics. The information related to vehicle performance captured by these devices is valuable, and thus the adoption rate of these trackers is high as compared to other types of GPS trackers.
APAC is expected to be the fastest-growing market in the overall market during the forecast period. The major driving factors for the growth of the market in APAC are increased number of manufacturing facilities, aging infrastructure, and asset's safety and security.
One of the key restraining factors for the GPS tracking device market is nonstandard products that are coming into the market. To gain competitive advantage, some manufacturers are introducing low-cost GPS tracking devices in the market. These devices may lead to poor user experience because of substandard GPS tracking devices.
Atrack Technology Inc.
Maestro Wireless Solutions Ltd.
Queclink Wireless Solutions Co ., Ltd
Shenzhen Coban Electronics Co., Ltd
Shenzhen Concox Information Technology Co., Ltd
Sierra Wireless, Inc.
Tomtom International Bv
Xirgo Technologies, Inc.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 GPS Tracking Device Market, By Type
7 GPS Tracking Device Market, By Deployment Type
8 Communication Technologies for Gps Tracking Device