USD 83.08 Mn growth in Global GPS Market | Europe to Occupy 30% Global Market Share | Technavio

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One of the primary growth drivers for this market is the growing investment in satellite deployment. In addition factors such as the rise in demand for personal and enterprise navigation services and growing investment in LTE networks will have an accelerating effect on the growth of the market during the forecast period. However, connectivity issues with GPS, fleet management system security issues and the lack of accuracy and reliability of navigation data will challenge the market growth.

Technavio expects the global GPS market size to increase by USD 83.08 million between 2021 and 2026. However, the growth momentum is expected to decelerate at a CAGR of 17.98% during the forecast period.

GPS Market: Segment Highlights

• By Application, the report segments the global GPS market by logistics and transportation, construction and mining, and others
• The adoption of GPS solutions is maximum in the logistics and transportation sector.
• The growth of the market in the logistics and transportation segment will be significant during the forecast period.

Regional Analysis

• 30% of the growth will originate from the European region.
• The region will generate maximum revenue and growth opportunities for market vendors during the forest period.
• The market growth in Europe is driven by increasing vehicle production and the introduction of stringent regulatory norms.
• Germany and France are the key markets for GPS in Europe.
• Market growth in this region will be slower than the growth of the market in other regions.

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Notes:

• The GPS market size is expected to decelerate at a CAGR of  17.98% during the forecast period.
• The GPS market is segmented by Application (Logistics and transportation, Construction and mining, and Others) and Geography (Europe, North America, APAC, MEA, and South America).
• The market is fragmented due to the presence of many established vendors holding significant market share.
• The research report offers information on several market vendors, including Avidyne Corp., Broadcom Inc., Garmin Ltd., Hexagon AB, MiTAC Digital Technology Corp., Qualcomm Inc., Raytheon Technologies Corp., Texas Instruments Inc., TomTom International BV, and Trimble Inc.

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