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GPS Tracking Device Market Worth $2.89 Billion by 2023
June 16, 2017 | PRNewswireEstimated reading time: 2 minutes
The report "GPS Tracking Device Market by Type (Standalone Tracker, OBD Device & Advance Tracker), Deployment Type (Commercial Vehicle, Cargo & Container), Industry (Transportation & Logistics, Metals & Mining, and Construction) and Geography - Global Forecast to 2023", published by MarketsandMarkets™, 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. Factors that are driving the growth of the market include the increasing sales of commercial vehicles, small farm factor, affordable price, and high ROI.
The growth of GPS tracking device market is driven by the growth of commercial fleet management and declining prices of GPS trackers. Advance tracker is professionally installed in the commercial vehicles to provide engine diagnosis data and vehicle performance-related information in addition to basic function. The information related to engine diagnosis can further be utilized to measure the performance of the vehicle in near-real time. Thus, this will likely to lead the adoption of advance GPS trackers.
Deployment of GPS tracking device helps to track and monitor commercial vehicles such as trucks, buses, heavy commercial vehicles, and construction vehicles. These vehicles are loaded with valuable goods, and thus it is important to track and monitor these commercial vehicles. Moreover, according to International Organization of Motor Vehicle Manufacturers (OICA), sales of commercial vehicles are on an uptrend and may drive the GPS tracking device market.
APAC is an emerging market for GPS tracking devices. The adoption rate of GPS tracking device 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. Asset's safety and security is the key driver for the growth of the GPS tracking device market in APAC. Moreover, supportive government programs, various events and conferences, and product launches and developments are also driving the growth of the market in APAC.
The major players involved in this market include Calamp Corp. (US), Orbocomm Inc. (US), Sierra Wireless Inc. (Canada), Quelink Wireless Solution Co., Ltd. (China), Concox Wireless Solution Co., Ltd. (China), TomTom International BV (Netherlands), Laird PLC (UK), Atrack Technology Inc. (Taiwan), Meitrack Group (China), Teltonika UAB (Lithuania), Trackimo LLC (US), and Geotab Inc. (Canada).
Companies such as Shenzhen Coban Electronics Co., Ltd. (China), Xirgo Technologies, Inc. (US), Maestro Wireless Solutions Ltd. (Hong Kong), and Ruptela UAB (Lithuania) play an important role in the ecosystem of GPS tracking devices.
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