A recent study by Future Market Insights titled "GPS Tracker Market: Global Industry Analysis (2012-2016) and Opportunity Assessment (2017-2027)" predicts that the global GPS tracker market will produce revenues of US$3,482.3 Mn in 2027, expanding at a CAGR of 8.4%. This notable revenue growth is attributed to the creation of new applications in the market, the entry of specialised competitors in the market, as well as the conventional uses of GPS trackers.
The emergence of new uses for GPS tracker technology has led to a notable expansion of the GPS tracker market worldwide. Revenue growth in other traditional uses, such preventing merchandise theft, is also projected for the business. However, non-standard products will always be a problem in this market because of the poor tracking quality.
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Global GPS Tracker Market: Recommendations
Governments should concentrate on launching more satellites to increase the precision of GPS tracker navigation and position detection.
Manufacturers of GPS trackers should concentrate on producing high-standard trackers, and non-standard trackers with subpar quality that are currently on the market should be outlawed.
Given all the benefits that GPS trackers could potentially offer, there should be greater awareness among the general public and among businesses.
Proper R&D should be carried out to enable the successful implementation of GPS Trackers in novel applications.
Global GPS Tracker Market: Forecast by Type
On the basis of type, the global GPS tracker market is segmented into standalone trackers, OBD trackers, and advance trackers. Although, advanced trackers segment is anticipated to exhibit high market attractiveness index over the forecast period, OBD trackers segment is expected to grab largest revenue share of 37.8% and 37% in 2017 and in 2027 respectively.
Global GPS Tracker Market: Forecast by Region
Seven regions such as North America, Latin America, Western Europe, Eastern Europe, APEJ, Japan and MEA are included in this report. In terms of value, North America and APEJ are projected to be the most attractive regions in the Global GPS Tracker market during the forecast period. Western Europe market is expected to register high Y-o-Y growth rates throughout the forecast period. In terms of value, Western Europe region is expected to expand at a CAGR of 8.5% during the forecast period. In 2017, the market in the North America is estimated to be valued at US$ 1067.6 Mn and is expected to witness steady growth in terms of revenue throughout the forecast period.
Global GPS Tracker Market: Key Players and Other Players
Some of the key players operating in the global GPS trackers market are Calamp Corporation, Sierra Wireless, Inc., Tomtom International Bv, Xirgo Technologies, Inc., Queclink Wireless Solutions Co.,Spy Tec International Inc., ATrack Technology, Inc., Maestro Wireless Solutions Limited, Ruptela. Other players functioning in this market are- Laipac Technology Inc, Rocky Mountain Tracking Inc., Amcrest Technologies Llc.
· Standalone Tracker
· OBD Trackers
· Advanced Trackers
· Fleet Management
· Asset Management
· Others (Pets wearable devices, wearable devices etc.)
· Transportation and Logistics
· Energy & Utilities
· Others (BFSI, Media and Entertainment, Telecom)
· North America
· Western Europe
· Eastern Europe
· Latin America