Global GPS Tracking Device Market 2020 (Includes Business Impact of COVID-19)

                                          
“Global GPS Tracking Device Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by Trusted Business Insights. The global GPS tracking device market report has been segmented on the basis of type, deployment type, end use industry, and region.

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Global GPS Tracking Device Market: Overview

GPS tracking device is used for detecting and tracking an object or an entity using global positing system. It provides information regarding latitude and longitude as well as course of direction and speed of the target. GPS tracking device provides real-time and accurate information to the end user. Availability of GPS tracking device in affordable cost is making individuals more inclined towards its usage.

Global GPS Tracking Device Market: Dynamics

Key factor driving growth of the global GPS tracking device market is increasing number of commercial vehicles. In addition, increasing adoption of GPS technology to monitor and keep track of these vehicles, and offer better consumer service are factors supporting growth of the target market. GPS tracking device is small in size and has longer lifespan is another factor anticipated to fuel growth of the target market. Furthermore, use of GPS tracking device for security and surveillance applications is a factor expected to propel growth of the global GPS tracking device market in the near future.

However, occurrence of obstacles and extreme weather condition that includes geomagnetic storms that can effect accuracy of GPS are factors that may hamper growth of the global GPS tracking device market. Nevertheless, growing usage of GPS tracking devices for usage-based insurance also known as pay-as-you-drive insurance can create high revenue opportunities for players in the target market.

Global GPS Tracking Device Market: Segment Analysis

Among the type segments, the advance tracker segment is expected to register high growth in terms of revenue over the forecast period. Availability of cost-effective advance tracker and increasing its adoption in vehicles as it provides data regarding performance of engine are factors anticipated to fuel growth of this segment in the target market.

Among the deployment type segments, the commercial vehicle segment is expected to dominate the global market in terms of revenue in the near future. Growing adoption of GPS for tracking and monitoring of commercial vehicles such as buses, construction vehicles, trucks, etc. and protection of valuable goods that are loaded in these vehicles are factors driving growth of this segment in the global market.

Global GPS Tracking Device Market: Regional Analysis

Market in Europe accounts for significant share in terms of revenue and is expected to maintain its position over the forecast period. Presence of prominent automotive companies that includes GPS tracking devices in vehicles is a key factor fueling growth of the target market in this region. North America market is expected to accounts for second-highest share in terms of revenue in the near future.

Market in Asia Pacific is anticipated to register fastest growth in terms of revenue in the near future.  Increasing number of automotive manufacturing facilities, especially in emerging countries is a factor propelling growth of the target market. In addition, use of GPS tracking for safety and security of assets is another factor supporting growth of the GPS tracking device market in Asia Pacific.

Global GPS Tracking Device Market Segmentation:

Segmentation by Type:

Advance Tracker
Standalone Tracker
OBD Device

Segmentation by Deployment Type:

Cargo & Container
Commercial Vehicle
Others

Segmentation by End Use Industry:

Government
Construction
Metals and Mining
Transportation and Logistics
Oil and Gas
Others (Education, Healthcare, Hospitality, etc.)