Global GPS Tracking Device Market Growth by Top Companies, Gross Margin, Forecasts to 2025
The report covers forecast and analysis for GPS Tracking Device market on a worldwide and regional level.
[ClickPress, Fri Mar 15 2019] The study covers the global GPS tracking industry statistics, in terms of revenue, for a period ranging between 2015 and 2025. The global GPS tracking device market by type and application has been provided as deep-dive on a regional and country level.
The global GPS tracking device market size is estimated to reach USD 3.49 billion by 2025 driven by the increasing demand for the product as a cost-effective source of fleet management. The report, besides estimating the ‘GPS Tracking Device’ market potential till 2025, analyzes on who can be the market leaders and what partnerships would help them to capture the market share. The report gives an overview about the dynamics of the market, by discussing various aspects such as drivers, restraints, Porter’s 5 forces, value chain, customer acceptance and investment scenario.
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Rising instances of unauthorized use of company vehicles coupled with the increasing need for fleet productivity are projected to drive the global GPS tracking devices market demand over the forecast period.
Engagement of vehicles in timely delivery of labor, materials, money or machines, where improvement in transit time & productivity can make a significant difference to the cost or control over logistics, is a prospect for vehicle tracking system installed. The companies dealing in this market are anticipated to tap the underlying opportunities in this segment.
The recent shift in the trend from ownership of vehicles to rental and leasing is driving the demand for fleet management solutions including GPS tracking devices. Nowadays consumers are more interested in being able to access mobility services rather than buying it. The thriving tourism industry is further projected to increase the need for vehicle rental services which in terms is projected to drive the global GPS device tracking market expansion for efficient fleet management.
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An increasing number of online app-based services is expected to impel online car booking services market. For instance, the automobile industry in Asia Pacific is flourishing and online booking services account for more than 60% of the market share. Furthermore, the government of China is implementing regulations to limit the number of on-road vehicles in Tier-I cities which is accelerating the number of rental cars booking. These factor together are providing an impetus for the growth of the global GPS tracking device market.
As the global automotive industry is showing rapid paradigm shift towards electric vehicles (EVs), GPS for electric cars is an additional factor projected to benefit the overall GPS tracking device market. For instance, GPS tracking for EVs will continuously monitor the situation of charging and will notify whether it is time to return home or look for a charging station.
Asia Pacific was the leader within the global GPS tracking device industry with a projected revenue size of USD 1.77 billion by 2025 on account of the rising sales of automobile coupled with the increasing installation of telematics. North America and Europe are also predicted to show significant growth over the forecast period.
The global GPS tracking industry is fragmented with the presence of numerous players spread across the globe. The market is also characterized by the presence of a notable unorganized sector. TomTom International, Teltonika, Calamp, Sierra Wireless, Orbcomm, Queclink Wireless Solutions, Laird, Meitrack Group, ATrack Technology, Concox Wireless Solutions, Xirgo Technologies, Trackimo, and Geotab are some of the active players operating in the global GPS tracking device market.
Key segments of the global GPS tracker device market
Type Overview, 2015-2025 (USD Million)
- Standalone tracker
- OBD device
- Advance tracker
Application Overview, 2015-2025 (USD Million)
- Transportation & Logistics
- Metals & mining
Regional Overview, 2015-2025 (USD Million)
- North America
- Asia Pacific
- Middle East and Africa
- Central & South America
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