The global market for GPS Tracking Devices estimated at US$1.9 Billion in the year 2020, is projected to reach a revised size of US$4.1 Billion by 2027, growing at a CAGR of 12.5% over the period 2020-2027.
GPS stands for “Global Positioning System”. Technically, the functionality of GPS is termed as “GPS provides geo location and time information to a GPS receiver in all weather conditions, anywhere on or near the Earth where there is an unobstructed line of sight to four or more GPS satellites.” In a world everyday technology is evolving, we need to keep ourselves updated and keep a track of what’s happening around us. Out of all the technologies and management that have grown tremendously, Vehicle Industry is one of the most popular among all in terms of technological impact. Vehicles are major factor for growing the market of GPS Tracking device. Vehicles help us in reaching from one place to another at a faster pace. And in order to cope up with the speed of the world, vehicles have become an essential part of our lives.
Major Players in the GPS market are Atrack Technology Inc., CalAmp Corporation, Geotab, Inc., Laird PLC, Maestro Wireless Solutions Ltd., Meitrack Group, Orbocomm Inc., Queclink Wireless Solutions Co., Ltd., and Ruptela, UAB, Shenzhen Coban Electronics Co., Ltd.
Future of GPS market - With the addition and development of Artificial Intelligence (AI), Robotics, Internet of Things (IoT), Virtual Reality/Augmented Reality, energy storage, and blockchain, it will be a complicated task to adopt and go hand and hand with the new technologies coming out. Everything has to complement each other. And today what seems as a ground-breaking discovery becomes tomorrow’s foundation for another one. GPS tracker system relies heavily on upcoming technologies for a more optimized output.
TomTom, the leading independent location technology specialist, September 2020 launched Tom-tom, a pioneering product for automated vehicles that allows carmakers to decide where it is safe for drivers to activate their vehicles’ automated driving functions. Safe automated driving is not always possible during periods of adverse weather, in tunnels, and in changing environments, such as during roadworks. Road Check enables carmakers to use TomTom’s high definition (HD) map data to define the operational design domain (ODD) of their vehicles’ automated driving functions. This makes it possible for carmakers to manage where these functions can be used safely.
This report segments the global GPS Tracking Device Market on the basis of types are Data loggers, Data pushers, Data pullers, Covert GPS Trackers. On the basis of Application Aerospace & Defense, Oil & Gas, Mining, Transportation, Others. On the basis of Region includes North America, Europe, Asia-Pacific and Middle East & Africa. The GPS Tracking Devices market in the U.S. is estimated at US$511.9 Million in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$680.1 Million by the year 2027 trailing a CAGR of 11.7% over the analysis period 2020 to 2027.
GPS technology will never stop for updating. Market has developed rapidly in overall global which will holds major market trend in near future.
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