GPS Tracking Device Market Trends, Information, Manufacturing, Analysis and Forecasts 2023

1. GPS Tracking Device Market Trends, Information, Manufacturing, Analysis and Forecasts 2023 “The GPS Tracking Device Market is expected to cross 75 million shipments by 2023, and expected to grow in revenue term at CAGR of 12.91% between 2017 and 2023.” The GPS Tracking Device Market is expected to cross 75 million shipments by 2023, and expected to grow in revenue term at CAGR of 12.91% between 2017 and 2023. The growth of this market is propelled by various factors such as increasing commercial vehicle sales, various government mandates such as electronic logging device (ELD), affordable price, high ROI, and vehicle theft protection. The transportation & logistic industry accounted for the largest share of GPS tracking device market. The said industry is expected to grow at the highest CAGR during the forecast period. GPS tracking device is widely used in commercial vehicles such as trucks, trailers, buses, and light commercial vehicles for tracking purposes. According to International Organization of Motor Vehicle Manufacturers (OICA), the global commercial vehicle sales have surged by 3.27% and 4.37% in 2015 and 2016, respectively. This factor drives the deployment of GPS tracking of commercial vehicles, thereby driving the growth of transportation & logistics industry. Advance tracker is expected to grow at the highest CAGR during the forecast period. Advance tracker is professionally installed in vehicles, and cargo and container not only provides vehicle location but also share engine diagnosis and various parameters for temperature-controlled logistics. The information related to vehicle performance captured by these devices is valuable, and thus the adoption rate of these trackers is high as compared to other types of GPS trackers. GPS tracking devices market for commercial vehicles held the largest market size in 2016. Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownload.asp?id=142

2. Deployment of GPS tracking device helps to track and monitor commercial vehicles such as trucks, buses, heavy commercial vehicles, and construction vehicles. Calamp Corp. (US), Orbocomm Inc. (US), Teltonika UAB (Lithuania), Queclink Wireless Solutions Co., Ltd. (China), Concox Information Technology Co., Ltd. (China), Atrack Technology Inc. (Taiwan), among others offer GPS tracking devices for commercial vehicles. The European GPS tracking device market is a mature one and is expected to sustain its position in the coming years. Being the automotive manufacturing hub, various companies such as Teltonika UAB (Lithuania), Ruptela UAB (Lithuania), Neomatica LLC (Russia), and Box Telematics Ltd. (UK) are offering GPS tracking devices in the said market. In addition, various events, and conferences related to GPS tracking device are also driving the growth of the European market. APAC is expected to be the fastest-growing market in the overall GPS tracking device market during the forecast period. The major driving factors for the growth of the market in APAC are increased number of manufacturing facilities, aging infrastructure, and asset’s safety and security. Advance GPS tracker to hold the largest market share in the overall GPS tracking device market during the forecast period“ 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. Request Sample Copy of this Market Research @ https://www.marketsandmarkets.com/requestCustomization.asp?id=142 “Commercial vehicle deployment type is expected to hold the largest market share in 2023” 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 region is expected to lead the GPS tracking device market between 2017 and 2023” 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.

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