GPS Tracker Market Forecast to Grow by Over $568 Million
The global GPS tracker market is expected to grow by $568.09 million, progressing at a CAGR of almost 7% during the 2020-2024 forecast period, according to a new report from Technavio. The market is fragmented due to the presence of several players.
The rising demand for automobiles is forcing automakers to invest in setting up new manufacturing plants. Besides, the rising number of road accidents has led to the introduction of stricter regulations that mandate vehicles to be equipped with eCall systems that transmit the exact geographic location of the accident. Many such factors are expected to drive the demand for GPS trackers during the forecast period.
The rising investment in satellite deployment is one of the major factors propelling market growth. The market is witnessing significant investments in the deployment of new satellites. For instance, In September 2018, Lockheed Martin Corp. announced its plans of constructing 22 next-generation GPS III satellites for the US Air Force. These satellites are expected to increase the network coverage area and strengthen the communication signals. This will increase the adoption of GPS trackers and in turn, drive the growth of the market. However, factors such as growing demand for OBD dongles will hamper the market growth.
Based on the end-users, the market saw maximum growth in the logistics and transportation segment in 2019. The growth of this segment can be attributed to the growing need for continuous tracking of assets and goods in the supply chain. The market growth in the segment will be significant over the forecast period.
By geography, APAC is going to witness lucrative growth during the forecast period. About 37% of the market’s overall growth is expected to originate from APAC. The rising demand for ride-hailing services led by increasing disposable incomes and strong internet penetration is the key factor driving the growth of the GPS tracker market in APAC. China and Japan are the key markets for GPS trackers in APAC.
Global smart tracker market is segmented by application (consumer products, pets, and luggage), technology (Bluetooth, cellular technology, and GPS), and geographic landscape (APAC, Europe, MEA, North America, and South America). Global radio frequency filters market is segmented by application (cellular devices, GPS devices, tablets, and others) and geography (APAC, Europe, MEA, North America, and South America).
(Infographic provided with Technavio news release)