Growth Forecast in the Global GPS Tracking Devices Industry
Amid the COVID-19 crisis, the global market for GPS Tracking Devices estimated at $1.7 billion in the year 2020, is projected to reach a revised size of $3.9 billion by 2027, growing at a CAGR of 12.1% over the analysis period 2020-2027, according to data compiled by Global Industry Analysts, Inc.
Standalone Tracker, one of the segments analyzed in the report, is projected to record a 11.2% CAGR and reach US$1.4 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the OBD Device segment is readjusted to a revised 12.4% CAGR for the next 7-year period.
The GPS Tracking Devices market in the U.S. is estimated at $511.9 million in the year 2020. China, the world's second largest economy, is forecast to reach a projected market size of $680.1 million by the year 2027 trailing a CAGR of 11.7% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 10.7% and 10.4% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 8.9% CAGR.
In the global Advance Tracker segment, USA, Canada, Japan, China and Europe will drive the 13% CAGR estimated for this segment. These regional markets accounting for a combined market size of $374.9 million in the year 2020 will reach a projected size of $884.4 million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach $460.5 million by the year 2027.
Companies identified in this market include, among others:
Atrack Technology Inc.
CalAmp Corporation
Geotab, Inc.
Laird PLC
Maestro Wireless Solutions Ltd.
Meitrack Group
Orbocomm Inc.
Queclink Wireless Solutions Co., Ltd.
Ruptela, UAB
Shenzhen Coban Electronics Co., Ltd.
Shenzhen Concox Information Technology Co., Ltd.
Sierra Wireless, Inc.
Teltonika UAB
TomTom International BV
Trackimo LLC.
Xirgo Technologies
Image by Mohamed Hassan from Pixabay
Source: News release