Pune, Maharashtra, August 07, 2019 (Wired Release) Prudour Pvt. Ltd. – GPS tracking devices are useful in vehicles or any other moving object in order to help the person in tracking and monitoring the current location of the vehicles, or any object. This GPS tracking device helps in offering an accurate route to the desired location. This device is used in many vehicles and mobile phones. GPS tracking device work with the help of a satellite system for tracking the location of the user and then helps in routing their maps.
Growing population across the globe and an increasing number of individuals purchasing cars, government initiatives for inspiring technological advancements are propelling the demand for GPS tracking devices. An increasing number of advanced technologies which have led towards the development of highly advanced products that cater to the requirements of consumers and increasing use of these devices in various transportation industries due to the increasing acceptance of mobility on-demand system are among the other factors which help to drive the growth of the target market. However, the introduction of non-standardized products which are less costly is leading to the poor user experience are the factors that are hampering adoption of these GPS tracking devices market.
Mainly three types of GPS tracker devices are available in the market currently, including standalone tracker, OBD device, and advance tracker. Demand for the advance tracker is high as compared to the other two types as they are skillfully installed in the many vehicles for offering engine diagnosis data and vehicle performance-related data in addition to basic function.
The GPS tracking devices market worldwide is expected to grow at a compound annual growth rate of nearly 13.1% over the next 10 years and was valued at around US$ 1,580.2 Mn in 2018. The GPS tracking devices are used in various applications including track cars, track asset, and track persons. Demand for GPS tracking device is increasing in track cars, due to the increasing number of cars and they also help in identifying the shortest path of the route which further helps in eliminating unnecessary fuel expenses.
Rapid technological advancements and rising acceptance and popularity of automation especially in US and Canada, are the factors that are resulting in high demand for the target market in North America. There is increasing adoption of GPS tracking device in the region of Asia Pacific due to increasing support from government and increasing government investments for GPS tracking device in this region. In addition, the growing use of GPS tracking systems in many vehicles, low costs of GPS tracking devices, and long life of the GPS device is another factor driving growth of the market. Demand for GPS tracking devices is comparatively less in regions such as Latin America, and Middle East and Africa.
Some of the major players operating in the global GPS tracking devices market are Sierra Wireless, Inc., Geotab Inc., Orbocomm Inc., Tomtom International Bv, Trackimo LLC, Xirgo Technologies, Inc., Calamp Corporation, Laipac Technology, Verizon Wireless, and Spark Nano.
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