Portland,OR, July 19, 2021 (GLOBE NEWSWIRE) — As per the report published by Allied Market Research, the global GPS tracking device market was pegged at $1.78 billion in 2020, and is expected to reach $4.93 billion by 2028, growing at a CAGR of 12.3% from 2021 to 2028.
Rise in demand for IoT and cloud technology and surge in the sale of commercial vehicles drive the growth of the global GPS tracking device market. However, poor user experience due to nonstandard products hampers the market growth. On the contrary, rise in use of digital maps and advancement and upgradation of software used in GPS tracking devices are expected to open new opportunities in the coming years.
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- The Covid-19 pandemic reduced the demand for GPS tracking devices due to partial and complete lockdown across various regions. Moreover, governments of several countries were forced to close manufacturing and industrial sectors to curb the spread of infection, which hampered the demand for GPS tracking devices.
- The pandemic caused economic hardships for businesses and consumers across the globe. Moreover, the adoption of work from home culture reduced the demand for GPS tracking devices.
- Moreover, the prolonged lockdown resulted in disruption in the supply chain and shortage of raw materials.
The report segments the global GPS tracking device market on the basis of technology, type, application, and region.
Based on technology, the standalone tracker segment held the largest share in 2020, contributing to nearly two-fifths of the market. However, the advance tracker segment is expected to manifest the highest CAGR of 14.5% during the forecast period.
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On the basis of type, the data loggers segment dominated the market in terms of revenue in 2020, holding nearly two-fifths of the market. However, the data pushers segment is expected to portray the highest CAGR of 13.9% from 2021 to 2028.
The global GPS tracking device market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Europe held the largest share in 2020, contributing to nearly one-third of the market. However, the market across Asia-Pacific is projected to register the highest CAGR of 15.6% during the forecast period.
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The global GPS tracking device market includes an in-depth analysis of the prime market players such as Sierra Wireless, Orbocomm, Atrack Technology, Geotab Inc., Box Telematics, Meitrack Group, Trackimo Group, Calamp Corp, Starcom System Ltd., and Concox Wireless Solution.
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