Drivers and Restraints
The adoption of a GPS tracking system is observed mainly for safety purposes in transportation, fleet management, patrols, and asset tracking, among others, affects the growth of the global GPS tracker market. The effect of GPS tracker software has enhanced connectivity with precision navigation and tracking, smartphones, and simpler operations. Also, the deployment of GPS trackers to reduce labour costs, enhance customer service, control field staff activities and eradicate employee theft is expected to fuel market growth over the forecast period. The proliferation of cloud technology providing scalable and versatile storage and mobile connectivity along with IoT ‘s prominence is expected to create new possibilities in the forecast-period to tackle traditional challenges. The GPS tracker market is bound to be constrained by the lack of global standards to create GPS tracking devices.
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The global GPS tracker market has been geographically analyzed in four major regions, namely Europe, North America, the Asia Pacific, and the rest of the world (including the Middle East and Africa and Latin America).
Increasing demand for efficient fleet management by many US suppliers of transportation and logistics services is driving the growth of the North American region’s industry. The increasing usage by law enforcement agencies of GPS monitoring devices is also promoting market growth in the North American Region. Besides, the rising demand for GPS trackers for building assets and logistics drive the growth of GPS trackers in Mexico. The North American region generating revenue worth USD 343.17 billion in 2017 and is poised to rise at a CAGR of 12.75% during the forecast period.
Furthermore, the growing adoption of GPS trackers in the mining industry is boosting the market growth in Mexico. The Asia Pacific market is projected to produce USD 650.04 million in revenue by 2023 when growing in the study period at a CAGR of 16.42 per cent. As well, the growing demand for wearable GPS tracking devices for pets and human tracking is a positive factor for the region’s market progress. However, China’s high adoption of GPS trackers for tracking cargo trailers, personal vehicles and construction assets is projected to stimulate market expansion in the forecast period favourably.
The European region is projected to progress at a 15.02% CAGR in the review period and is poised to generate revenue worth USD 1.1 billion by 2023.
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