GPS tracking devices are used for tracking the movements any person or vehicles, which help in determining the exact location of the assets. This information is stored in the tracking unit, which are further transmitted to a central location database by using a cellular devices, radio, or satellite modem embedded in the unit.
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Increasing adoption of Internet of Things (IoT) and Cloud Technology is one of the major factors driving growth of the market
One of the major factors attributed to growth of the market is advancement in Internet of Things (IoT) and cloud technology due to increasing penetration of internet users across the world. For instance, according to the Internet World Stats, in June 2017, total Internet users were reported to be 3.88 billion among global population of 7.52 billion. Moreover, according to the Coherent Market Insights’ analysis, the number of Internet of things (IoT) connected devices was US$ 17.72 billion in 2016, and it has increased to US$ 20.38 billion, worldwide. Integration of IoT and cloud technology provides facility to install the GPS tracking device in any location such as office, home, and many more, which further increases security of physical assets placed in the residential and business. This device allows users to monitor individual, animals, vehicles, or any object in real time, which in turn makes communication rapid and faster between devices and users along with high accuracy, precision, and reliability. Moreover, GPS tracking also helps the organizations to run smoothly and timely which in turn, organizations to keeps customers satisfied with accurate time frames and scheduling. Hence, this factor is expected to propel growth of the GPS tracker market during the forecast period (2018-2026) However, sometimes GPS tracker fails to perform in bad weather conditions such as heavy rainfall, snowfall, and others, which is expected to restrain growth of the GPS tracker market over the forecast period (2018 - 2026).
Global GPS Tracker Market: Segment Trends
Among deployment type, commercial vehicles segment accounted for the largest market share in 2017, and expected to hold the largest market share in the global GPS tracker market during the forecast period (2018 to 2026). The factor attributed to growth of the market is increasing sales of commercial vehicles worldwide. For instance, according to The Organisation Internationale des Constructeurs d'Automobiles (OICA), in 2015 the sales of commercial vehicles was 23.3 million and it has grown up to 24.3 million in 2016. Hence, this factor will further increase the installation of GPS tracker in the commercial vehicles as this GPS tracker help in reducing the fuel consumption by tracking the miles of the vehicles and it also identify the shortest path of the route which further help in eliminating unnecessary fuel expenses.
Global GPS Tracker Market: Regional Insights
The GPS tracker market in Asia Pacific region is expected to exhibit the highest CAGR during the forecast period of 2018 to 2026. The factor attributed to market growth is increasing stringent government regulations along with increase in production of vehicles in emerging economies such as India and China. For instance, according to the International Organization of Motor Vehicle Manufacturers (OICA), the production of commercial vehicles in India in 2016 was 4.51 million and it has grown to 4.78 million in 2017. According to a press release of Autocar pro, a leading semiconductor manufacturing company, in January 2018, the Ministry of Road Transport and Highways (MoRTH) had mandated the installation of GPS tracking devices and panic button to all the passengers transport vehicles, which further helps in improving safety of individuals who utilise passenger transport vehicles. Therefore, stringent government norms will inadvertently increase the installation of GPS tracker in the vehicles, which in turn is driving growth of the market in this particular region.
Global GPS Tracker Market: Competitive Landscape
Major player operating in the global tracker GPS market include Orbcomm Inc., Laird PLC., Teltonika UAB, Geotab Inc., Sierra Wireless, Inc., Queclink Wireless Solutions Co., Ltd, Tomtom International Bv, Rilapp Technology Inc., Calamp Corporation, and Shenzhen Concox Information Technology Co.
The key players of the market are adopting new product development strategy in order to gain competitive edge in the market. For instance, in November 2016, the Rilapp Technologies launched the R-locator GPS tracking devices. The facilities included in system are real time tracking, ignition detection, engine cut-off, distance calculation, speed monitoring, movement monitoring, in build battery backup for electricity failure, in build memory for historical data upload under different circumstances, and others.
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