Overview:

The increased usage of GPS trackers for security purposes is estimated to enhance the GPS tracker market in 2020. The ICT industry reports are produced by Market Research Future, which highlights market options for expansion. An income of USD 2.72 billion in revenue is predicted to be achieved with a 14.42 % CAGR in the forecast period.

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The upsurge in fleet management application is estimated to create a promising aspect for the growth of the GPS tracker market. The rising demand for GPS tracker devices is estimated to spur the tracking as a services market considerably. The use of GPS trackers has risen incredibly in the COVID-19 pandemic and is estimated to promote the expansion of the COVID 19 GPS tracking devices market.

Segmentation:

The segmental investigation of the GPS tracker market is carried out on the basis of vertical, type, network, and region. Based on the region, the GPS tracker market consists of Asia Pacific, North America, Europe, and the rest of the global market. On the basis of the types, the GPS tracker market is segmented into a covert GPS tracker, standalone tracker, and advanced tracker.On the basis of the networks, the GPS tracker market comprises of LTE, 3G, and 2G. Based on the verticals, the GPS tracker market is segmented into oil & gas, metals & mining, automotive & aerospace, government & defense, transportation & logistics, healthcare, and others..

Regional Analysis:

The regional review of the GPS tracker market encompasses regions such as Asia Pacific, North America, Europe, and the rest of the global market. The escalating demand for wearable GPS tracking devices for pets and human tracking is also an influential factor for the market’s development in the APAC region mainly. The superior adoption of GPS trackers in China for tracking of personal vehicles, cargo trailers, and construction assets is projected to prompt the GPS tracker market development in the forecast period constructively. In the US, the increasing demand from several transportation and logistics service dealers for efficient fleet management is swaying the GPS tracker market’s development in the North American regional market. The law enforcement bureaus are also showing elevated use of GPS tracking devices, which is also provoking the market augmentation in the North American regional GPS tracker market. In addition, the mounting adoption of GPS trackers in the mining industry is inspiring the GPS tracker market intensification in Mexico.

Key Players:

The downturn effects visible in the market are estimated to stay a little longer due to the scale of impact on the global market. The need for prudent analysis of the market trends and demand projections is estimated to lead to formidable development in the market. The constraints of growth are expected to be significant and considerable support will be needed to transform the market effectively. The instability in the forces of demand and supply is estimated to create a beneficial impact on the overall global market in the forecast period. The restoration and everyday operations are estimated to take some time, which will lead to intensive development of build-up in delivery. The financial assistance provided by the government around the world and trade bodies is estimated to salvage the situation in the coming years. The need to build sustainability into the core assets of the companies will help companies’ battle situations like the current pandemic more effectively.

Laipac Technology, Inc., Atrack Technology Inc., TomTom International BV, Calamp Corp, Sierra Wireless Inc, Sony Mobile Communications Inc, Concox Information Technology Co., Ltd, Orbocomm Inc., Spy Tech, Inc, Verizon Wireless, and Queclink Wireless Solutions Co., Ltd are some of the powerful competitors in the GPS tracker market.

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