The global market for GPS trackers is evidencing a enormous growth due to development of new applications that use the GPS trackers system. The market is also expected to witness prolonged revenue growth in various applications such as preventing valuable assets from theft.
According to FMI (Future Market Insights), revenue from the global GPS tracker market is probably considered to be beneficial at US$ 3,482.3 Mn in 2027, enlarging at the CAGR of 8.4 during the projected period. This leading revenue expansion is attributed to traditional applications of GPS trackers as well as the advancement of new applications in the market and emergence of niche players in the market.
Prediction of global GPS tracker market by type
Based on type, the global GPS tracker market is divided into OBD trackers, standalone trackers and advance trackers. Even though, advanced trackers segment is expected to reveal high market attractiveness index over the prediction period, OBD trackers segment is expected to earn highest revenue share of 37.8 and 37 in 2017 and in 2027 respectively.
Prediction of global GPS tracker market by Application
Based on application, the global GPS tracker market is divided into asset management, fleet management and others (Pets wearable devices, wearable devices etc). Fleet Management is expected to display high market attractiveness index over the prediction period as well as to capture largest market share of 56.3 in 2027. Asset Management is anticipated to register moderate Y-o-Y growth rate throughout the prediction period. In terms of value, this segment is expected to enlarge at a CAGR of 7.3 during the prediction period.
Suggestions for Global GPS Tracker Market
- Governments should concentrate on launching more satellites to enhance the accuracy of navigation and location detection provided by GPS trackers.
- GPS Tracker manufacturers should emphasize on manufacturing high standard trackers and the non-standard trackers with poor quality available in the market should be banned.
- Awareness among population and businesses should be increased considering all the potential benefits provided by GPS trackers.
- Conduct proper R&D for successful implementation of GPS Trackers in novel applications.