New York, Aug. 04, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "GPS Tracking Device Global Market Report 2023" - https://www.reportlinker.com/p06479729/?utm_source=GNW
The global GPS tracking device market is expected to grow from $2.56 billion in 2022 to $2.91 billion in 2023 at a compound annual growth rate (CAGR) of 13.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The GPS tracking device market is expected to reach $4.76 billion in 2027 at a CAGR of 13.1%.
The GPS tracking device market consists of sales of Plug-in, hardwired, and battery-operated GPS tracker.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Europe was the largest region in the GPS tracking device market in 2022. The regions covered in GPS tracking device report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
GPS tracking device refers to software equipment that provides information on surveillance of location to track the location of an entity or object remotely via the use of the Global Positioning System (GPS). It is used by fleet managers to locate asset on a route, report on traffic conditions, and keep track vehicles other activities.
The main GPS tracking device types are standalone trackers, obd devices, and advance trackers.A standalone tracker is a separate unit or device used for GPS tracking operations.
The various deployments are commercial vehicles, and cargo and containers applied in automotive, aerospace and defense, healthcare, and transportation.
The increasing demand for commercial vehicles is expected to propel the growth of the GPS tracking device market going forward.A commercial vehicle refers to a vehicle registered to a company, such as company cars, fleet vehicles, or other vehicles that are used to transport goods and general equipment for commercial or business purposes.
GPS tracking devices are used in commercial vehicles to keep track of the vehicle, improve vehicle maintenance, and enhance customer service by providing real-time status.Therefore, the increasing demand for commercial vehicles is driving the growth of the GPS tracking device market.
For instance, in 2023, according to the International Organization of Motor Vehicle Manufacturers, a Paris-based international trade association, production of commercial vehicles in the USA increased by 10% from 7,604,154 in 2021 to 8,308,603 in 2022.Further, the production of commercial vehicles in Argentina increased by 24% from 250,647 in 2021 to 279,388 in 2022.
Therefore, the increasing demand for commercial vehicles is driving the growth of the GPS tracking device market.
Product innovations are a key trend gaining popularity in the GPS tracking device market.Major companies operating in the GPS tracking device market are focused on developing new solutions to strengthen their position in the market.
For instance, in January 2022, ATrack Technology Inc., a China-based company that designs and manufactures telematics hardware, launched the AL300 LTE-M waterproof tracker with IP67 waterproof and dustproof functions. The tracker is designed to support heavy machinery or transportation equipment such as refrigerated trucks, trailers, scooters, and agricultural and construction heavy machinery that needs to be monitored for a long time and placed outdoors. It assists with heavy outdoor machinery and transportation equipment to effectively control costs.
In September 2020, Trina Solar Co., Ltd., a China-based company that researches, manufactures, and sells PV products, EPC, and O&M, acquired Nclave Renewable S.L. for an undisclosed amount. Through this acquisition, Trina combines Solar’s State Key Laboratory’s leading technology with Nclave’s technology for smart trackers, enhancing it as a one-stop solution for efficient tracker products. NCLAVE Renewable S.L. is a Spain-based company that designs, manufactures, and maintains fixed tilts and solar trackers.
The countries covered in the GPS tracking device market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The gps tracking device market research report is one of a series of new reports that provides gps tracking device market statistics, including gps tracking device industry global market size, regional shares, competitors with a gps tracking device market share, detailed gps tracking device market segments, market trends and opportunities, and any further data you may need to thrive in the gps tracking device industry. This gps tracking device market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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