Global Positioning System or GPS equipment market comprises of sales of global positioning systems equipment & related services to determine the ground position of an object through GPS satellites. It is a satellite navigation system that transmits accurate signals that allow GPS equipment to decode or measure the desired location of the satellite. These equipments are smaller in size. With the advent of technologies, it has been possible to develop the thumbnail-sized GPS receivers & smaller batteries that make it a long-lasting application. The batteries used in these equipments have a life of about 3-4 years which makes the operations smoother. Some of the advanced GPS equipment can provide crucial information related to vehicles for instance temperature, vehicle engine diagnosis, and others. Additionally, these equipments can be used to monitor vehicles from the remote location.
According to study, “GPS
Equipment Global Market Report 2020-30: Covid 19 Impact and Recovery”
the key companies operating in the global GPS equipment market are Orbocomm Inc., Queclink Wireless Solutions
Co., Ltd, Calamp Corporation, Sierra Wireless, Inc., Laird PLC., Concox
Wireless Solution, Tomtom International Bv, Xirgo Technologies, Inc., Maestro
Wireless Solutions, Shenzhen Concox Information Technology Co. Ltd., Geotab
Inc, Trimble Navigation Limited, Teltonika UAB, MiTAC Digital Technology
Corporation (Navman), Texas Instruments Inc, Spy tech, Inc., Garmin Ltd, Mio
Technology Corporation, Ruptela UAB, Shenzhen Coban Electronics Co., Ltd,
MeitrackGroup,, Verizon Wireless, Trackimo LLC.
Based on product type, GPS
equipment market is segregated as data loggers, data pullers, data pushers,
covert GPS trackers and others. Based on tracker device type, market is
segmented as advance tracker, OBD device and standalone tracker. Based on
application, market is segregated as location-based services, aviation, marine,
road, surveying & mapping and others. In addition, based on end-use
industry, market is segregated as transportation & logistics, metals &
mining, government, construction, oil & gas and others (hospitality,
agriculture, education, retail, and healthcare).
The GPS equipment market is driven
by growth of commercial vehicles, followed by upgrading in the software, lower
prices of GPS devices, and small size, longer life and dominating
return-of-investments (ROI) of GPS devices. However, growth in adoption of
hardware agnostic tracking solutions and impact of the non-standard products
may impact the market. Moreover, advancements in software and rise in usage of
GPS equipment for Usage-Based Insurance (UBI) are key opportunities for market.
Based on geography, the
North-American region dominates the global GPS equipment market as these
equipment are widely used to help monitor anti-poaching patrols and for
tracking the location all the time, in commercial as well as for personal
purposes in the region. The Asian-Pacific and European regions are estimated to
witness higher growth rate due to the safety purpose and to also helpful in
getting the real-time vehicle speeds, vehicle location updates, as well as
instant alert message to bad driver behaviors over the forecast period. The global GPS equipment market was valued at
US $482 million in 2019 and it is predicted to grow at a higher CAGR of 9.60%
and reach US $695.4 million by 2023.
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