GPS or Global Positioning System equipment is used to find the real-time location-based accurate information of any vehicle, or other types of assets. GPS detects the person or vehicle that uses the GPS to track its exact location. The location information is stored & transmitted to others, which are connected by the internet using radio, cellular, or satellite modem embedded in the unit. It comprises a GPS module for receiving the GPS signal. Deployment of the GPS equipment helps to monitor & track the commercial vehicles such as heavy commercial vehicles, buses, trucks, and construction vehicles.
As per study, “GPS Equipment Global Market Report 2020-30: Covid 19 Impact and Recovery” the key companies operating in the global GPS equipment market are Queclink Wireless Solutions Co., Ltd; Laird PLC.; Sierra Wireless, Inc.; Orbocomm Inc.; Tomtom International Bv; Shenzhen Coban Electronics Co., Ltd; Shenzhen Concox Information Technology Co. Ltd.; Concox Wireless Solution; Xirgo Technologies, Inc.; Maestro Wireless Solutions; Trimble Navigation Limited; Geotab Inc; Teltonika UAB; MiTAC Digital Technology Corporation (Navman); Garmin Ltd; Mio Technology Corporation; Verizon Wireless; Trackimo LLC, Calamp Corporation, Spy tech, Inc.; Texas Instruments Inc; Ruptela UAB; MeitrackGroup. These key players have used a variety of strategies such as clinical trials, market initiatives, new product launches, high expense on research & development (R&D), agreements, joint ventures, acquisitions, partnerships, and others to boost their footprints in this market.
By product type, GPS Equipment market is bifurcated into data pullers, data pushers, data loggers and covert GPS trackers. By application, market is bifurcated into marine, aviation, road, surveying & mapping, location-based services and others. In addition, by end-use industry, market is bifurcated into oil & gas, construction, transportation & logistics, government, metals & mining, and others (agriculture, retail, education, hospitality and healthcare). Transportation & logistics segment is likely to witness higher growth rate due to growth in adoption of fleet management solutions to improve the operational efficiency of fleet companies during the forecast period.
The GPS Equipment market is driven by growth in advancement in data analytics, followed by rise in demand for fleet telematics, development of wireless network technologies, affordable prices of GPS tracking devices and growth of commercial vehicles. However, presence of cheap non-standard substitutes may impact the market. Moreover, advancement in the software and increase in investment in R&D on the miniaturization of fleet monitoring devices are key opportunities for market.
By geography, global GPS Equipment market is bifurcated into Asia-Pacific, North-America, Europe and rest of the world. The North-America is a leading region in global market owing to presence of major solution providers in the region. The Asia-Pacific and Europe regions are projected to exhibit considerable growth rate due to huge automotive sales, increase in GDP and rise in penetration of driverless cars over the forecast period. It is expected that future of this market will be bright because of rise in trend of shared transportation during the forecast period. It is also expected that global GPS Equipment market will be reached at US $695.4 million by 2023, at a CAGR of 9.60%.
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Ankur Gupta, Head Marketing & Communications