Europe Emerges as a Key Region in GPS Tracking Device Market

GPS tracking device market is projected to grow from USD 3.1 billion in 2023 to USD 5.7 billion in 2028; it is expected to grow at a CAGR of 13.1% from 2023 to 2028. The growth of the market is attributed introduction of more advanced with smaller sizes, greater durability, and functionality. With recent technological advancements, it is possible to develop thumbnail-sized GPS receivers and tiny batteries, which make GPS tracking devices a long-lasting application.

During the projected period, sophisticated trackers are anticipated to rule the market. These trackers are professionally installed gadgets in cars that keep track of engine diagnostics, location, and accident-related data. They transmit information on speed, location, driving habits, and other vehicle-related issues via the automobile communication port. In especially for in-vehicle applications, advanced trackers are superior than standalone trackers because they directly acquire performance metrics from the engine rather than relying on their own sensors.

Download PDF Brochure @ 

https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=142

Transportation & logistics segment is expected to register highest CAGR in the forecast period.

Global commercial vehicle sales have surged by 3.27% and 4.37% in 2021 and 2022. This factor drives the deployment of GPS tracking of commercial vehicles, which in turn drives the growth of the transportation and logistics industry. A GPS tracking device is suitable for the logistics & transportation industry as it automates the workflow process and also ensures streamlined operations from material loading to final delivery. This factor, along with the growth of temperature-controlled logistics and taxi-hailing services, especially in Asia Pacific, generates demand for GPS tracking devices.

Europe is expected to register largest market share in 2023.

Europe, being an automotive hub, is one of the prominent markets for GPS tracking devices. All major European truck manufacturers such as AB Volvo (Sweden), Daimler AG (Germany), MAN SE (Germany), DAF Trucks NV (Netherlands), and IVECO S.p.A (Italy) offer integrated GPS tracking devices as a part of their product portfolio. ERA-GLONASS is an important development for GPS tracking devices in the European market. Teltonika UAB (Lithuania), Ruptela UAB (Lithuania), and Baltic Car Equipment Ltd. (Lithuania) are the GPS tracking device manufacturers in Europe.

Key players operating in the market include CalAmp Corp. (US), Orbcomm Inc. (US), Sierra Wireless, Inc. (Canada), Shenzhen Concox Information Technology Co., Ltd. (China), Queclink Wireless Solutions Co., Ltd. (China), TomTom International BV (Netherlands), Teltonika UAB (Lithuania), ATrack Technology Inc. (Taiwan), Ruptela (Lithuania), and Sensata Technologies, Inc. (US).

Know more @ https://www.marketsandmarkets.com/Market-Reports/global-GPS-market-and-its-applications-142.html

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441