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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