LONDON--(BUSINESS WIRE)--The global GPS tracker market is expected to post a CAGR of over 10% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the increasing demand for fleet management systems. Fleet management systems helps in cost optimization through which companies aim to improve the efficiency of the fleet. Fleet management is necessary in a wide range of industries as it helps in tracking vehicles and driver behavior; improves fleet productivity and reduces fleet operating cost. One of the major steps for implementing fleet management systems is to integrate GPS trackers in vehicles, which record the data that can be accessed and analyzed through fleet management software. Therefore, several companies from a wide range of industries are seen implementing fleet management systems in their business operations, thereby driving the demand for GPS trackers.
As per Technavio, the growing demand for advanced GPS trackers will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global GPS tracker market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global GPS Tracker Market: Growing Demand for Advanced GPS Trackers
The adoption of advanced GPS trackers is increasing significantly in commercial vehicles, cargo containers, and fleet management due to new features. The adoption of advanced trackers in fleet management systems helps managers keep a closer look at fleet movement and performance. This allows them to achieve high operational efficiency and return on investment (ROI). Moreover, all the information collected through advanced GPS trackers is uploaded to a software interface, which allows fleet managers to monitor the movement, fuel consumption, and appropriate routing of vehicles. These platforms can use this information to monitor fleet movement to optimize the supply chain operation, connect with the workforce, improve overall productivity, and minimize unscheduled downtime. Therefore, several vendors are seen focusing on developing and introducing advanced GPS trackers in the market, which will drive the growth of the global GPS tracker market during the forecast period.
“Apart from the growing demand for advanced GPS trackers, government mandates regarding integration of GPS trackers into vehicles, growing investment in satellite deployment, and the growing investment in LTE network are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
Global GPS Tracker Market: Segmentation Analysis
This market research report segments the global GPS tracker market by end-user (logistics and transportation; construction and mining; government; and oil and gas) and geographical regions (North America, APAC, Europe, MEA, and South America).
The North American region led the market in 2018, followed by APAC, Europe, MEA, and South America respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to the growing demand for ride-hailing services in the region.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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