DUBLIN--(BUSINESS WIRE)--The "Global GPS Equipment Market 2020-2030: COVID-19 Impact and Recovery" report has been added to ResearchAndMarkets.com's offering.
The global GPS equipment market was worth $482 million in 2019. It is expected to grow at a compound annual growth rate (CAGR) of 9.60% and reach $695.4 million by 2023. In 2019, North America was the largest region in the GPS equipment market.
This report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider GPS equipment market, and compares it with other markets.
Major players in the positioning system (GPS) equipment market are Calamp Corporation, Sierra Wireless, Inc., Orbocomm Inc., Queclink Wireless Solutions Co., Ltd, Laird PLC., Tomtom International BV, Concox Wireless Solution, Xirgo Technologies, Inc., Shenzhen Concox Information Technology Co. Ltd. and Maestro Wireless Solutions.
Increased use of GPS tracking devices in commercial vehicles contributed to the growth of the GPS equipment market
GPS tracking devices help in monitoring commercial vehicles such as trucks, buses, heavy commercial vehicles, and construction vehicles. Through monitoring and handling these vehicles in real time with GPS trackers, companies can get real time updates, optimize routes, increase efficiency, and improve fuel efficiency among others. Businesses are increasingly using GPS for tracking vehicles and will have an edge over their competitors in giving a better customer experience. Therefore, the use of GPS equipment in commercial vehicles is a key factor leading to the growth of the GPS equipment market.
The software integrated with GPS trackers has developed rapidly
The use of advanced software can deliver real time data on a specific location. The advanced software has helped improve mapping capabilities and the ability to integrate with resources such as Google Earth and predictive diagnosis. For instance, in 2019, National Kidney Registry and Newgate Security have upgraded to new GPS technology-based GPS tracking devices for real-time monitoring of human organ shipments in real time. The development of an enhanced GPS tracker is gaining traction and contributes to the growth of the market.
Security threat in GPS tracking applications is expected to hinder the growth of the market
Hackers can interfere with the signals from GPS equipment and take advantage of the vehicle in ways unimaginable. The signals could be jammed during the transmission. The vulnerability of GPS will allow a hacker to track the positions of thousands of vehicles and even switching the engines off while they are in motion causing a complication. For instance, in 2019, a hacker named L&M reportedly hacked into thousands of accounts belonging to users of the iTrack and ProTrack GPS tracker devices. The hacker claimed that he could track vehicles in many countries, including South Africa, Morocco, India, and the Philippines. The vulnerabilities in GPS equipment causing complications in smooth operations restrict the growth of the market.
BAE Systems, Inc., a UK based aerospace and security company, acquired Collins Aerospace's military global positioning system (GPS) business for $1.925 billion and Raytheon's Airborne Tactical Radios (ATR) business for cash of $275 million. The acquisitions of GPS and ATR business is aimed to strengthen BAE Systems, Inc. in defense electronics and communication systems business. Collins Aerospace, a USA based company, specialized in avionics and information technology systems business. Raytheon, a USA based company, specialized in the manufacturing of military and commercial electronics.
Key Topics Covered
1. Executive Summary
2. GPS Equipment Market Characteristics
3. GPS Equipment Market Size And Growth
3.1. Global GPS Equipment Historic Market, 2015 - 2019, $ Billion
3.1.1. Drivers Of The Market
3.1.2. Restraints On The Market
3.2. Global GPS Equipment Forecast Market, 2019 - 2023F, 2025F, 2030F, $ Billion
3.2.1. Drivers Of The Market
3.2.2. Restraints On the Market
4. GPS Equipment Market Segmentation
4.1. Global GPS Equipment Market, Segmentation By Product Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
- Data loggers
- Data pushers
- Data pullers
- Covert GPS Trackers
4.2. Global GPS Equipment Market, Segmentation By End-Use Industry, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
- Transportation & Logistics
- Oil & Gas
- Metals & Mining
Others (Hospitality, Education, Retail, Agriculture, and Healthcare)
4.3. Global GPS Equipment Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
- Location-based services
- Surveying and Mapping
5. GPS Equipment Market Regional And Country Analysis
5.1. Global GPS Equipment Market, Split By Region, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
5.2. Global GPS Equipment Market, Split By Country, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
- Calamp Corporation,
- Sierra Wireless, Inc.
- Orbocomm Inc.
- Queclink Wireless Solutions Co., Ltd
- Laird PLC.
- Tomtom International BV
- Concox Wireless Solution
- Xirgo Technologies, Inc.
- Shenzhen Concox Information Technology Co. Ltd.
- Maestro Wireless Solutions
- Geotab Inc
- Teltonika UAB
- Trimble Navigation Limited
- MiTAC Digital Technology Corporation (Navman)
- Spy tech, Inc.
- Texas Instruments Inc
- Garmin Ltd
- Mio Technology Corporation
- Shenzhen Coban Electronics Co., Ltd
- Ruptela UAB
- Verizon Wireless
- Trackimo LLC
For more information about this report visit https://www.researchandmarkets.com/r/yw566k.