The global GPS tracking devices market was valued at USD 1,567.6 million in 2018 and is expected to reach USD xx million by 2026, growing at a CAGR of 12.2% during the forecast period. Increasing demand for fleet telematics and affordable prices of GPS tracking devices are expected to drive the growth of the GPS tracking devices market. However, environmental obstacles and non-standard products are expected to impede the growth of the market in the coming years.
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The growth of the GPS tracking devices market is attributed to the increasing demand for fleet telematics in the transportation and logistics sector. Government authorities are making rules and regulations for fleet tracking systems in commercial vehicles for improving the safety of passengers. The increasing adoption of car rental and leasing services in developing economies is facilitating the deployment of GPS tracking devices by vehicle rental companies to improve their services. The rising adoption of cellular communication technology in vehicles is also helping vehicle companies to track their fleet.
Technological advancements such as self-driving vehicles and connected car technology mainly rely on GPS-based tracking systems for improving the accuracy and reliability of navigation. Many developing countries are focusing on the advancement of their navigation technology such as the India has developed Indian Regional Navigation Satellite System (IRNSS), while Japan has developed Quasi-Zenith Satellite System (QZSS) for this purpose. The adoption of 5G communication technology will also help in the advancement of driverless cars technology, which uses GPS tracking devices for movement and route planning.
GPS tracking devices are available at affordable prices. Major players, government agencies, as well as emerging fleet companies can afford these devices for tracking their vehicles in remote locations. GPS tracking devices are mainly available at a price below US$ 100. Some GPS tracking devices with advanced featured are available from a price of more than US$ 200.
GPS tracking devices are mainly used by customers due to their low cost and reliable performance. For fulfilling the increasing demand for GPS tracking devices, various manufacturers are focusing on manufacturing emerging technology-enabled GPS tracking devices, which has resulted in increased competition. For having competitive advantage in the GPS tracking devices market, a few manufacturers are introducing low-cost tracking devices in the market. These GPS tracking devices may result in poor user experience due to their poor quality. A poor user experience with GPS tracking devices is expected to impede the growth of the market in the coming years.
Based on communication technology, the cellular segment is projected to grow at a significant CAGR during the forecast period.
Based on the end-use industry, the transportation & logistics segment is expected to dominate the market throughout the forecast period.
Asia Pacific accounted for the largest share in the global GPS tracking devices market in 2018.
In October 2019, SkyBitz, a leader in IoT-based telematics solutions, has launched a flexible GPS tracking device for light and medium-duty vehicles. The newly launched GPS tracking device is equipped with 4G LTE technology. The device can be easily integrated with the SkyBitz’s operational centre’s mobile devices, by directly plugging into the onboard diagnostic port or secretly installing it behind the dashboard as per the preference of customers. After the installation of the GPS tracking device, it will be operated by the SkyBitz operational center platform, in which customers can manage the new tracking device, along with all other devices, through a single interface.
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