Yahoo Finance GPS Equipment Global Market to Reach $3.18 Billion by 2027 at a CAGR of 7.5%
Global GPS Equipment Market
Dublin, Oct. 05, 2022 (GLOBE NEWSWIRE) -- The "GPS Equipment Global Market Report 2022, By Product Type, End-Use, Industry, Application" report has been added to ResearchAndMarkets.com's offering.
The global GPS equipment market is expected to grow from $2.20 billion in 2021 to $2.38 billion in 2022 at a compound annual growth rate (CAGR) of 8.5%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $3.18 billion in 2026 at a CAGR of 7.5%.
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.
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.
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.
Scope
Markets Covered:
1) By Product Type: Data loggers; Data pushers; Data pullers; Covert GPS Trackers
2) By End-Use Industry: Transportation & Logistics; Construction; Oil & Gas; Metals & Mining; Government; Others (Hospitality, Education, Retail, Agriculture, and Healthcare) 3) By Application: Road; Aviation; Marine; Location-based services; Surveying and Mapping; Others
Key Topics Covered:
1. Executive Summary
2. GPS Equipment Market Characteristics
3. GPS Equipment Market Size And Growth
4. GPS Equipment Market Segmentation
5. GPS Equipment Market Regional And Country Analysis
6. Asia-Pacific GPS Equipment Market
7. China GPS Equipment Market
8. India GPS Equipment Market
9. Japan GPS Equipment Market
10. Australia GPS Equipment Market
11. Indonesia GPS Equipment Market
12. South Korea GPS Equipment Market
13. Western Europe GPS Equipment Market
14. UK GPS Equipment Market
15. Germany GPS Equipment Market
16. France GPS Equipment Market
17. Eastern Europe GPS Equipment Market
18. Russia GPS Equipment Market
19. North America GPS Equipment Market
20. USA GPS Equipment Market
21. South America GPS Equipment Market
22. Brazil GPS Equipment Market
23. Middle East GPS Equipment Market
24. Africa GPS Equipment Market
25. GPS Equipment Market Competitive Landscape And Company Profiles
26. Key Mergers And Acquisitions In The GPS Equipment Market
27. GPS Equipment Market Trends And Strategies
28. GPS Equipment Market Future Outlook and Potential Analysis
29. Appendix
Companies Mentioned
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
MeitrackGroup
Verizon Wireless
Trackimo LLC
For more information about this report visit https://www.researchandmarkets.com/r/mqttpx
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