GPS Car Tracker Market Size, Share, and COVID-19 Impact Analysis, By Technology (Standalone Tracker, OBD Device, Advance Tracker), By Technology (GPS Loggers, Personal GPS Trackers, Real-Time GPS Trackers), By Component (Hardware, Software), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2022-2030

KEY MARKET INSIGHTS

The global GPS Car Tracker Market is projected to grow from USD 960 million in 2021 to USD 1440 million by 2030 at a CAGR of 20% during the forecast period.  

GPS tracking gadgets are getting smaller, and they're likely to get considerably smaller in the future. With the advancement of technology, it is now possible to produce GPS receivers that are the size of a thumbnail and batteries that are smaller, resulting in a long-lasting application. The GPS tracking device's batteries have a life of roughly 3-4 years, which makes operations go more smoothly. Many of the market's key organisations and players will be able to achieve a strong ROI with a short payback period. Some of the most modern GPS tracking devices can provide vital vehicle information such as temperature, engine diagnosis, and more. Furthermore, these devices can be utilised to keep an eye on automobiles from afar. With the use of software, technological improvements can supply real-time information to many industries. Moreover, improved mapping combined with predictive diagnosis would drive demand for GPS tracker across a wide range of industries, leading in global GPS tracking device market expansion.  

COVID-19 ANALYSIS  

The COVID-19 pandemic has had a negative impact on the market due to commute limits and predicted dismal financial performance of market players in 2020. Organizations are preparing strategic cost-cutting initiatives in response to the pandemic's economic impact. To enhance cash flow, companies owning car assets are contemplating sale and leaseback options. Supply chain execution, labor dependency, regulatory and policy changes, working capital management, and liquidity and solvency management are the key risk considerations for vehicle tracking system participants. Although, due to a lack of carriers, FMCG, retail, agriculture medicines, and other key services providers are unable to transfer the hoarded products. The demand for vehicles is high in order to manage and cater to the constant supply of essentials.   

LATEST TREND

Development of Advanced Technology Is Driving Up Demand for GPS Tracking Devices

The development of advanced technology across sectors is driving up demand for GPS tracking devices, which are also utilized for vehicle security. A GPS tracking device is integrated with commercial vehicles and passenger vehicles to track the vehicle's location for passenger safety and material shipment. Furthermore, in some countries, government authorities are enacting legislation requiring commercial and passenger vehicles to be equipped with vehicle monitoring devices. In addition, tracking systems in commercial trucks aid in the tracking of product shipments and the timely delivery of other materials. The use of GPS tracking devices in the supply chain and logistics business is growing, which will help the market grow during the forecast period.

DRIVING FACTORS

Increase Demand for IoT and Cloud Technology Propelling Market Growth

A wide range of industries, including automotive, healthcare, and others, use tracking devices. In recent years, the demand for monitoring has increased dramatically. GPS trackers are electrical and internet-connected smart gadgets and things that can connect to the cloud, be controlled remotely, and communicate with one another. This is due to a rise in demand for tracking systems, which encourages market expansion.

Increase in Fleet Operations Especially In the Emerging Markets 

The rising usage of the internet and technical advancements in connectivity, the demand for car monitoring systems has increased in order to ensure vehicle safety and decrease idle time. E-call services have benefited fleet owners in receiving emergency alerts. Vehicle tracking technology can be used by fleet operators and logistics companies as one of the key profit drivers.              

RESTRAINTS

Nonstandard Products and Several Environmental Factors Leads to Poor User Experience

Several environmental variables, such as dense trees, high cloud cover, towering buildings, can impair GPS signal, and as a result, the tracking can be delayed. In order to obtain a competitive advantage, a small number of vendors and manufacturers in the market offer low-cost, low-quality GPS tracking devices, resulting in a bad user experience and poor quality. This is the most significant restraint for the growth of the market.                           

SEGMENTATION

The global GPS Car Tracker Market is segmented by Technology, Type, Component, and Region. Based on the Technology, the market is categorized into Standalone Tracker, OBD Device, and Advance Tracker. Based on Type, the market is categorized into GPS Loggers, Personal GPS Trackers, and Real-Time GPS Trackers. Based on Component, the market is categorized into Hardware, Software. Based on the region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.   

REGIONAL INSIGHTS

North America dominated the market share owing to the high prevalence of OBD GPS trackers in cars due to regulatory obligations, the expanding penetration of smartphones and Bluetooth beacons in commercial applications, and growing innovation by major technology firms all remain key growth drivers in the region. During the forecast period, the GPS Car Tracker Market in Asia Pacific is expected to develop at the quickest rate. The high prevalence of low-cost Android devices, the expanding penetration of e-commerce, and increased logistics investment in numerous industries continue to be significant drivers of growth in the Asia Pacific area.

KEY INDUSTRY PLAYERS

ORBCOMM, CalAmp., CONCOX, TomTom International BV., Sierra Wireless., ATrack Technology Inc., Trackimo LLC., Meitrack Group., and Geotab Inc.

KEY INDUSTRY DEVELOPMENTS:

June 2019- ORBCOMM® developed a Class B vessel tracking solution in collaboration with Pole Star Space Applications Limited and Weatherdock AG. This innovative solution is a tamper-proof hardware that allows you to keep track of your vehicle's whereabouts at all times.

April 2017- Sierra Wireless, Inc. purchased GlobalTop Technology Inc.'s GNSS embedded module business. The company's GPS tracking goods will be strengthened as a result of this acquisition.

LIST OF KEY COMPANIES PROFILED:

• ORBCOMM®
• CalAmp.
• CONCOX
• TomTom International BV.
• Sierra Wireless.
• ATrack Technology Inc.
• Trackimo LLC.
• Meitrack Group.
• Geotab Inc.

SEGMENTATION

By Technology

• Standalone Tracker
• OBD Device
• Advance Tracker

By Type

• GPS Loggers
• Personal GPS Trackers
• Real-Time GPS Trackers

By Component

• Hardware
• Software

By Region

• North America- U.S., Mexico, Canada
• Europe- UK, France, Germany, Italy, Spain, Rest of Europe
• Asia-Pacific- China, Japan, India, South Korea, Rest of Asia Pacific
• South America- Brazil, Argentina, Colombia, Rest of South America
• The Middle East and Africa- GCC, South Africa, Rest of Middle East & Africa