GPS Equipment Market Demand Analysis To 2026 Lead By- Calamp Corporation, Sierra Wireless, Inc., Orbocomm Inc., Queclink Wireless Solutions Co., Ltd, Laird PLC
Harrisburg, NC -- (SBWIRE) -- 10/20/2020 -- 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.
The global positioning system (GPS) equipment market consists of sales of global positioning systems equipment and related services for determining the ground position of an object through GPS satellites. GPS is a satellite navigation system that transmits specific signals that allow GPS equipment to decode and measure the exact location of the satellite.
The GPS equipment market has been geographically segmented into North America, Western Europe, Asia-Pacific, Eastern Europe, South America, Middle East and Africa. In 2019, North America was the largest region in the GPS equipment market.
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 GPS equipment market covered in this report is segmented by product type into data loggers, data pushers, data pullers, covert GPS trackers. It is also segmented by end-use industry into transportation & logistics, construction, oil & gas, metals & mining, government, others (hospitality, education, retail, agriculture, and healthcare) and by application into road, aviation, marine, location-based services, surveying and mapping, others.
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Top leading Manufactures Profiled in GPS Equipment Market Report 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.
GPS Equipment Market Scenario:
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.
BAE Systems, Inc., a UK based aerospace and security company, acquired Collins Aerospaces military global positioning system (GPS) business for $1.925 billion and Raytheons 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.
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 key insights of the GPS Equipment Market report:
?The report provides key statistics on the market status of the GPS Equipment market manufacturers and is a valuable source of guidance and direction for companies and individuals interested in the industry.
?The report provides a basic overview of the industry including its definition, applications and manufacturing technology.
The GPS Equipment market report presents the company profile, product specifications, capacity, production value, and 2014-2020 market shares for key vendors.
The total market is further divided by company, by country, and by application/type for the competitive landscape analysis.
The report estimates 2020-2026 market development trends of GPS Equipment Market.
Analysis of upstream raw materials, downstream demand and current market dynamics is also carried out
The report makes some important proposals for a new project of GPS Equipment Industry before evaluating its feasibility.
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In conclusion, GPS Equipment market report presents the descriptive analysis of the parent market supported elite players, present, past and artistic movement information which is able to function a profitable guide for all the GPS Equipment Industry business competitors. Our expert research analyst's team has been trained to provide in-depth market research report from every individual sector which will be helpful to understand the industry data in the most precise way.
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