As per the report published by Market Research Future (MRFR), the global GPS tracker market is slated to acquire a substantial revenue generation of USD 2.72 billion at a moderate 14.42% CAGR over the review period of 2018 to 2023.The market is enduring an exacting period with its robust growth coming to an abrupt halt in light of the COVID-19 pandemic. MRFR report on market highlights the future prediction and the growth alternatives that can be created.
Segmental Analysis
The segmental analysis of [FURL=https://www.marketresearchfuture.com/reports/gps-tracker-market-7017]Covid 19 GPS Tracker Market[/FURL] is carried out on the basis of network, vertical, type and region. The segmentation of the global GPS with tracker market on the basis of the network consists of LTE, 3G, and 2G. The LTE segment is poised to reach market share worth USD 1,898.6 million while expanding with a CAGR of 15.23% in the review period. Based on the vertical, the GPS tracker market globally is segmented into oil & gas, transportation & logistics, automotive & aerospace, healthcare, government & defense, metals & mining, and others. The transportation segment of the market is projected to witness a market share totaling USD 846.98 million in the interval of the review period while rising with a 17.05% CAGR in the assessment period. Based on type, the global market for GPS trackers is divded into a standalone tracker, covert GPS tracker, and advanced tracker. The advanced tracker segment is slated to reach a market share adding up to USD 981.74 million while rising with a CAGR of 16.09% in the review period.
Regional Analysis
Escalating demand for efficient fleet management by many transportation and logistics service suppliers in the US is fueling the market’s growth in the North American region. The growing application of GPS tracking devices by law enforcement agencies is also encouraging market growth in the North American region. Furthermore, increasing demand for GPS trackers for construction assets and logistics is fueling the growth of GPS trackers in Mexico. The North American region creating revenue worth USD 343.17 billion in 2017 and is poised to grow at a CAGR of 12.75% during the forecast period.
Competitive Analysis
The leading market players identified by MRFR in the global market are Laipac Technology, Inc., Orbocomm Inc., TomTom International BV, Concox Information Technology Co., Ltd, Calamp Corp, Atrack Technology Inc., Sierra Wireless Inc, Verizon Wireless, Sony Mobile Communications Inc, Spy Tech, Inc, and Queclink Wireless Solutions Co., Ltd
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