• Stacy Lawlor

Global GPS Car Tracker Market Size to grow by USD 1440 million in 2030

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.

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The technology of the Global Positioning System (GPS) is utilised to pinpoint the exact location of automobiles and other mobile entities. The data collected from moving objects can either be kept in the tracking device or sent to a central control unit. The development of advanced technology across sectors is driving up demand for GPS tracking devices, which are also utilised 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.

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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.


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.


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.


North America is predicted to have the greatest share of the global GPS Car Tracker Market. 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.

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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.


In 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.


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