Press Release

Europe GPS Tracking Device Market to Grow At Impressive Rate by 2028

Increased development and upgradation of GPS tracking device software are expected to drive the market of Europe GPS Tracking Device Market in the forecast period of 2024-2028.

 

According to TechSci Research report, Europe GPS Tracking Device Market - By Region, Competition Forecast & Opportunities, 2018-2028 the Europe GPS Tracking Device Market is expected to register robust growth during the forecast period, 2023-2028. The growth is anticipated to be accelerated by improvements in GPS tracking devices’ software and technology. The GPS tracking software being utilized, distance calculation, and other methods can be leveraged to access features like real-time tracking and information. The user can track several devices with the use of sophisticated software on many different levels. The software included in GPS tracking devices allows individuals to assess the roads’ condition. The market for GPS tracking devices is expanding due to the software's increased development and advancement, which has improved usability and efficiency.


Players in the GPS tracking device market are moving toward an agile supply chain network model, with many channels to prevent single points of failure. They ensure business sustainability and continuity while balancing costs with this assistance. Collaborations and industry associations will start when supply networks across additional regions replace single-nation hubs. Stakeholders will make investments in infrastructure and resources that can swiftly enable new supply and production nodes, as needed.


Moreover, to stimulate the local economy, several governments have already announced subsidies and incentives, which are varying by region. Due to an increase in online consumers and internet usage on smartphones and portable devices, the digital map industry is rapidly expanding. The market for GPS tracking devices is driven by the rising popularity of digital maps. The majority of autonomous vehicles feature navigation and route planning systems that use digital maps. The key growth drivers for the GPS tracking market are the recent developments in digital maps, such as 3D maps, and the simplicity with which a location is understood and located.


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The GPS Tracking Device market is segmented into Technology, Network, Product Type, Type, and End User. Based on technology, the market is segmented into standalone trackers, convert trackers, and advance trackers. Based on network, the market is segmented into 3G, and 4G. Based on product type, the market is divided into handheld & mounted. Based on type, it is categorized into data loggers, data pushers, and data pullers. Based on end user, the market is segregated into automotive, aerospace & defense, healthcare, and others.

In the technology segment, the standalone trackers hold the largest share in 2022, as in cars, standalone trackers are mostly used for navigation. It works best when one gadget is used for several purposes. Additionally, it may operate without an Internet connection. Due to its portability and simplicity of usage, standalone trackers are compact and simple to carry anyplace. These elements contribute to the market's expansion.


Key market players in the Europe GPS Tracking Device market:

  • Verizon Wireless
  • Concox Information Technology Co. Ltd.
  • Calamp Corp.
  • Orbocomm Inc.
  • Sierra Wireless Inc.
  • Atrack Technology Inc.
  • Tomtom International
  • Spy tech Inc.
  • Queclink Wireless Solutions Co. Ltd.
  • Laipac Technology Inc


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“The Europe market is rising due to strong and reliable existing vendors. Vendors of GPS monitoring device technology who have access to abundant technological and financial resources are predicted to acquire a competitive advantage over their rivals since they can meet market demands. With a growth in technological developments, product expansions, and various strategies used by prominent vendors, the competition climate in this market is predicted to get even more intense. The market for GPS tracking devices has a large growth potential and it is anticipated that its market contribution will rise significantly. Numerous businesses now have a wide range of options to enter the GPS tracking devices market as a result of recent discoveries and improvements. Moreover, the rising demand for tracking devices in the transportation and commercial vehicle sectors is also contributing to its rising demand. The main barrier to market expansion is the impact of environmental conditions like rain and the presence of densely forested areas on GPS range and signal quality. Low small-scale manufacturers' understanding of this market's potential and competition from stable, non-fluctuating power supply systems are its main inhibitors. Growing awareness of the importance of GPS and the rising demand for security in developing nations present an opportunity.” said, Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

Europe GPS Tracking Device Market Segmented By Technology (Standalone Trackers, Convert Trackers, and Advance Trackers),By Network (3G & 4G), By Product Type (Handheld & Mounted), By Type (Data Loggers, Data Pushers, and Data Pullers), By End User (Automotive, Aerospace & Defense, Healthcare, and Others) By Region, Competition, Opportunity, and Forecast. 2018-2028F, has evaluated the future growth potential of GPS tracking device Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Europe GPS Tracking Device Market.


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Relevant Reports

Europe GPS Tracking Device Market Segmented By Technology (Standalone Trackers, Convert Trackers, and Advance Trackers),By Network (3G & 4G), By Product Type (Handheld & Mounted), By Type (Data Loggers, Data Pushers, and Data Pullers), By End User (Automotive, Aerospace & Defense, Healthcare, and Others) By Region, Competition, Opportunity, and Forecast. 2018-2028F

ICT | May, 2023

The demand for GPS tracking devices is anticipated to increase as a result of expanding investments in the automotive industry for increasing vehicle manufacturing and autonomous vehicles’ development in the forecast period 2024-2028.

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