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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