The global GPS equipment market size is expected to grow from $2.20 billion in 2021 to $2.38 billion in 2022 at a compound annual growth rate (CAGR) of 8.5%. The growth in the market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The GPS equipment market is expected to reach $3.18 billion in 2026 at a CAGR of 7.5%.
What is the Global GPS Equipment Market?
The global positioning system equipment market consists of sales of global positioning systems equipment and related services by entities that are used 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.
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What drives the Global 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.
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Global GPS Equipment Market Segments
The global GPS equipment market is segmented:
By Product Type: Data Loggers, Data Pushers, Data Pullers, Covert GPS Trackers
By End-Use Industry: Transportation and Logistics, Construction, Oil and Gas, Metals and Mining, Government, Others (Hospitality, Education, Retail, Agriculture, and Healthcare)
By Application: Road, Aviation, Marine, Location-Based Services, Surveying and Mapping, Others
By Geography: The regions covered in the GPS equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
GPS Equipment Global Market Report 2022provides market size and growth forecasts for the global GPS equipment market, global GPS equipment market share, GPS equipment market segments and geographies, GPS equipment market competitive landscape including leading competitors’ revenues, profiles and market shares. The GPS equipment market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global GPS Equipment Industry Playersinclude 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. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
