USD 1.53 billion
Report ID: SQMIG25F2001 | Region: Global | Published Date: November, 2022 | Pages: 165 | Tables: 68 | Figures: 71
GPS Market size was valued at USD 1.53 billion in 2021 and is poised to grow from USD 2.02 billion in 2022 to USD 4.62 billion by 2030, growing at a CAGR of 11.56% in the forecast period (2023-2030).
An unobstructed line of sight to four or more GPS satellites on or near the Earth is required for a Global Positioning System (GPS) to provide position and timing information in all weather circumstances. Globally, GPS offers vital capabilities to users in the military, civil service, and business sectors. Anyone with a GPS receiver can access it, which is run by the American government. Since more businesses are adopting cutting-edge technology, the market for GPS (Global Positioning System) tracking devices is growing. In addition, it is anticipated that the demand for GPS-enabled smartphones would rise as e-hailing services become more widely used. Over the forecasted period, the market is also anticipated to be driven by an increase in smart mobility applications, including navigation, fleet management, satellite road traffic monitoring, and others. Furthermore, because of its smaller size, longer lifespan, and high return on investment, the market for GPS (Global Positioning System) tracking devices is anticipated to grow.
US GPS Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 1.53 billion
Transportation & Logistics
Transportation & Logistics
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The Global GPS Market segmentation is based on type, industry, and region. Based on type the GPS Market is segmented into automotive telematics systems, consumer devices, advanced trackers, portable navigation devices, standalone trackers, and others. Based on the industry the market is segmented into construction, metals & mining, oil & gas, transportation & logistics, and others. Based on Region the global GPS market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
GPS Market Analysis by Type
During the forecast time frame, the advance tracker is anticipated to increase at its fastest rate. Vehicles are properly equipped with advanced trackers, and freight and containers provide location information as well as motor conclusion and various boundaries for temperature-controlled coordination. When compared to other types of GPS trackers, these devices have a high appropriation rate since the information they collect about vehicle performance is significant.
GPS Market Analysis by Industry
The largest portion of the GPS market was accounted for by the transportation and logistics sector. During the hypothetical time frame, the aforementioned company must expand at the highest growth rate. For the following reasons, GPS systems are widely used in commercial vehicles such as trucks, buses, transporters, and light commercial vehicles. Enterprises can efficiently utilize their resources by tracking and managing these cars throughout time. Additionally ensuring vehicle safety are GPS tagging devices. In an emergency, GPS devices help locate the emergency vehicle and display the precise location from which a trouble signal was received.
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In 2021, North America dominated the global GPS market. It is predicted that North America would keep dominating the global GPS market during the forecast period. The region has already established its control over the market in recent years, largely as a result of rising demand for high-end navigation and increased use of advanced technologies. For the foreseeable future, the regional market is expected to benefit from about the same growth sources. Due to a rise in the use of GPS technology in the transportation, logistics, and healthcare sectors, North America now dominates the industry. Additionally, high military spending penetration by regional governments and regulatory agencies as well as rising mobile device penetration are factors contributing to the rise in demand for the GPS market. To compete in the area, several important firms in the region are also making significant investments in the creation of technology-based products and collaborating with others.
Because of the rapidly increasing use of smartphones in South Korea and China, it is predicted that the Asia Pacific will grow at a faster rate than the North American region. Due to the increasing demand for anti-poaching patrols monitoring the region, Asia-Pacific is anticipated to have a substantial increase during the forecast period. The availability of high-end military applications is expected to significantly increase the demand for GPS in Europe.
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GPS Market Driver
GPS Market Restraint
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GPS companies are predicted to make friends with smartphone makers to benefit from significant potential in the cellular phone sector. Vendors might mostly concentrate on research and development in order to enhance client value and increase accuracy. For instance, Amazfit introduced its first smartwatch from the Zepp series in India in July 2021. The Zepp Z is a high-end product. It has an Alexa speech assistant and a built-in GPS.
GPS Market Top Players Company Profiles
GPS Market Recent Development
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According to our analysis, the advance tracker is expected to grow at its quickest rate over the forecast time frame. The transportation and logistics industry accounted for the largest share of the GPS market. The global GPS market was dominated by North America in 2021. There will likely be a large increase in demand for GPS in Europe as a result of the availability of high-end military applications.
|Market size value in 2021||USD 1.53 billion|
|Market size value in 2030||USD 2.02 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global GPS Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global GPS Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global GPS Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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