Kenneth Research, in its repository of market research reports, have recently added a report on Gps Tracking Device Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031. The Gps Tracking Device Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Gps Tracking Device Market products.
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Moreover, backed by the increasing demand for high-speed internet amongst the individuals, organizations operating in the field of telecom are increasingly working on deploying 5G network technology, as this technology provides internet access at very high speeds. By 2025, it is estimated that as many as 1.2 billion of total internet connections will account to 5G. Further, one-third of the world is projected to be covered with 5G connectivity by the end of 2025.
The Gps Tracking Device Market is expected to grow with a significant CAGR during the forecast period, i.e. 2021-2025, on the back of growing internet penetration around the world along with the rising adoption of smartphone. The statistics by the GSMA Intelligence stated that the total unique mobile subscribers as on May 2020 around the world was 5.24 billion.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
Global GPS Tracking Device Industry was valued at USD 1.45 Billion in the year 2017. Global GPS Tracking Device Industry is further estimated to grow at a CAGR of 11.12% from 2017 to reach USD 3.38 Billion by the year 2025. Europe region holds the highest Industry share in 2017 and Asia-Pacific Industry is considered as the fastest growing Industry in the forecasted period. At a country level, developed Industry’s like the UK as well the emerging Industry’s like China with highest population base holds a notable Industry share in 2017 and it is projected to grow at a gradual pace in the coming years.
Major market players in GPS Tracking Device Industry are Sierra Wireless Inc., Orbocomm Inc., Laird PLC, Calamp Corporation, Queclink Wireless Solutions Co. Ltd, Shenzhen Concox Information Technology Co. Ltd, Meitrack Group, Atrack Technology Inc., Trackimo LLC, Teltonika UAB, and other 13 companies detailed information is provided in the report. Rising research and development expenses to address the changing demand of end users. Similarly, growth strategies such as acquisition, merger, and expansion of the distribution network were few techniques adopted by most of the top players in the last 5 years.
SWOT Analysis GPS Tracking Device Industry:
Increasing demand for commercial vehicles
Changing government regulations & policies as per region
Use of GPS tracking devices by small businesses for process improvement
Estimating the demand to cater production capacity
Segmentation done on the basis of Industry includes Oil & Gas, Metals & Mining, Transportation & Logistics, Construction of which the Transportation & Logistics segment is expected to hold the highest Industry share during the forecast period.
GPS Tracking Device Industry Segmentation:
Oil & Gas
Metals & Mining
Transportation & Logistics
By Deployment Type
Cargo and Container
Rest of Europe
Rest of Asia-Pacific
Middle East & Africa
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