Portland, OR, July 19, 2021 (GLOBE NEWSWIRE) – According to the report published by Allied Market Research, the GPS Tracking Devices Market was set at $ 1.78 billion in 2020 and is expected to reach $ 4.93 billion by 2028, with a CAGR of 12.3% from 2021 to 2028.

Rising demand for IoT and cloud technology and increasing commercial vehicle sales are driving the growth of the global GPS tracking devices market. However, poor user experience due to non-standard products hinders the growth of the market. On the contrary, the increase in the use of digital maps and the advancement and upgrading of software used in GPS tracking devices are expected to open up new opportunities in the years to come.

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Covid-19 scenario:

• The Covid-19 pandemic has reduced demand for GPS tracking devices due to partial and complete lockdown in various regions. Additionally, governments in several countries have been forced to shut down manufacturing and industrial sectors to curb the spread of the infection, which has hampered demand for GPS tracking devices.
• The pandemic has caused economic hardship for businesses and consumers around the world. Additionally, the adoption of the work-from-home culture has reduced the demand for GPS tracking devices.
• In addition, the prolonged lockdown has resulted in a disruption of the supply chain and a shortage of raw materials.

The report segments the global GPS tracking devices market on the basis of technology, type, application, and region.

On the basis of technology, the autonomous tracker segment held the largest share in 2020, contributing almost two-fifths of the market. However, the advanced tracker segment is expected to post the highest CAGR of 14.5% during the forecast period.

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On the basis of type, the data logger segment dominated the market in terms of revenue in 2020, holding nearly two-fifths of the market. However, the data pushers segment is expected to represent the highest CAGR of 13.9% from 2021 to 2028.

The global GPS Tracking Devices Market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The European market held the largest share in 2020, contributing almost a third of the market. However, the market across Asia-Pacific is expected to register the Highest CAGR by 15.6% over the forecast period.

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Global GPS Tracking Devices Market includes in-depth analysis of major market players such as Sierra Wireless, Orbocomm, Atrack Technology, Geotab Inc., Box Telematics, Meitrack Group, Trackimo Group, Calamp Corp, Starcom System Ltd. and Concox Wireless Solution.

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Allied Market Research (AMR) is a full-service market research and business consulting division of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global businesses as well as medium and small businesses with unmatched quality of “market research reports” and “business intelligence solutions”. AMR has a focused vision to provide business information and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.

We have professional relationships with various companies, which helps us extract market data which helps us generate accurate research data tables and confirm the highest accuracy in our market forecast. Allied Market Research CEO Pawan Kumar helps inspire and encourage everyone associated with the business to maintain high quality data and help customers in every way possible to be successful. Each of the data presented in the reports we publish is extracted through primary interviews with senior officials of the main companies in the field concerned. Our secondary data sourcing methodology includes in-depth online and offline research and discussions with industry-savvy professionals and analysts.