GPS TRACKER MARKET ANALYSIS

Market Challenges And Opportunities

Increasing adoption of Internet of Things (IoT) and Cloud Technology is one of the major factors driving growth of the market

One of the major factors attributed to growth of the market is advancement in Internet of Things (IoT) and cloud technology due to increasing penetration of internet users across the world. For instance, according to the Internet World Stats, in June 2017, total Internet users were reported to be 3.88 billion among global population of 7.52 billion. Moreover, according to the Coherent Market Insights’ analysis, the number of Internet of things (IoT) connected devices was US$ 17.72 billion in 2016, and it has increased to US$ 20.38 billion, worldwide. Integration of IoT and cloud technology provides facility to install the GPS tracking device in any location such as office, home, and many more, which further  increases security of physical assets placed in the residential and business. This device allows users to monitor individual, animals, vehicles, or any object in real time, which in turn makes communication rapid and faster between devices and users along with high accuracy, precision, and reliability. Moreover, GPS tracking also helps the organizations to run smoothly and timely which in turn, organizations to keeps customers satisfied with accurate time frames and scheduling. Hence, this factor is expected to propel growth of the GPS tracker market during the forecast period (2018-2026) However, sometimes GPS tracker fails to perform in bad weather conditions such as heavy rainfall, snowfall, and others, which is expected to restrain growth of the GPS tracker market over the forecast period (2018 - 2026).

Global GPS Tracker Market: Segment Trends

Among deployment type, commercial vehicles segment accounted for the largest market share in 2017, and expected to hold the largest market share in the global GPS tracker market during the forecast period (2018 to 2026). The factor attributed to growth of the market is increasing sales of commercial vehicles worldwide. For instance, according to The Organisation Internationale des Constructeurs d'Automobiles (OICA), in 2015 the sales of commercial vehicles was 23.3 million and it has grown up to 24.3 million in 2016. Hence, this factor will further increase the installation of GPS tracker in the commercial vehicles as this GPS tracker help in reducing the fuel consumption by tracking the miles of the vehicles and it also identify the shortest path of the route which further help in eliminating unnecessary fuel expenses.