GPS TRACKER MARKET ANALYSIS
Global GPS Tracker Market: Regional Insights
The GPS tracker market in Asia Pacific region is expected to exhibit the highest CAGR during the forecast period of 2018 to 2026. The factor attributed to market growth is increasing stringent government regulations along with increase in production of vehicles in emerging economies such as India and China. For instance, according to the International Organization of Motor Vehicle Manufacturers (OICA), the production of commercial vehicles in India in 2016 was 4.51 million and it has grown to 4.78 million in 2017. According to a press release of Autocar pro, a leading semiconductor manufacturing company, in January 2018, the Ministry of Road Transport and Highways (MoRTH) had mandated the installation of GPS tracking devices and panic button to all the passengers transport vehicles, which further helps in improving safety of individuals who utilise passenger transport vehicles. Therefore, stringent government norms will inadvertently increase the installation of GPS tracker in the vehicles, which in turn is driving growth of the market in this particular region.
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