Market Definition: GPS tracking unit is a device, normally carried by a moving vehicle or person, that uses the Global Positioning System to determine and track its precise location, and hence that of its carrier, at intervals. The latest trend in this market is growing in commercial vehicle leading to the growth of the GPS system, they are in small in size, easy to carry, which may further develop the market in future. There is a need for GPS tracking devices for several applications like Transportation & Logistics, Construction, Oil & Gas, Metals & Mining, Government, Others will create a huge market for the GPS tracking devices.
On the basis of geography, GPS tracking device market report covers data points for 28 countries. These are North America & South America. Europe, Asia-Pacific, and Middle East & Africa. Some of the major countries covered in this report are U.S., Canada, Germany, France, U.K., Netherlands, Switzerland, Turkey, Russia, China, India, South Korea, Japan, Australia, Singapore, Saudi Arabia, South Africa, and Brazil among others.
CAGR is forecast GPS personal tracking devices and applications to grow at 40%Both markets breaking $1 billion in 2017 according to ABI Research. Senior analyst Patrick says, “The hardware market remained below 100,000 units in 2011. In 2017 when it reaches 2.5 million units as forecast. Including, significant growth in the elderly, health, and lone worker markets. Dedicated devices can offer significant benefits, with insurance.
“We are also seeing the first signs of leading CE companies entering the market. These are Qualcomm, Apple (via PocketFinder), Garmin and Cobra. And there will also be significant partnerships and acquisitions in this space as new entrants look to add tracking to their portfolio.”. Other markets include family, personal items (e.g. luggage), and pet and offender tracking.
There is an addressable market of over 120 million people across these markets alone. With over two million US elderly using non-GPS Personal Emergency Response Systems (PERS). Yet, awareness, battery life, economic conditions, and high subscription fees remain significant barriers. There is also a fear that smartphone applications will cannibalize the market.
The application market is already booming. Life360 reaching 10 million downloads for its family locator application. These solutions will become part of a much bigger security and health markets. Growing to over 200 million downloads in 2017. As well as the majority of total tracking market revenue. “Carrier platforms represent a major revenue generator opportunity for family locator applications. Group director Dominique Bonte adds. Matching their secure image and offering differentiation to family subscription plans. Companies such as Location Labs and TCS are already seeing success in this space.”
ABI Research‘s new report, “Personal Location Devices and Applications Market,” identifies the key growth markets for GPS tracking devices, analyzing each market to enable companies to identify the market that best fits their approach. The competitive environment is also analyzed.