The Europe GPS Tracking Device Market would witness market growth of 11.7% CAGR during the forecast period (2022-2028).
A real-time tracking gadget updates the location and speed while delivering alerts through text or email. Managing tasks, including routing, dispatching, security, tracking, and onboard data, is common for fleet operators that employ GPS tracking systems. In addition, a fleet management software interface is included with some vehicle tracking systems. Throughout the forecast period, it is anticipated that the number of fleets will increase and therefore propel the growth of the market for GPS tracking device.
The rising commercial vehicle sales, rising demand for the Internet of Things (IoT), as well as cloud technologies, rising use of digital maps, and improvements and upgrades to the software that runs GPS tracking devices, are further factors that have increased the demand for the product. Every vehicle monitoring system relies on GPS tracking, which has become a fundamental part of modern life. GPS is used in many contexts, from international military exercises to car navigation.
Due to the rise of electric and hybrid automobiles in recent years, as well as government assistance for advancing self-driving car technology in Germany, the country has seen a spike in the sales of automotive parts. Germany overtook the rest of Europe as the region with the highest EV sales. The demand for German automobiles is high worldwide, a major driver of the nation's automotive logistics sector. The worldwide and domestic demand is projected to experience a substantial increase due to the rising international trade in automotive parts and hybrid vehicles. One essential aspect of these automobiles is the usage of GPS tracking systems. Hence, the regional market is growing owing to the larger production and export of vehicles in this region.
The Germany market dominated the Europe GPS Tracking Device Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $425.8 Million by 2028. The UK market is anticipated to grow at a CAGR of 10.8% during (2022 - 2028). Additionally, The France market would exhibit a CAGR of 12.5% during (2022 - 2028).
Based on Type, the market is segmented into Advance Trackers, Standalone Trackers, and On-Board Diagnostics (OBD) Devices. Based on Deployment, the market is segmented into Commercial Vehicles and Cargo & Containers. Based on Industry, the market is segmented into Transportation & Logistics, Construction, Government, Oil & Gas, Metals & Mining and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Worldwide GPS Tracking Device Market is Projected to reach USD 5.5 Billion by 2028, at a CAGR of 12.3%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include TomTom N.V., Sierra Wireless, Inc. (Semtech Corporation), Sensata Technologies Holdings PLC, CalAmp Corp, Orbcomm, Inc. (GI Partners L.P.), Shenzhen Jimi IoT Co., Ltd., Queclink Wireless Solutions Co., Ltd., Teltonika, ATrack Technology, Inc. and Ruptela.
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