The Latin America, Middle East and Africa GPS Tracking Device Market would witness market growth of 15.4% CAGR during the forecast period (2022-2028).
GPS provides complete details about the position, motion, as well as the speed of a specific vehicle. The development of GPS tracking technology facilitates the incorporation of additional features. It analyzes the location of the vehicle and also its driving style, sometimes even displaying the section of the road where mistakes were made while driving. The best future drive planning is made possible by this function. Reminders for maintenance and code readers are additional features of web-based car monitoring software.
A driver's path can be found along with the cheapest petrol station using some GPS devices. Since more advanced technologies are being adopted by various industries, the GPS tracking device market is expanding. A key factor in accelerating market expansion will be the encouragement given to security devices and improved resource management. GPS technology is frequently employed to pinpoint the exact location of automobiles and other mobile entities. The data about the moving object may be retained inside the tracking device or transferred to a central control unit.
Saudi Arabia is one of the greatest net petroleum exporters, home to over 17% of the world's proven oil reserves. The two main parts of Saudi Aramco's business are upstream and downstream. In addition, Saudi Aramco is one of the world's most integrated chemical and energy enterprises. Qatar has historically been one of the region's biggest producers of natural gas, and in the coming years, it is anticipated that it will generate even more gas. Therefore, the region's expanding oil & gas sector implies that the demand for commercial vehicles will increase, particularly those with GPS for easy fleet tracking. This is accelerating the expansion of the regional market.
The Brazil market dominated the LAMEA GPS Tracking Device Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $99.1 Million by 2028. The Argentina market is experiencing a CAGR of 16% during (2022 - 2028). Additionally, The UAE market would showcase a CAGR of 15.1% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
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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