According to a new report Global GPS (Global Positioning Systems) Market, published by KBV Research, The Global GPS (Global Positioning System) Market size is expected to reach $128.7 billion by 2025, rising at a market growth of 20.3% CAGR during the forecast period. It is estimated that the burgeoning popularity of location-based services like online food delivery and e-hailing services would create significant demand during the forecast period for GPS-enabled devices. In addition, the increased use of GPS devices for navigation purposes in military aircraft and navy ships is in the process of strengthening the market.
Consumer devices such as smartphones and tablets are increasingly using GPS technology. It is also used in other applications such as portable navigation systems, automotive telematics, and standalone trackers. Due to the proliferation of smartphones, tablets, and PCs around the world, the consumer devices segment accounted for the largest market share in 2018. The Automotive Telematics Systems market is expected to witness a CAGR of 19.1% during (2019 - 2025). Additionally, The Standalone Trackers market is expected to witness highest CAGR of 21.1% during (2019 - 2025).
Due to a large number of smartphone users, high demand for GPS devices for connected fleets, and the presence of key market players, North America recorded the largest market share during 2018, followed by Europe. It is projected that the Asia Pacific GPS market will see significant growth over the forecast period due to increase in per capita spending, growing economy, and rapid smartphone adoption.
The Location-Based Services market dominated the Global GPS Market by Application 2018, growing at a CAGR of 18.5 % during the forecast period. The Road market is experiencing growth rate of 19.4% during (2019 - 2025). The Aviation market is witnessing a growth rate of 21.9% during (2019 - 2025). Additionally, The Marine market showcases prominent growth rate of 22.3% during (2019 - 2025).
Structural Insights: https://www.kbvresearch.com/global-positioning-systems-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of United Technologies Corporation (Rockwell Collins, Inc.), Hexagon AB, Qualcomm, Inc., Broadcom, Inc., Trimble, Inc., Garmin Ltd., KVH Industries, Inc., TomTom N.V., Geotab, Inc. and MiTAC Holdings Corporation.
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