The North America GPS Tracking Device Market would witness market growth of 11.9% CAGR during the forecast period (2022-2028).
GPS trackers have become an important piece of technology, whether used to monitor or track a company's assets, a person's possessions, or the entire fleet of vehicles for business or commercial use. GPS trackers come in a wide range of shapes and sizes. Innovative technologies are being developed by businesses, consumers, and sectors of the economy, which is why GPS navigation systems are necessary.
Using GPS trackers to navigate through unfamiliar environments is their most popular use. But, because GPS trackers gather information from satellites, analyze the position, and transmit it to the user's system or device, they have a considerably wider range of applications. The greatest technique to track cars and maybe the least expensive anti-theft device are GPS trackers, which are increasingly used in defense, government, and automotive applications.
The pandemic's increased need for retail logistics throughout the region is anticipated to fuel market expansion in the ensuing years. In the US, inventory management, packing, cross-docking, as well as door-to-door delivery are among the services offered by a retail logistics company. The need for logistics services is driven by the rapidly expanding international e-commerce industry and the creation of new technologies. Manufacturers and end-use industries usually have little of the internal control required to address logistics concerns. The expansion of the logistics sector has been aided by such factors. This will propel the demand for GPS tracking devices, thus benefitting the growth of the regional market.
The US market dominated the North America GPS Tracking Device Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $1,213.6 Million by 2028. The Canada market is poised to grow at a CAGR of 14.4% during (2022 - 2028). Additionally, The Mexico market would witness a CAGR of 13.4% 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 U.S., Mexico, Canada, and Rest of North America.
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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