Automotive GPS tracking devices are the devices that are used in vehicles, usually commercial vehicles, for tracking purposes.
Market trends and analysis
The Market Of Automotive GPS Tracking Devices is growing at large on a global level. This growth is subject to the market driving factors affecting the growth of market industry of automotive GPS tracking devices worldwide.The present value of its market industry is valued at around 1 billion U.S. Dollars approximately. Researchers on the basis of their research and analysis state that this market industry is predicted to grow at a compound annual growth rate of somewhere around 13% and will be reaching at a value as high as around 3 billion U.S. Dollars approximately in the upcoming five years starting from 2017 to around 2022/2023. The major factors that are considered to be driving its market growth are the following-
- Rising demand and sales for commercial vehicles. This helps in promoting the market growth of automotive GPS tracking devices because commercial vehicles contain valuable goods and thereby the owners of such goods feel it necessary to track such commercial vehicles, which in turn helps in rising market growth of this industry globally.
- The price of automotive GPS tracking system is very reasonable and thus is affordable for the buyers. Price is the major factor that influences the demand for any product and thereby its affordable largely contributes in promoting its market growth at a global level undoubtedly.
- Apart from performing their basic function of tracking, automotive GPS tracking devices also provides performance related information about the vehicle. In addition to it, the automotive GPS tracking devices also provide engine diagnosis data. The study and analysis of engine diagnosis data helps in predicting the functioning and performance of the vehicle in the near future thereby rising the demand of advance GPS trackers.
- The automotive GPS tracking devices not only tracks but also monitors the commercial vehicles like buses, trucks, construction vehicles and other heavy commercial vehicles.
The global market industry of automotive GPS tracking devices can broadly be classified into three major categories namely, OBD device, standalone tracker and advance GPS tracker.
Advance GPS trackers are forecasted to hold the largest share in the market industry of automotive GPS Tracking devices in the fore coming years.
On the basis of geographical factors, the market industry of automotive GPS tracking devices is spread over North America, Europe, Asia Pacific and the rest of the world at a large.
Subject to the functions, benefits and uses of the automotive GPS tracking devices, this market industry is expected to grow and flourish enormously in the near future.