Chicago, IL -- (SBWIRE) -- 07/20/2017 -- According to the report, "GPS Tracking Device Market, By Type (Standalone Tracker, OBD Device & Advance Tracker), Deployment Type (Commercial Vehicle, Cargo & Container), Industry (Transportation & Logistics, Construction, Oil & Gas, Metals & Mining, Government) – Global Revenue, Trends, Growth, Share, Size, and Forecast to 2022", the market for GPS tracking devic is expected to grow at an impressive rate, due to the increased prevalence of diseases and the rising demand from around the world.

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GPS tracking device is used in vehicles to help track the live traffic conditions and locate specific vehicle position. Increase in commercial vehicle sales and rise in specific government mandates such as electronic logging device (ELD), vehicle theft protection are some of the reasons that are contributing towards the growth of GPS tracking device market. In addition, affordable price and high return on investment is promoting the market growth. The transportation and logistics industry is accounting for the largest market segment providing highest market revenue. GPS tracking devices are extensively used in heavy vehicles such as buses, trucks, trailers and in light vehicles that used for commercial purposes such as school buses or public buses.

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KEY PREMIUM INDUSTRY INSIGHTS

1. The recent increase in commercial vehicles on the road is one of the major reasons for the growth of GPS tracking device market. The growth of transportation and logistics industry is dependent on the growth of GPS tracking devices which is dependent on the rise in number of commercial vehicles. There is a growth estimated in the sales of advance trackers.

2. Advance trackers are installed in vehicles and cargo. It not only provides the location of the vehicle but also shares parameters like condition of the engine and temperature conditions within the vehicle during logistics.

These pieces of information are crucial for both the driver as well as the vehicle owner hence there is a fast-paced growth seen in the demand for advance trackers as compared to the other GPS tracking devices. The ability of GPS trackers in tracking and monitoring heavy commercial vehicles and the rise in demand vehicle safety and security has opened newer opportunities for GPS tracking device market.

The GPS tracking device market is divided into five major geographical segments which are North America, Europe, Asia-Pacific, Middle East & Africa and Latin America. The European market holds the maximum market share and contributes the highest revenue in GPS tracking devices market. The region is more dominant than the other regions because of the presence of automotive manufacturing hub. In addition, various events and conferences are held to spread awareness regarding the GPS tracking devices which is why there is a scope for the market growth. Next in line is the Asia-Pacific region which is estimated to be the fastest growing market during the forecast period. Some of the factors that are promoting the growth of GPS tracking devices market in the Asia-Pacific region include, rise in number of manufacturing facilities, poor infrastructure and awareness about asset safety and security.

KEY MARKET PLAYERS

Key players in the GPS tracking device market include:

1. Calamp Corporation
2. Sierra Wireless, Inc.
3. Orbocomm Inc.
4. Queclink Wireless Solutions Co ., Ltd
5. Shenzhen Concox Information Technology Co., Ltd
6. Laird PLC.
7. Tomtom International Bv
8. Meitrack Group
9. Teltonika UAB
10. Atrack Technology Inc.

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