GPS Market by Application and Geography - Forecast and Analysis 2022-2026

The global positioning systems (GPS) market share is expected to increase by USD 83.08 million from 2021 to 2026, at a CAGR of 17.98%.

This GPS market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers GPS market segmentation by application (logistics and transportation, construction and mining, and others) and geography (Europe, North America, APAC, MEA, and South America). The GPS market report also offers information on several market vendors, including Avidyne Corp., Broadcom Inc., Garmin Ltd., Hexagon AB, MiTAC Digital Technology Corp., Qualcomm Inc., Raytheon Technologies Corp., Texas Instruments Inc., TomTom International BV, and Trimble Inc. among others.

What will the GPS Market Size be During the Forecast Period?

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GPS Market: Key Drivers and Challenges

The growing investment in satellite deployment is notably driving the global positioning systems market growth, although factors such as connectivity issues with GPS may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the GPS industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key GPS Market Driver

The GPS is integrated within vehicles or assets. It allows vehicle owners or fleet managers to monitor and track the movement of vehicles. They use both satellite and cellular signals to communicate location-related information. This is achieved by using a network of satellites to determine the location of a device. The trackers use trilateration to determine the physical location based on their distance from three GPS satellites. After determining the location, they transmit the information to owners or fleet managers using cellular networks such as LTE or 3G. The global GPS market is observing a significant investment in the deployment of new satellites. The growing deployment of these satellites increases the network coverage area and strengthens the communication signals. Such deployment introduces GPS tracking facilities in new geographic locations as well as improves services for existing users. This will increase the adoption of GPS and, in turn, drive the growth of the market during the forecast period. 

Key GPS Market Challenge

The GPS uses both satellite and cellular communication network infrastructure. It calculates location-, speed-, and direction-related data using multiple GPS satellites and transmits the data via a cellular network. However, to properly track the assets integrated with GPS, a high-speed Internet connection is required. Though many countries such as the US, the UK, and Japan have advanced Internet infrastructure, other countries have poor Internet connectivity or lack basic Internet connectivity. In suburban areas and highways, cellular connectivity is weak in some of the developing countries. Some of the mining locations are in remote locations with no cellular connectivity. Remote tracking of cargo containers carried through railways is difficult with weak cellular connections. These situations lead to latency in vehicles and asset tracking, which creates a poor customer experience, especially in real-time tracking solutions. Therefore, connectivity issues due to the lack of proper communication network infrastructure are hindering the growth of the market.

This GPS market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Who are the Major GPS Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

• Avidyne Corp.
• Broadcom Inc.
• Garmin Ltd.
• Hexagon AB
• MiTAC Digital Technology Corp.
• Qualcomm Inc.
• Raytheon Technologies Corp.
• Texas Instruments Inc.
• TomTom International BV
• Trimble Inc.

This statistical study of the GPS market encompasses successful business strategies deployed by the key vendors. The global positioning systems market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The GPS market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

Which are the Key Regions for GPS Market?

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30% of the market's growth will originate from Europe during the forecast period. Germany and France are the key markets for GPS in Europe. However, the market growth rate in Europe will be slower than the growth of the market in other regions.

The growth of e-commerce businesses and rising delivery services will facilitate the GPS market growth in Europe over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating Application Segments in the GPS Market?

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The GPS market share growth by the logistics and transportation segment will be significant during the forecast period. This report provides an accurate prediction of the contribution of all the segments to the growth of the global positioning systems market size and actionable market insights on post COVID-19 impact on each segment.

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What are the Key Data Covered in this GPS Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive GPS market growth during the next five years
• Precise estimation of the GPS market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the global positioning systems industry across Europe, North America, APAC, MEA, and South America
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of global positioning systems market vendors

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