The Asia Pacific GPS Tracking Device Market would witness market growth of 12.9% CAGR during the forecast period (2022-2028).
IoT is a potentially revolutionary technology that affects all facets of life. GPS sensors, trackers, and everyday objects might all be given an intelligent makeover by being implanted with network access and electronics. These intelligent devices are cloud-connected, remote-controllable, and interoperable. Even though GPS technology has been around for a while, the development of the Internet of Things has changed how GPS-based applications and devices are used.
GPS gadgets may now send data over the internet and interact with other sensors and systems because of the Internet of Things. In addition, many other types of vehicle data, including remote temperature monitoring, fuel monitoring, and driver identification, are captured and transmitted by modern tracking systems. Automobile rental companies can increase service standards and reduce damage expenses by using GPS tracking systems. Renters can access the vehicle's information anytime by installing a GPS tracking device.
When company vehicles leave the office, it is a great tool for tracking them. In order to learn more about cars and maximize Return on Investment, GPS tracking is a great tool. Automobile GPS tracker installation makes it easier to find stolen vehicles. It can always locate the vehicle, which is quite helpful for recovering it. In addition, users can create geo-fencing based on the locations that customers visit. Once the car has exited the property, the application will notify the owners so they may take the necessary action.
China currently has the largest logistics industry in the world, not only in the Asia Pacific region, and it is expected to continue to expand. China's government has established clear future objectives to support this economic trend. China is a world leader in the logistics sector and provides logistic solutions technology to other nations because of significant expenditures in infrastructure and the Belt & Road Initiative (BRI), which aims to eliminate bottleneck logistics. Hence, the region presents lucrative growth prospects for market expansion in the coming years.
The China market dominated the Asia Pacific GPS Tracking Device Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $455.7 Million by 2028. The Japan market is estimated to grow a CAGR of 12.2% during (2022 - 2028). Additionally, The India market would experience a CAGR of 13.5% 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 China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
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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