The worldwide positioning systems market has expanded rapidly and significantly during the last few decades. This technology is used in a variety of civilian applications. Companies in the market may also benefit from the rising demand for GPS in different industrial applications, which is expected to continue at a quick rate. As a result, the global (GPS) global positioning systems market is expected to develop at a rapid pace throughout the estimated time frame.
Global (GPS) Global Positioning Systems Market was valued at USD 75.75 billion in 2021 and is predicted to reach USD 302.57 billion by 2029, growing at an 8.30% CAGR between 2022 and 2029. The Data Bridge Market Research team curated the market research, which contains in-depth expert analysis, import/export analysis, price analysis, production consumption analysis, and pestle analysis.
GPS Market Overview
Increasing smartphone adoption, as well as an increase in GPS-enabled automobiles, are expected to drive market expansion over the forecast period. Furthermore, increasing usage of social media in emerging nations, as well as a large number of mergers and acquisitions between component makers and integrators, are expected to drive the global positioning systems market forward.
The global positioning system has now become a popular tool for navigation. GPS-enabled cell phones have become increasingly popular in recent years. The increasing global usage of e-hailing services is expected to drive up demand for GPS-enabled smartphones. Customers benefit from the system employed in road applications in a variety of ways, including convenience of travel and precise monitoring of operations and assets. Over the projected period, the market is likely to be propelled by an increase in smart mobility applications such as navigation, fleet management, satellite road traffic monitoring, and others.
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Europe to account for the largest market size during the forecast period
The European GPS market is mature, and its position is projected to be maintained in the next few years. As the car manufacturing hub, firms like Teltonika UAB (Lithuania), Ruptela UAB (Lithuania), Neomatica LLC (Russia), and Box Telematics Ltd. (UK) provides GPS tracking devices on the market. Furthermore, several GPS tracking device-related events and conferences are propelling the European industry forward. During the forecast period, APAC is likely to be the fastest-growing market in the total GPS tracking device market. The rising number of manufacturing facilities, ageing infrastructure, and asset safety and security are the primary driving factors for market growth in APAC.
Affordable prices of GPS tracking devices
The GPS tracking gadget industry is mature enough. GPS tracking gadgets are no longer considered luxury items due to their low cost. These gadgets are affordable to large corporations, government organisations, and small businesses. GPS tracking gadgets are available for between USD 30 and USD 100. Some powerful GPS trackers cost as little as USD 200. As a result, GPS devices are becoming a commonplace tool for both professional and personal use.
The most common GPS problems are the following:
Incorrect installation: Incorrect GPS installation might result in false data. Careful inspections during installation are essential to ensuring the system’s proper operation.
User error: Human mistakes can occur, such as leaving the GPS in dead reckoning (DR) mode.
Atmospherics: Satellite signals can be influenced by changes in the earth’s atmosphere.
Local issues: The availability and quality of GPS signals in some areas might create problems. Errors are also possible when satellite signals collide with buildings or mountains.
Deliberate behaviors: such as jamming, spoofing, and hacking can all have an impact on the GPS signal.
GPS tracking technology is frequently used by consumers because of its consistency in performance and inexpensive cost. As a result, in order to meet the need for GPS monitoring devices, many firms are investing in their production, resulting in greater rivalry. A few firms are releasing low-cost GPS tracking gadgets into the market to obtain a competitive advantage. Because of the low quality of the GPS tracking technology, these gadgets may provide a poor user experience. A low-cost GPS module contains a low-quality GPS receiver antenna and a weak location algorithm, which may impair GPS tracking device functionality.
Challenge
In today’s world, smartphones play a crucial function. The technological revolution enables manufacturers to provide a wider range of smartphones at reduced prices. Smartphone users may now use GPS signals to track automobiles, thanks to technological advancements and various software programmed. These software products are simple to install, have a user-friendly interface, and are reasonably priced. As a result, the use of cellphones as tracking devices is fast rising. Many cab firms, including Uber Technologies Inc. (US), and transportation businesses employ cellphones as car tracking systems.
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