DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "GPS Tracking Device Market by Type (Standalone Tracker, OBD Device & Advance Tracker), Deployment Type (Commercial Vehicle, Cargo), Industry (Transportation & Logistics, Metals & Mining, & Construction) & Geography - Global Forecast to 2023" report to their offering.
The GPS tracking device market is expected to reach USD 2.89 Billion by 2023, at a CAGR of 12.91% between 2017 and 2023.
The key driving factors for the growth of the GPS tracking device market include the increase in sales of commercial vehicles, smaller size, affordable price, and high ROI. Moreover, the advent of cellular technology reduced the service cost, while the decline in GNSS/GPS IC makes inroads in cell phone that provide the scale of economies to GNSS/GPS module supplier.
GPS tracking device is widely used in commercial vehicles such as trucks, trailers, buses, and light commercial vehicles for tracking purposes. According to International Organization of Motor Vehicle Manufacturers (OICA), the global commercial vehicle sales have surged by 3.27% and 4.37% in 2015 and 2016, respectively. Concern related to safety and security of high-value assets and valuable data generated by these devices engine diagnostics drive the growth of transportation & logistics industry.