The global GPS market is projected to grow at a CAGR of 16.81% to reach US$151.923 billion by 2026 from US$51.213 billion in 2019.
The global positioning system is a navigation system that uses satellites in order to transpire location, velocity, and time data for sea, land, and air travel. It is made up of three different components that co-occur in order to provide the location with utmost precision. These components are:
It is not only used in tracking position or location but is also used in preparing surveys and maps and works in every weather condition.
A major reason for the growth of this market is the increasing number of smartphone and internet users across the globe.
The number of smartphones and internet users has increased across the globe. As there is a rise in smartphone users, GPS penetration is increasing in almost all mobile phones. The GPS market holds tremendous potential growth due to an increase in the acceptance of smartphones and easy access to the internet.
Mobile manufacturers and application developers are working constantly in using location-based information. Many companies are focusing on undertaking partnerships and acquisitions. North America constitutes the highest penetration of smartphones and is facing an increasing demand for GPS services. The number of smartphone users is increasing in the Asia Pacific region. The region is also investing heavily in the network infrastructure and the adoption of broadband. GPS Service applications are also rising in the region. The use of high-speed mobile data technologies such as 3G and 4G is also expected to boost the market. With the growing smartphone users and internet accessibility, the Global GPS market is stimulated to grow perpetually.
Mergers, acquisitions, and product development are expected to drive the demand for this market in the forecast period.
The mergers and acquisitions undertaken by various companies are expected to fuel the growth of the global GPS market. Sone of the recent mergers and acquisitions includes:
These mergers, acquisitions, and product development are anticipated to fuel the growth of the global GPS market.
The growth in sales of commercial vehicles is anticipated to fuel the growth of this market.
North America is expected to continue its lead in the global GPS Market. In the past also, the North American region has dominated the market due to rising demand for top-end navigation and the use of advanced technologies. Asia Pacific region is also projected to witness growth in the global GPS market. Moreover, commercial vehicles sales are increasing significantly. According to IEA Global, “the electric car market bucked the wider trend with growth of over 40% and is on track for a decade of strong expansion.” The highest number of commercial vehicles are sold in China, followed by The USA, Japan, Germany, and India. According to the International Organization of Motor Vehicle Manufacturers (OICA), the sales of commercial vehicles are witnessing a rising trend. The enterprises are hugely benefited by tracking and managing these vehicles with the click of a button.
The impact of COVID-19 pandemic on the global GPS market.
With the imposition of lo lockdown and strict government restrictions and norms, the sales of commercial vehicles have rapidly declined. This has created a negative impact on the global GPS market. But, the GPS has also helped in tracking the ambulance and distress signals during the time of COVID emergency.
|Market size value in 2019||US$51.213 billion|
|Market size value in 2026||US$151.923 billion|
|Growth Rate||CAGR of 16.81% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Application, End-User, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Letstrack, Avidyne Corporation, FEI-Zyfer, Furuno Electric Co. Ltd., Johnson Outdoors Inc., Hmisphere GNSS, Navico, NSE Industries, Garmin Ltd., KCH Industries, MiTAC International|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What is the size of the global GPS market?
A1. GPS Market was valued at US$51.213 billion in 2019.
Q2. What will be the GPS market size by 2026?
A2. The global GPS market is projected to reach a total market size of US$151.923 billion by 2026.
Q3. What are the growth prospects for the GPS market?
A3. The GPS market is projected to grow at a CAGR of 16.81% during the forecast period.
Q4. What factors are anticipated to drive the global GPS market growth?
A4. A major reason for the growth of the GPS market is the increasing number of smartphone and internet users across the globe.
Q5. Which region holds the largest market share in the GPS market?
A5. The North American region is anticipated to hold a significant share in the global GPS market due to rising demand for top-end navigation and the use of advanced technologies.