to be 3.88 billion among global population of 7.52 billion. Moreover, according to the Coherent
Market Insights’ analysis, the number of Internet of things (IoT) connected devices was US$
17.72 billion in 2016, and it has increased to US$ 20.38 billion, worldwide. Integration of IoT and
cloud technology provides facility to install the GPS tracking device in any location such as office,
home, and many more, which further increases security of physical assets placed in the
residential and business. This device allows users to monitor individual, animals, vehicles, or any
object in real time, which in turn makes communication rapid and faster between devices and
users along with high accuracy, precision, and reliability. Moreover, GPS tracking also helps the
organizations to run smoothly and timely which in turn, organizations to keeps customers
satisfied with accurate time frames and scheduling. Hence, this factor is expected to propel
growth of the GPS tracker market during the forecast period (2018-2026) However, sometimes
GPS tracker fails to perform in bad weather conditions such as heavy rainfall, snowfall, and
others, which is expected to restrain growth of the GPS tracker market over the forecast period
(2018 - 2026).
Global GPS Tracker Market: Segment Trends
Among deployment type, commercial vehicles segment accounted for the largest market share
in 2017, and expected to hold the largest market share in the global GPS tracker market during
the forecast period (2018 to 2026). The factor attributed to growth of the market is increasing
sales of commercial vehicles worldwide. For instance, according to The Organisation
Internationale des Constructeurs d'Automobiles (OICA), in 2015 the sales of commercial vehicles
was 23.3 million and it has grown up to 24.3 million in 2016. Hence, this factor will further
increase the installation of GPS tracker in the commercial vehicles as this GPS tracker help in
reducing the fuel consumption by tracking the miles of the vehicles and it also identify the
shortest path of the route which further help in eliminating unnecessary fuel expenses.
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Global GPS Tracker Market: Regional Insights
The GPS tracker market in Asia Pacific region is expected to exhibit the highest CAGR during the
forecast period of 2018 to 2026. The factor attributed to market growth is increasing stringent
government regulations along with increase in production of vehicles in emerging economies
such as India and China. For instance, according to the International Organization of Motor
Vehicle Manufacturers (OICA), the production of commercial vehicles in India in 2016 was 4.51