Portland, Oregon, July 19, 2021 (Global News Service)-According to a report issued by Allied Market Research, the global GPS tracking device market It will be 1.78 billion U.S. dollars in 2020 and is expected to reach 4.93 billion U.S. dollars by 2028, with a compound annual growth rate of 12.3% from 2021 to 2028.
Increasing demand for the Internet of Things and cloud technologies, as well as the surge in commercial vehicle sales, has promoted the growth of the global GPS tracking equipment market. However, the poor user experience caused by non-standard products hinders market growth. On the contrary, the increase in the use of digital maps and advances and upgrades in the software used in GPS tracking devices are expected to open up new opportunities in the coming years.
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- Due to partial and complete lockdowns in various regions, the Covid-19 pandemic has reduced the need for GPS tracking equipment. In addition, governments in some countries have been forced to shut down manufacturing and industrial sectors to curb the spread of infection, which hinders the demand for GPS tracking equipment.
- The pandemic has brought economic difficulties to businesses and consumers around the world. In addition, adopting family culture work reduces the need for GPS tracking equipment.
- In addition, the prolonged blockade has caused supply chain disruptions and shortages of raw materials.