PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1629248
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1629248
The Nano GPS Chip Market was valued at USD 8,915.2 million in 2023 and expanded at a CAGR of 13.20% from 2024 to 2032.
A GPS "track" is just a GPS module that receives a GPS signal and generates coordinates. Data loggers have a huge memory capacity to store coordinates. Data pushers also include a GSM/GPRS/CDMA/LTE modem, which transmits this material to a central computer via SMS or GPRS in the form of IP packets. Satellite-based GPS tracking gadgets that use satellite technology, such as Global Star or Iridium, can operate anywhere on the planet. They don't need a cellular connection. GPS loggers record the scheme's position at regular intervals in internal memory. GPS loggers may include a memory card slot, an internal flash memory card, and a USB connector.
Nano GPS Chip Market- Market Dynamics
Increasing need for IoT applications
The growing need for Internet of Things (IoT) applications is the key reason for the Global Nano GPS Chip Market's rapid growth. Nano GPS chips have contributed significantly to the growth of the IoT ecosystem by allowing very precise position tracking. As the world becomes more connected, industries are using IoT technology to increase efficiency, production, and decision-making. Nano GPS chips enable the real-time monitoring and tracking of assets such as products in transit, factory equipment, and even patients in healthcare settings. This has resulted in broad use in industries such as logistics, agriculture, and asset management. For instance, Tiny GPS chips, enable logistics companies to follow the movement of goods and vehicles, optimizing routes and ensuring on-time deliveries. This, in turn, reduces operating costs while increasing user pleasure. With the IoT market expected to continue to expand fast, so will demand for nano GPS chips, making them an essential component in the building of a more connected and efficient society.
Nano GPS Chip Market- Key Insights
According to our research analyst's analysis, the global market is anticipated to expand at a compound annual growth rate (CAGR) of approximately 13.20% during the 2024-2032 projection period.
Based on Product Type segmentation, The sensitivity segment dominates the global market.
Based on Application segmentation, Over the projected period, the smartphone category is expected to develop with the fastest CAGR.
In terms of region, North America was the largest revenue generator in 2023.
The Product Type, Application, and Region are the three main segments of the global nano GPS chip market.
The market is segmented into two segments according to Product Type: Sensitivity and Low power. The sensitivity category now leads the global market. On the one hand, despite their small size, these Nano chips have a higher sensitivity array of up to 165dBm for tracking and a time to first fix (TTFF) of less than 1 second. As a result of these structures, nano GPS chips are increasingly used in wearable devices, asset tracking, precision agriculture, fleet management, and law enforcement. The slowing demand for the low-power category is due to constant battery failure and unexpected disappointment while working.
The market is divided into four categories based on Applications: Smartphones, UAVs, Wearables, and Automotive. The smartphone category is expected to grow at the fastest CAGR over the forecast period, accounting for the biggest market share. The Nano GPS Chip Market is growing due to increased smartphone production, rising disposable income, and an increase in the number of internet users. The increasing use of smartphones in transportation services like as Ola and Uber, as well as the growing demand to follow the actual meteorological state in the region, are driving market expansion. Wearable gadgets ranked second in the Nano GPS Chip Market due to their poor power capacity, high cost, and significant security risk.
Nano GPS Chip Market- Geographical Insights
Geographically, this market is distributed over North America, the Middle East and Africa, Asia Pacific, Europe, and Latin America. These regions are further split based on the nations bringing commerce. The North American Nano GPS chip industry will dominate as IoT gadgets become more addictive, individuals have more money to spend, and exercise routines gain popularity. Nano GPS chips, when linked with trackers and phones, help identify and track each individual, and their ability to track pets is a rising business in this region.
The Asia-Pacific Nano GPS chip market is predicted to develop at the quickest CAGR from 2023 to 2032 due to rising disposable income, increased expenditure on electronics, and different applications of new technology. Furthermore, China's Nano GPS chip market had the highest market share, while India's Nano GPS chip market was the fastest-growing market in the Asia-Pacific region.
Major competitors in the Nano GPS chip industry, such as Broadcom Corporation, Furuno Electric Co., Ltd, Qualcomm Incorporated, STMicroelectronics N.V., and others, are investing in R&D to increase market demand. Market participants are implementing action plans to increase their global footprint with significant market developments, including new product launches, contractual agreements and acquisitions, increased investments, and collaboration with other organisations. To expand and survive in a more competitive and expanding market environment, the Nano GPS semiconductor sector must provide cost-effective products.
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