Outdoor Sports GPS Device Market Size, Share, Growth, And Industry Analysis, By Type (Handheld Device and Wearable Device), By Application (Golf, Running and Cycling), Regional Forecast By 2031

Outdoor Sports GPS Device Market Report Overview

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The global Outdoor Sports GPS Device market size was USD 13521.55 million in 2021 & the market is expected to reach USD 39,412.17 million in 2031, exhibiting a CAGR of 14.64% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the caffeine powder market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over. 

A handheld device known as an outdoor sports GPS uses satellite signals to track your whereabouts and give you information about your surroundings. Hikers, mountain bikers, and birders frequently use these tools to guide them across unknown terrain. Additionally, they can be used to locate nearby areas of interest and to keep track of the progress of treks and rides. Other capabilities on certain gadgets include elevation profiles and weather forecasts.

Individuals can utilise portable handheld gadgets to record their outdoor sporting activities, including running, cycling, mountaineering, and others. They are GPS-enabled gadgets that assist in tracking the user's precise location over the course of the workout at various intervals. The computer is used to evaluate the collected data and derive various activity-related statistics, such as the number of calories burned and speed.

COVID-19 Impact: Pandemic Hamper the Demand of the Renewable Storage Market

The COVID-19 pandemic is influencing society and the global economy. The effects of this pandemic are spreading daily and are also influencing the supply chain. It is causing increased customer worry, a decline in corporate confidence, uncertainty in the stock market, and enormous supply chain slowdown. Due to the closure of manufacturing facilities in the area, certain countries have experienced significant losses in trade and income. The COVID-19 epidemic had a significant impact on the production and manufacturing processes, which slowed the expansion of the outdoor sports GPS device market.

Latest Trends

"Increasing Demand for Iot and Cloud Technology to Fuel Market Growth"

Many industries, including the automobile, healthcare, and more, employ GPS tracking devices for tracking. The need for monitoring has rapidly risen during the last few years. GPS trackers have electronics and internet connectivity built into them, making them intelligent objects and devices that can connect to the cloud, be controlled from a distance, and interact with one another. This is explained by rising demand for tracking systems, which in turn fuels market expansion.

Outdoor Sports GPS Device Market Segmentation

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• By Type Analysis

According to type, the outdoor sports GPS device market can be segmented into Solar, Wind, Hybrids and Others.  

In terms of type, the Handheld Device and Wearable Device segment is anticipated to be the largest segment during the forecast period. 

• By Application Analysis

Based on application, the outdoor sports GPS device market can be divided into Golf, Running and Cycling.

In terms of application, Golf is projected to hold the largest market share through 2031.

Driving Factors

"Improved Sales of Commercial Vehicles to Aid Market Demand "

The outdoor sports GPS device market is expanding as a result of the device's increased use in commercial vehicle tracking systems and durability. GPS monitoring devices can identify automobiles that use GPS to track their precise location as the retail industry grows. The need for monitoring to ensure safety and effective operation grows as a result. Consequently, GPS devices are installed in many business cars. As a result, the market for GPS tracking systems is stimulated by an increase in commercial vehicle sales. The need for GPS tracking systems in light commercial vehicles is also predicted to rise with the e-commerce sector's growing penetration.

"Utilizing Digital Maps and Other Technical Developments to Expand Market Growth "

Due to an increase in internet customers and internet usage on smartphones and portable devices, the digital map industry is rapidly expanding. The market for outdoor sports GPS devices is driven by the rising use of digital maps. Most autonomous vehicles feature navigation and route planning systems that use digital maps. The main growth factors for the market for outdoor sports GPS devices are the recent developments in digital maps, including 3D maps, and the simplicity with which a position may be understood and located.

Restraining Factors

"Poor User Experiences are Caused by Environmental Factors, Which Limit Market Growth "

GPS tracking devices for outdoor activities are used to keep an eye on something. The GPS signal can be weakened by environmental factors such dense vegetation, towering structures, dense cloud cover, and rain. As a result, occasionally findings or tracking are delayed. The GPS tracking unit needs a direct line of sight between the receiver and the satellite in many devices or systems; otherwise, the signal may be weakened. To obtain a competitive edge, many suppliers and producers also sell GPS monitoring gadgets that are cheap and of low quality, which leads to a bad user experience. These constraints limit the outdoor sports GPS device market growth in some regions. 

Outdoor Sports GPS Device Market Regional Insights

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"Growing Demand in North America Anticipated to Boost Market Expansion "

North America dominated the outdoor sports GPS device market share in the nation. Over the course of the forecast, the region is anticipated to continue to dominate. This can be linked to an increase in the popularity of outdoor sports like cycling and trekking, which need navigational and tracking equipment for safety. A further factor driving up demand for location-based services in North America is the growing popularity of adventure racing. During an event, adventure racers may use a variety of equipment, such as bicycles, kayaks, skis, or snowboards, all of which require real-time monitoring and navigational services from a GPS device.

Key Industry Players

"Adoption Experiential Marketing Services by Key Players Influencing Market Expansion "

The top key players in the market such Adidas, Apple, Garmin, inWatch, Bushnell, Global Sat, TomTom. Most of the top players hold the experiential marketing service market shares. In addition, the strategies to develop new technologies, capital investment in R&D, improve product quality, acquisitions, mergers, and compete for the market competition help them to perpetuate their position and value in the market. Besides, collaboration with other companies & extensive possession over market shares by the key players stimulates the outdoor sports GPS device market.

LIST OF TOP OUTDOOR SPORTS GPS DEVICE COMPANIES

• Adidas (Germany)
• Apple (U.S.)
• Garmin (U.S.)
• inWatch(China)
• Bushnell (U.S.)
• Global Sat (U.S.)
• TomTom (Netherland)
• Tomoon(China)
• Magellan (U.S.)
• Gerk (U.S.)
• Nike (U.S.)
• SONY (Japan)
• Polar (Finland)
• Golife (Indonesia)
• Bryton (China)
• Fitbit (U.S.)
• Samsung (South Korea)
• Motorola (U.S.)
• DeLorme (U.S.)
• SUUNTO (Finland)

Report Coverage

This report examines an understanding of the outdoor sports GPS device market’s size, share, growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.

Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.

This report also discloses the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Moreover, all the significant factors which influence the market such as small or medium business industry, macro-economic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.