Car GPS Navigation System Market

Car GPS Navigation System Market Size (2023 - 2028):

The Global Car GPS Navigation System Market was worth US$ 17.51 billion in 2022 and is anticipated to reach a valuation of US$ 29.5 billion by 2028 and is predicted to register a CAGR of 11.00% during 2023-2028.

The automotive industry has registered several dynamic changes in recent years due to various factors like declining fuel prices, low industry rate of growth, the emergence of electrical and hybrid electric vehicles, improvement in automotive credit availability, aging vehicle fleet, and the development of disruptive trends like car-sharing and ride-hailing services, globally. An increase in traffic congestion is also among the main concerns attributed to the rise in the number of vehicles

Market Drivers and Restraints:

The marketplace for navigation systems has been undergoing constant developments ever since the fixing of the Global Positioning System (GPS) satellites around the EEarth'sorbit. The market caught significant traction within the late 90s and the beginning of the 21st century because of the launch of portable navigation systems. The need for mobile navigation systems grew, especially within the aftermarket where varied economical options were available to the customers. Also, the increased production of vehicles, along with the rise in taxi services in developing economies like India has boosted the growth in the global car GPS navigation system market.

Costs versus functionalities given by these systems restrain the worldwide market. Additionally, the presence of substitutes to aftermarket navigation systems and the concerns related to security breaches are the significant elements hampering the expansion of this business.

Market Recent Developments:

• Indian Space Research Organization (ISRO) has developed a 'Made-In-India Navigation' for Indian cars, which is considered a better navigation system than the GPS services in the USA.
• Auto major Tata Motors has announced in New Delhi its partnership with the location technology provider, what3words. Tata Motors is going to be the primary manufacturer in India to bring a what3words addressing system in its cars, the corporate claimed in a statement.
• Bosch has developed a replacement sensor technology that helps in providing data for correct navigation in situations where no GPS signal is out there like tunnels, deep urban canyons, and off-road terrain.

CAR GPS NAVIGATION SYSTEM MARKET REPORT COVERAGE:

Market Segmentation:

Car GPS Navigation System Market - By Component:

• Hardware
• Software
• Personal navigation device (PND)

Most of the PNDs sold in the previous year's automotive navigation systems market had integrated cellular connectivity. Europe's Automotive navigation systems market is one of the leading markets in PND However, the North American market is gaining traction, and therefore the shipments have increased within the region. In automotive navigation systems markets like Europe and North America where the penetration rates are already high, PND witnesses intense competition from handset-based navigation services and the availability of car navigation systems at affordable costs. However, new services and features being developed in automotive navigation systems will result in a more critical share, as increasing sales of PND come from replacement devices for existing users.

Car GPS Navigation System Market - By Car Type:

• Passenger car
• Commercial car

The passenger car type segment dominated the global car GPS navigation system market in 2018, with around three-fourths of the overall revenue share. This is attributed to the rise in vehicle sales across the world.

Car GPS Navigation System Market - By End-User:

• OEM
• Aftermarket

At present, the OEM channel accounts for the bulk of the market share, and therefore the trend is predicted to stay the same during the foreseen period. The rise in the number of vehicle sales and the ability of systems to provide real-time traffic data are anticipated to fuel the growth of this market.

Car GPS Navigation System Market – By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

North America's car GPS navigation system market is predicted to witness prominent growth over the forecast period, thanks to the growing coach market in the US and Canada. The presence of the highly developed telecommunication infrastructure, greater acceptance rate of emerging technologies, and high per-capita income has contributed to the market dominance within the European and North American regions.

Further, the increasing commercialization of those systems in other areas alongside the increased smartphone penetration rate and growing income is predicted to play a vital role in the growth of the automotive navigation systems market.

Asia-Pacific car GPS navigation system market accounted for an essential market share in 2018 in terms of revenue and is predicted to register the very best CAGR over the forecast period, due to the presence of an outsized number of vehicle manufacturers in the area. In addition, the rise in technological advancements and improving demand for the commercial voyage are supposed to make a lucrative opportunity for the regional market in the future.

Market Key Players:

1. Alpine Electronics
2. Pioneer
3. Continental AG
4. TomTom
5. Garmin
6. Denso Corporation
7. Apple
8. BMW
9. Sony Corporation
10. Panasonic Corporation
11. Ford
12. Fujitso Ten
13. Kenwood
14. Mitsubishi Electronics
15. Bosch technology
16. JVCKENWOOD Corporation