Global Automotive Navigation System Market Growing at a Cagr of 9.95% by 2027
KEY FINDINGS
Automotive navigation
system utilizes GPS or Global Positioning System combined with computer mapping
techniques that offer three-dimensional positions with respect to the velocity, time and information. The automotive
navigation system can be used to communicate with radio, other signals or a
combination of these to communicate with a vessel or vehicle. GPS is a
significant innovation by the wireless telecommunication industry and is
considered an essential global utility tool for navigation in the sea and on land or at a measurable distance from the earth’s surface. The schematic
pictograms, a map view, distance prompts and voice prompts are some of the advanced
functional services that are supplied by the automotive navigation system. The
global automotive navigation system market by tools generated revenue of $xx million
in 2018 and is anticipated to contribute $31,883 million by 2027, growing at a
CAGR of 9.95% during the forecast period of 2019-2027.
MARKET INSIGHTS
Increase in the
availability of data and information, the shift
in consumer demands and extended regulatory requirements are some of the driving factors for the market growth. The
strong and profitable growth of the automotive industry is very influential for
the advancement of the automotive
navigation system market. Increasing demands from
the dependent sectors like that of the taxi sector, logistics and e-commerce sectors require the location of
various addresses. The growing demand for rentals car services, like Uber and
Ola, worldwide is one of the driving factors for the nurturing the automotive
navigation system market. The automotive navigation system market is segmented on
the basis of geography, end-user, vehicle, and components.
REGIONAL INSIGHTS
Asia Pacific region in
the global automotive navigation system market by geography captures the
majority of the market share. Asia
Pacific contributed xx% of market share in 2018 & is estimated to
contribute a share of xx% in 2027. It is also anticipated to be the fastest
growing region in the market during the forecast
period 2019-2027. The region provides extra interest because of having large
markets with crucial sales growth potential and important automotive
manufacturing hubs to produce for Asia and the world.
COMPETITIVE INSIGHTS
Ford, Toyota, BMW,
Denso, Garmin, Chevrolet, Mitsubishi Electric Corporation, Alpine, Harman,
Bosch, Hyundai, Renault, Audi, Honda, Nissan, and
Elektrobit Automotive GmbH are the prominent market players operating in the
global arena. Mergers and acquisitions are the major types of strategies adopted by these establishments for wide
expansion across the global market.
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