According to our research analysis, in 2021, the global Car GPS Navigation System Market was valued at US$ 771 million, and by 2027, it is predicted to reach a market capitalization of US$ 1450.52 billion. Over the projection period of 2022-2027, it is expected to develop at a high CAGR of 8.32 percent.
Car GPS Navigation System Market Overview:
A car GPS navigation system consists of a GPS receiver with an audio/video component that receives signals from satellites to help in vehicle tracking and placement. The navigation system uses GPS to work out the vehicle’s present location. GPS car navigation systems provide real-time traffic information and further sites of interest like banks, gas stations, hospitals, and restaurants so as to work out the optimal route. These systems are designed to supply audio or visual guidance, also as driver alerts, to assist drivers be more aware while driving. Car GPS navigation systems will be factory installed or acquired as an aftermarket item.
Increased demand for vehicles with advanced safety and navigation features, increased demand for reliable real-time traffic information, rapid development of connected cars, and increased adoption of car sharing and ride hailing services, particularly in developing countries, are all factors driving the growth of the car GPS navigation system market.
Increasing use of car GPS navigation systems, rising population, rising need for real-time traffic data, and rising investment in automotive infrastructure development in emerging countries There has been an upsurge within the demand for navigation precision in recent years. As a result, demand for car navigation systems has been constantly increasing. Furthermore, GPS technology has progressed significantly within the previous couple of years, making the ride much easier and safer. The rapidly developing economy in developing countries, changing lifestyles, and rising purchasing power of individuals, furthermore because the rapid development of connected cars and autonomous vehicle infrastructure and therefore the growing demand for fleet management, are all factors that give the worldwide Car GPS Navigation system market lots of room to grow, are the factors driving the Global Car GPS Navigation System Market to carry the sustainable growth and share within the Global Car GPS Navigation System Market.
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Segmentation Analysis:
The global Car GPS Navigation System Market segmentation include:
By Component: Hardware, Software & Services, Personal Navigation Device.
Personal Navigation Device is expected to have the dominant share in the Global Car GPS Navigation System Market During the Forecast Period. The majority of PNDs sold in the previous year’s market for automobile navigation systems had cellular connectivity. The market for automotive navigation systems in Europe is one of the most important in PND’s. However, the North American market is gaining traction, and shipments inside the region have surged. PND faces severe competition from handset-based navigation services and the availability of automotive navigation systems at low prices in markets like Europe and North America, where penetration rates are already high. New services and features being created in automobile navigation systems, on the other hand, will result in a greater critical share, as replacement devices for existing customers drive up PND sales.
By Car Type: Passenger Car, Commercial Car.
Passenger Car segment is expected to have the dominant share in the Global Car GPS Navigation System Market During the Forecast Period. Through Past years, the passenger car segment led the global automotive GPS navigation system market, accounting for over three-quarters of total sales. This is due to an increase in automobile sales around the world.
By End-User: OEM, Aftermarket.
OEM segment is expected to have the dominant share in the Global Car GPS Navigation System Market During the Forecast Period. The OEM channel now accounts for the majority of market share, and this trend is expected to continue over the forecast period. This industry is expected to grow due to an increase in car sales and the ability of systems to give real-time traffic data.
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Regional Analysis:
Because of the rising coach industry in the United States and Canada, the North American automobile GPS navigation system market is expected to increase significantly over the projected period. The presence of a well-developed telecommunication infrastructure, a higher rate of acceptance of emerging technologies, and a high per-capita income have all contributed to the European and North American regions’ market supremacy.
Furthermore, the growing commercialization of those systems in other regions, as well as increased smartphone penetration and rising wealth, is expected to play a significant influence in the expansion of the automobile navigation systems market.
Because of the large number of vehicle manufacturers in the region, the Asia-Pacific car GPS navigation system market accounted for a significant revenue share and is expected to grow at the fastest rate throughout the projected period. Furthermore, technological developments and increasing demand for commercial voyages are expected to create a profitable potential for the regional industry in the future.
Latest Industry Developments:
From 2022, the Lamborghini Huracan will be equipped with a new offline navigation system. Unlike traditional navigation systems, which use GPS coordinates to establish location, the new navigation system uses a three-word identification for any site on the Global.
Garmin Tread Off-Road GPS Units are now available. Garmin introduced the Tread Overland, XL Overland, and SxS devices, which combine navigation and communication.
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