Automotive Navigation Systems Market Size Hit US$ 46.4 Bn by 2027
LOS ANGELES, May 8, 2020 -- The global automotive navigation systems market size is projected to hit around US$ 46.4 Bn by 2027 and growing at a CAGR of 7.7% from 2020 to 2027.
The market in North America is expected to account for major revenue share in the global market increasing demand for premium vehicles with advanced features. In addition, availability of developed infrastructure in order to facilitate the adoption of advanced navigation system is expected to support the growth of target market in this region.
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Governments approach towards development of smart cities and high spending on the development of automotive infrastructure is resulting in manufactures inclination towards introduction of smart vehicles with advanced navigation systems.
- In 2020, TomTom, Advanced Development, Inc. and DENSO collaborated for the development of advanced mapmaking for automated driving.
In addition, players are inclining towards collaborative work in order introduce innovative products, along with various partnerships and agreements is expected to further support the of target market in this region.
- In 2020, Subaru partnered with Tom Tom the location technology specialist. In this Tom Tom will supply Subaru all-new infotainment platform with TomTom Maps, as well as navigation software and new navigation user interface.
Asia Pacific is expected to witness faster growth over the forecast period owing to rising passenger vehicles sale. In addition, presence of major automotive manufactures operating in the region, changing government regulation, coupled with deployment of advanced navigation system in passenger vehicles are some other factors impact the growth of the target market in this region.
Major player's inclination towards developing countries in order to increase the revenue share and enhance the customer base are among other factors that are expected to support the growth of target market in this region.
Rapid technological advancements in automotive industry, with the emergence of 4G and 5G network across the globe, deployment of advanced navigation system by manufactures in order to plot routes of travel to a given destination based on a number of variables are some major factors expected to drive the growth of the global market.
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With the growing logistics activities in developed and developing countries and demand for better navigation system from transportation sector in commercial vehicles is another factor expected to augment the target market growth.
Autonomous vehicle are gaining attraction across the globe, major players are investing high for development of smart vehicle with advanced features. Major payers are focused on introducing new product with various features such as real-time traffic information, voice control, etc. These are some important factors expected to impact the market growth positively.
In addition, strategic business development activities through merger and acquisitions in order to enhance the company presence, coupled with development and introduction of new innovative products is expected to support the target market growth.
However, factors such as high cost of products and availability of cost-effective alternative solution are expected to hamper the growth of global automotive navigation systems market. Availability of smart phone navigation system and portable GPS systems are attracting consumer's attention.
Technological advancements by the major players and introduction of new innovative products are factors expected to create new opportunities for players over the forecast period. In addition, players approach towards joint ventures and collaborative work is expected to help players to increase business presence which is expected to further support market traction.
Moreover, developing cloud infrastructure, approach towards adoption of cloud based navigation systems and growing number of mid-size enterprises are factors further supporting the market revenue traction to a certain extent.
The global automotive navigation systems market is segmented in to sales channel and vehicle type. The sales channel segment is bifurcated into OEM and aftermarket. Among the sales channel OEM is expected to witness faster growth over the forecast period.
Players operating in the global automotive navigation systems market are Alpine Electronics, Pioneer, TomTom, Garmin, Apple, BMW, Ford, Fujitso Ten, Kenwood, Mitsubishi Electronics, and Panasonic. The competitive scenario is high due to presence of large number of players operating on global level. In addition, major players inclination towards emerging economies and new product offerings is expected to further increase the competition to a certain extent.
Market By Sales Channel
Market By Vehicle Type
- Passenger Cars
- Commercial Vehicles
Market By Region
- Rest of Europe
- South Korea
- Rest of Asia Pacific
- Rest if Latin America
Middle East & Africa
- South Africa
- Rest of Meddle East & Africa
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