by The global Car GPS Navigation System market is witnessing remarkable growth, driven by the integration of smartphones with in-vehicle systems (IVS) and continuous technological advancements. With the rise in smartphone adoption and the demand for wireless connectivity, the automotive navigation systems market is experiencing a surge in popularity.
Smartphone Integration Fuels Demand
The integration of smartphones with in-vehicle systems (IVS) has emerged as a key driver of growth in the car GPS navigation system market. In recent years, the global population of smartphone users has reached 78.05 percent, highlighting the widespread adoption of these devices. The year 2022 is expected to witness approximately 1.43 billion smartphone shipments worldwide, further emphasizing the potential for growth in the automotive navigation sector.
Technological Advancements Elevate Navigation Systems
Technological innovations are also propelling the car GPS navigation system market forward. Modern navigation systems now incorporate real-time traffic data, providing precise directions, congestion information, and alternative routes to users. These innovations, such as Traffic Message Channel (TMC) and mobile data delivery via GPRS/3G, are enhancing the user experience and contributing to market expansion.
Aftermarket Sales Channel Gains Momentum
During the projected period, the aftermarket segment is expected to maintain healthy revenue growth. Older vehicles without factory-installed navigation systems can easily incorporate aftermarket navigation solutions. With the booming e-commerce industry, logistics companies are under increasing pressure to deliver products swiftly. Many logistics firms are partnering with navigation system providers to optimize their delivery processes, further fueling the demand for car GPS navigation systems.
OEM Segment on the Rise
In addition to the aftermarket, the Original Equipment Manufacturer (OEM) segment is expected to witness significant growth. OEM navigation systems offer larger screens with higher resolutions and faster processors, enhancing the user experience and appealing to a wide range of consumers.
European Market Expansion Driven by Safety Measures
The European car GPS navigation system market is poised for growth due to government efforts to mandate GPS systems in all vehicles for safety reasons. Standards for cooperative intelligence transport systems have been established, and Europe is home to numerous automobile OEMs, leading to an increase in sales and market demand.
Safety and Security Services Dominate
Safety and security services are the primary drivers of the car GPS navigation system market. Automakers and tier-1 suppliers in Europe are collaborating with navigation platform providers to offer data-based solutions and establish their digital services, contributing to market growth.
Asia Pacific Emerges as a Growth Leader
Asia Pacific is expected to exhibit the highest Compound Annual Growth Rate (CAGR) in the car GPS navigation system market, thanks to the presence of numerous manufacturers and rapid technological advancements. The region is also benefiting from increased demand for commercial voyages.
North America Sees Significant Growth
North America is set to experience substantial growth during the projection period, driven by the growing passenger automobile market, particularly in the United States and Canada.
Competitive Landscape
Key players in the car GPS navigation system market include Alpine Electronics, Inc., TomTom International BV, Continental AG, JVCKENWOOD Corporation, Pioneer Corporation, Mitsubishi Electric Corporation, Garmin Ltd., Panasonic Corporation, Sony Group Corporation, and Robert Bosch GmbH.
The car GPS navigation system market is evolving rapidly, with smartphone integration, technological advancements, and a growing aftermarket sector fueling its expansion. As the automotive industry continues to embrace digital innovation, the demand for advanced navigation solutions is expected to remain strong.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/car-gps-navigation-system-market
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This press release first seen on Brilad
COMTEX_441972969/2840/2023-10-16T10:34:50
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
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