Automotive Navigation Systems Market Technological Advancements Expected To Boost Revenue Growth
Market Analysis
The global automotive navigation systems market is predicted to grow at a healthy 8.85% CAGR between 2019- 2025, reveals the current Market Research Future (MRFR) report. A navigation system is a system that is satellite-based used in vehicles for determining its position and the route to a specific place. It instructs the driver to turn right or left at a specific junction to reach their destination. This system also improves the driving experience and safety.
Several factors are adding to the global automotive navigation systems market. Some of these factors, according to the MRFR report, include the growing demand for semi-autonomous and autonomous cars, increasing concern for vehicle and driver safety, rapid adoption of these systems in commercial and passenger cars in India and China, lack of parking space, and growing support from the government to reduce road accidents.
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On the flip side, the high cost of navigation technology coupled with underdeveloped telecommunication infrastructure may impede the global automotive navigation systems market growth over the forecast period.
COVID-19 Analysis
The COVID-19 pandemic has cast its shadow on almost every industry, with the automotive navigation system market being no different. Lockdowns and social distancing trends imposed by the government during the first quarter of 2020 had a negative impact on the automotive industry. Manufacturing facilities were shut, there was a halt in production, and disruptions in the supply chain were also experienced. But with the gradual lifting of the lockdown, things have started to go back to normal. People are using cars not only for essential needs but also for long drives. All these are likely to have a positive impact on market growth.
Market Segmentation
The MRFR report highlights an inclusive segmental analysis of the global automotive navigation systems market based on sales channel, propulsion, vehicle type, and device type.
By device type, the global automotive navigation systems market is segmented into mobile navigation system, portable, and in-dash navigation system. Of these, the in-dash navigation system will lead the market over the forecast period.
By vehicle type, the global automotive navigation systems market is segmented into commercial vehicle and passenger cars. Of these, the passenger car segment will dominate the market over the forecast period.
By propulsion, the global automotive navigation systems market is segmented into electric vehicle and ICE. Of these, the ICE segment will spearhead the market over the forecast period, while the electric vehicle segment will grow at a high CAGR.
By sales channel, the global automotive navigation systems market is segmented into aftermarket and OEM. Of these, the OEM segment will have the lion’s share in the market over the forecast period, while the aftermarket segment will grow at a high CAGR.
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Regional Analysis
By region, the global automotive navigation systems market covers the growth opportunity and recent trends across Europe, North America, the Asia Pacific (APAC), and the Rest of the World (RoW). Of these, the APAC region will dominate the market over the forecast period. The presence of a large number of manufacturers, rapid technological advances, the growing need for the commercial voyage, rising automobile production in Japan, South Korea, India, and China, rising population, people’s rising purchasing power, infrastructure development, and rapid industrialization are adding to the global automotive navigation systems market growth in the region.
The global automotive navigation systems market in Europe is predicted to have the second-largest share over the forecast period for the presence of several key players like Continental AG (Germany) and Robert Bosch GmbH (Germany).
The global automotive navigation systems market in North America is predicted to have healthy growth over the forecast period for the developing passenger market in Canada and the US.
The global automotive navigation systems market in the RoW is predicted to have sound growth over the forecast period.
Key Players
The notable players profiled in the global automotive navigation systems market report include Robert Bosch GmbH (Germany), NNG Software Developing and Commercial Llc. (Hungary), TomTom N.V. (US), Telenav, Inc. (US), Pioneer Corporation (US), JVC Kenwood Corporation (Japan), HERE Technologies (US), Harman International Industries, Inc. (US), Garmin Ltd (US), Denso Corporation (Japan), Delphi Technologies (UK), Continental AG (Germany), Clarion Corporation (US), AISIN SEIKI Co., Ltd (Japan), and Alpine Electronics, Inc., (Japan).
Industry Updates
- January 2021- HERE has entered into a strategic partnership with Mitsubishi Corporation to allow better mobile navigation systems & location-based advertisements in entertainment facilities and airports.
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