An automotive navigation system offers insights unavailable to the driver, such as traffic updates, routes, etc., and is used commonly for directions. These navigation systems use satellite devices to attain real-time data about road or traffic conditions.
In addition, they also enlighten the driver about the presence of gas stations, alternate & fastest routes, traveling time, traffic updates, restaurants & hotels, among others, thereby gaining popularity among automakers & vehicle owners worldwide.
The Global Automotive Navigation System Market is projected to grow at a CAGR of around 8% during the forecast period, i.e., 2022-27. The growth of the market is driven primarily by the increasing vehicle fleet globally and escalating traffic, especially across urban areas, i.e., surging the demand for automotive navigation systems among drivers for real-time information about routes, traffic, maps, etc., attained through Global Positioning System (GPS).
|Study Period||Historical Data: 2017-20|
|Base Year: 2021|
|Forecast Period: 2022-27|
|Regions Covered||North America: The US, Canada, Mexico|
|Europe: Germany, The UK, France, Russia, Rest of Europe|
|Asia-Pacific: China, Japan, India, Australia, Rest of Asia Pacific|
|South America: Brazil, Argentina, Rest of South America|
|Middle East & Africa: Israel, GCC, South Africa, Rest of The Middle East & Africa|
|Key Companies Profiled||
Samsung, MediaTek, Texas Instruments, Denso Corporations, Delphi Automotive Plc, Clarion Corporation, Alpine Electronics, Inc. Garmin, Mitsubishi Electric Corporation, Harman International Industries Inc.
|Unit Denominations||USD Million/Billion|
Besides, the growing inclination of the leading players toward integrating advanced technologies like Artificial Intelligence (AI) & the Internet of Things (IoT) into navigation systems to enhance the overall driving experience is attracting several automakers & consumers to deploy these systems. It, in turn, is also projecting lucrative prospects for the global market through 2027.
Moreover, the rapid development of connected cars, soaring demand for vehicles equipped with advanced safety features, and the increasing prevalence of car-sharing services are also projected to augment the overall market growth across various regions worldwide through 2027.
Impact of Covid-19 on the Global Automotive Navigation System Market
The advent of Covid-19 in 2020 had a catastrophic effect on most industries globally, and the Automotive Navigation System Market was no exception. While governments of different countries worldwide imposed stringent restrictions & lockdowns to curb the spread of this dreadful disease, the leading players in the market witnessed several unprecedented challenges like shortage of raw materials & labor, owing to supply chain disruptions.
Moreover, several research & development projects & manufacturing units witnessed a temporary halt, which, in turn, led to massive revenue losses for the leading players. In addition, the transportation & logistic sector was also adversely affected, which resulted in delays & cancellation of pre-produced goods and a swift decline in the market growth.