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.
Based on the Type of Vehicle:
Amongst both, Passenger cars dominated the Global Automotive Navigation Market with the largest share, and the same trend is likely during 2022-27. It owes principally to the growing inclination of the people toward private ownership of vehicles due to their improving purchasing power, i.e., instigating automakers to expand their production capacities for passenger cars. As a result, it is positively impacting the demand for automotive navigation systems. Besides, with this expanding passenger car fleet worldwide, the need for technologically advanced features is also rapidly accelerating, i.e., leading to the burgeoning demand for portable or in-built navigation systems for passenger cars for more accurate real-time data and convenience.
On the other hand, commercial cars are anticipated to display the fastest market growth over the forecast years. It attributes principally to surging commercial activities worldwide, such as construction, mining, transportation, & logistics, i.e., augmenting the demand for trucks & buses and, in turn, promoting the deployment of navigation systems for updated maps, accurate navigation turn-by-turn directions, voice-to-text capabilities, & accessible inputs for driver assistance.
Geographically, the Global Automotive Navigation System Market expands across:
Amongst all regions globally, Asia-Pacific acquired the largest share in the Automotive Navigation Market in previous years. It owes to the exponentially rising population and the growing vehicle fleet across the region, i.e., positively influencing the sales of automotive navigation systems. Besides, the extensive presence of prominent automakers & navigation system manufacturers, especially in countries like Japan & China, is further expanding the customer base and projecting profitable opportunities for the regional market through 2027.
On the other hand, Europe is anticipated to display the fastest market growth during 2022-27 on account of rapid technological advancements and increasing sales of passenger vehicles across the region. Besides, the increasing integration of these navigation systems into cars, coupled with the mounting consumer inclination toward Hybrid & Electric Vehicles (EVs), are also likely to fuel the growth of the automotive navigation system market across Europe in the coming years.
Key Questions Answered in the Market Research Report:
Frequently Asked Questions
A. The Global Automotive Navigation System Market is projected to grow at a CAGR of around 8% during 2022-27.
A. Rapid advancements in navigation systems integrated with AI & IoT are anticipated to drive the Global Automotive Navigation System Market through 2027.
A. The growing adoption of Electric Vehicles (EVs), i.e., escalating the demand for navigation systems among automakers, is the key trend in the Global Automotive Navigation Market.
A. Passenger Cars are anticipated to emerge as an area of remunerative opportunities for the leading players in the Global Automotive Navigation System Market over the forecast years.