Real-time Traffic Data Drives the Global Automotive Navigation System Market at a CAGR of 9.95% by 2027
“According to a new market research report published by Inkwood Research, the Global Automotive Navigation System Market is projected to thrive at a CAGR of 9.95% throughout the forecasting years of 2019-2027.”
“Browse 23 market Data Tables and 29 Figures spread over 100 Pages, along with an in-depth TOC on Global Automotive Navigation System Market forecast 2019-2027.”
The automotive navigation system comprises a satellite navigation system design installed in automobiles. It acquires the operator’s location data and traces them on the road employing the Global Positioning System (GPS) in the unit’s map database. GPS, a radio positioning system integrates computer mapping techniques to enable three-dimensional positions, time information and velocity to efficiently equip the users in any place near the surface of the earth.
The system is either installed in the vehicle or can be installed afterwards depending on the requirement. The navigation system is one of the major innovations in the wireless telecommunication industry utilized all over the world. It has proven to be a significant tool in map-making, land surveying and locating positions along with becoming an essential utility for modern navigation on air, sea and land.
At present, traffic congestion on the roads is a major concern globally. Over recent years, the sale of cars is constantly increasing. Hence, numerous cars are covering all the major cities in the world, which is also causing delayed travel times. The travelers tend to get stuck in the traffic due to lack of traffic updates in the region. By implementing a satellite navigation device, people receive real time traffic updates and find alternate routes leading them to their destination, avoiding traffic congestion. The automotive navigation systems utilize satellite navigation technology to search for directions and direct the drivers to various locations, helping them to deal with the congestion. In addition, it also benefits them by providing real-time traffic data, parking information, locating interesting spots and advance route planning and many more. Thus, the market is witnessing rising cases of cars featuring navigation systems which functions on ‘Crowd Sourced Data’, which is an aggregated data obtained from individual devices.
To know more about this report, request a free sample copy.
Passenger Vehicle Type holds the highest CAGR in the Global Automotive Navigation System Market
Just as luxury cars, navigation systems are introduced in both C and B segment cars due to its growing essentiality. Most of the top brands, including Ford, Honda, Hyundai and others have booming navigation sales in passenger vehicle segment. OEMs, having a large production of passenger vehicles have now introduced in-dash navigation systems for the hatchback vehicles and to gain a strong customer base. In addition, consumers preferring to buy budget cars with loaded features is driving the OEM to employ an in-built navigation system as standard equipment even in budget vehicles market.
For instance, Volvo has introduced advanced driver assistance systems and bought evolution of 3D maps in their navigation systems. Maruti Suzuki introduced the BOSCH navigation system on its S-Cross urban SUV. The demand for navigation systems in the SUVs have taken a giant leap in the automotive sector. Lexus Enform Destinations offers 24-hours access for an agent to locate a business spot, and the agent then updates the destination to the vehicle’s navigation system. The system can store up to 200 destinations in 20 folders. Thus, most of the manufacturers are improvising on the existing navigation systems or working on better hardware to retain greater loyalty and customer base.
Asia Pacific Leads the Global Automotive Navigation System Market
The Asia Pacific region is the powerhouse for the automotive industry, has greater sales growth potential and growing manufacturing hubs to produce for Asia and the world. Compared to North America and Europe, Asia as a developing economy is projected to offer promising growth in the navigation systems platform. Additionally, the major manufacturers namely, Ford, Hyundai, Volkswagen, etc. are amplifying their production bases in the region, therefore registering a high growth rate in the global navigation system market in Asia. As per 2015, China accounted for the highest share of the overall automotive navigation systems market in the region, along with tremendous growth in the luxury vehicles driving the market with the mounting CAGR.
The major market players involved in the global automotive navigation system market are Audi, BMW, Chevrolet, Ford, Honda, Hyundai, Nissan, Renault, Toyota, Garmin, etc.
Growing end user awareness, strong market penetration and large presence of local players exemplify the automotive navigation systems market. Mitsubishi, Denso, Bosch, Harman and other prominent hardware providers have benefitted substantially over the new entrants owing to the greater technical know-how and direct access to the buyer market. Although new entrants are coming up with innovative solutions and low costs, the mass adoption of the products will tend to be moderate as matured players feature greater reliability in their productions. The intensity of competitive rivalry is rising and is foreseen to remain the same over the coming years due to the growing demand for better and technologically advanced navigation systems.
About Inkwood Research
Inkwood Research specializes in syndicated & customized research reports and consulting services. Market intelligence studies with relevant fact-based research are customized across industry verticals such as technology, automotive, chemicals, materials, healthcare, and energy; with an objective comprehension that acknowledges the business environments. Our geographical analysis comprises of North & South America, CEE, CIS, Middle East, Europe, Asia, and Africa.