Car GPS Navigation System Market

Car Gps Navigation System Market Statistics 2022-2030:

The global car GPS navigation system market was valued $13,074.0 million in 2020 and is projected to reach $35,731.9 million in 2030, registering a CAGR of 11.0%.

The impact of the COVID-19 pandemic has resulted in supply-chain disruptions causing shortage of semiconductor chips in manufacturing of vehicles and related parts. Several automobile manufacturers faced shortage of chips, which forced the car manufacturers to leave out some high-end features such as navigation system and digital odometers. For instance, in 2021, Nissan excluded navigation systems out of thousands of vehicles due to chip shortage. However, rapid development of connected cars and increase in adoption of electric vehicles is supposed to aid in the growth of car GPS navigation system market.

Car Global Positioning System (GPS) navigation system is a GPS receiver combined with audio/video component to receive signals from satellites for assistance in vehicle tracking & positioning. The navigation system uses GPS for detection of the current location of the vehicle. GPS car navigation systems provide real-time traffic information to offer best route while also offering additional points of interest such as banks, gas stations, hospitals, and restaurants. These systems are designed to offer voice or visual instructions, along with driver alerts for improved awareness while driving. Car GPS navigation system can be factory-fitted into vehicles or purchased as add-on accessory by consumers. 

Rise in demand for vehicles with advanced safety & navigation features, increase in demand for reliable real-time traffic information, rapid development of connected cars, and increase in adoption of car sharing & ride hailing services, especially in developing nations, are factors driving the growth of the car GPS navigation system market.

However, high cost associated with in-dash navigation systems, lack of telecommunication infrastructure in emerging countries, and growth in concerns associated with data protection & privacy hamper the growth of the market. Conversely, increase in demand for fleet management, surge in adoption of electric & hybrid vehicles, and rise in technological advancements are expected to offer growth opportunities during the forecast period.

The car GPS navigation system market is segmented on the basis of component, vehicle type, screen size, propulsion, sales channel, and region. By component, it is divided into hardware and software & services. Depending on vehicle type, it is fragmented into passenger cars, light commercial vehicles, and heavy commercial vehicles. As per the screen size, it is classified into less than 6 inches, 6 inches to 11 inches, and greater than 11 inches).

On the basis of propulsion, it is bifurcated into internal combustion engine vehicles and electric vehicles. According to sales channel, it is classified  into original equipment manufacturer and aftermarket. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Some leading companies profiled in the car GPS navigation system market report include Alpine Electronics, Inc., Continental AG, Garmin Ltd., JVCKENWOOD Corporation, Mitsubishi Electric Corporation, Panasonic Corporation, Pioneer Corporation, Robert Bosch GmbH, Sony Group Corporation, and TomTom International BV.

Increase In Demand For Vehicles With Advanced Safety & Navigation Features

There has been an increase in demand for safety & navigation features such as advanced driver assistance system (ADAS), lane departure warning system (LDWS), and GPS navigation systems for improved road safety and convenience. Several market players introduce new features and advanced software to provide improved & accurate navigation services. For instance, in January 2021, Alps Alpine & Qualcomm announced its new technology, “ViewPose,” which is an accurate positioning technology developed to overcome the drawbacks of conventional GPS, especially in urban areas with spotty signals.  

Rapid Development Of Connected Cars

The adoption of connected cars has increased at a fast pace over the last few years. A connected car possesses the ability to connect to the internet, share the internet with devices inside and outside the car, and share data with any external device/services. In addition, GPS technology is utilized in connected car to provide navigation services for planning of fastest routes while considering real-time traffic situations to avoid traffic jams. Use of GPS systems assists in development of precise navigation systems, autonomous vehicles & assisted driving, automated eCall distress signals, and intelligent speed adaptation. Thus, rapid development of connected cars is expected to drive the growth of the car GPS navigation system market.

Increase in Adoption of Car Sharing & Ride Hailing Services

Increase in adoption of car sharing & ride hailing service has improved, owing to cost efficiency and ease of use. Growth in environmental concerns associated with vehicle emissions, reduced costs, and increase in savings drive the demand for car sharing and ride hailing services, thereby increasing the demand for car GPS navigation system.  Introduction of advanced car GPS systems to cater the growing demand for real-time car sharing services and address the shift in trends toward car ownership is expected to support market growth.

Covid-19 Impact Analysis 

The COVID-19 crisis has created uncertainty in the car GPS navigation system market, massive slowing of supply chain, falling business confidence, and increase in panic among the customer segments. Governments of different regions have already announced complete lockdown and temporary shutdown of industries, thereby adversely affecting the overall production and sales of car GPS navigation systems.

The impact of the COVID-19 pandemic has resulted in supply-chain disruptions causing shortage of semiconductor chips in manufacturing of vehicles and related parts. Several automobile manufacturers faced shortage of chips, which forced the car manufacturers to leave out some high-end features such as navigation system and digital odometers. For instance, in 2021, Nissan excluded navigation systems out of thousands of vehicles due to chip shortage. 

However, increase in demand for vehicles is observed which will aid the growth of market post-pandemic. Moreover, rapid development of connected cars and increase in adoption of electric vehicles is supposed to aid in the growth of car GPS navigation system market.

Key Benefits For Stakeholders

• This study presents the analytical depiction of the global car GPS navigation system market analysis along with the current trends and future estimations to depict imminent investment pockets.
• The overall car GPS navigation system market opportunity is determined by understanding profitable trends to gain a stronger foothold.
• The report presents information related to the key drivers, restraints, and opportunities of the global car GPS navigation system market with a detailed impact analysis.
• The current car GPS navigation system market is quantitatively analyzed from 2021 to 2030 to benchmark financial competency.
• Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.

 Car GPS Navigation System Market Report Highlights