According to a recent report published by Allied Market Research, titled,"ASEAN Car GPS Navigation Systems Market by Component Type, Vehicle Type, and End User: Opportunity Analysis and Industry Forecast, 2018 - 2025,"the ASEAN car GPS navigation systems market size was valued at $12,936 thousand in 2017, and is projected to reach at $29,599 thousand by 2025, growing at a CAGR of 11.1% from 2018 to 2025.
The ASEAN car GPS navigation systems market trends include rise in number of car productions and sales in ASEAN countries, increase in need of traffic control, high penetration of wireless communication technology and advanced connectivity infrastructure toward the growth of the ASEAN car GPS navigation systems market. ASEAN car sales in 2017 was around 3.33 million units, and around 4 million units of cars are expected to be sold by 2020. This is expected to drive the adoption of GPS navigation systems and thus, boost the growth of the market. In addition, the adoption of GPS navigation systems in both, passenger and commercial cars, for traffic control and emergency vehicle location significantly drive the market growth. In addition, according to a study, the annual economic losses due to traffic congestion in the emerging economies in Asia are expected to reach $36.6 billion by 2030. The GPS navigation systems can provide real-time traffic updates to help an individual save time during road congestion. Moreover, it can also reduce fuel consumption as well as decrease chances of accidents. However, emergence of several alternatives hampers the growth of the market. Furthermore, the development of smart cities in Southeast Asia has opened several opportunities for self-driving cars. Governments in these countries are constantly focusing on promotion of these autonomous vehicles. All these developments are expected to boost the adoption of GPS navigation systems and act as a major opportunity for the market.
Based on component type, the hardware segment dominated the ASEAN car GPS navigation systems market in 2017 and is expected to continue this trend during the forecast period, owing to increase in number of car sales in Asia-Pacific region as these components come with navigation system provided by the OEM or aftermarket. Furthermore, it is expected to grow at the highest CAGR during the forecast period, owing to continuous rise in demand for new digital technologies for in car connectivity.
The ASEAN car GPS navigation systems market was led by Indonesia in 2017, and is projected to maintain its dominance during the forecast period. However, Thailand is expected to witness the highest growth, owing to rise in industrialization and increase in need to efficiently deliver the goods from one point to another. Moreover, the Thai government’s agenda to make transportation smarter for more than a decade is also another factor that boosts the market growth in this country.
Key Findings of the ASEAN Car GPS Navigation Systems Market:
- By component type, the hardware segment is expected to exhibit significant growth in the ASEAN car GPS navigation systems market during the forecast period.
- In 2017, Indonesia accounted for the highest ASEAN car GPS navigation systems market share among the other countries.
- Based on vehicle type, the passenger segment generated the highest revenue in 2017.
- By end user, the aftermarket segment is anticipated to exhibit substantial growth during the ASEAN car GPS navigation systems market forecast period.
Some of the key ASEAN car GPS navigation systems market players profiled in the report include Alpine Electronics, Pioneer Corporation, TomTom International BV, Panasonic, Mitsubishi Electric Corporation., JVC KENWOOD Corporation, Robert Bosch, Garmin Ltd., Sony Corporation, Denso Corporation, and Continental AG. These players have adopted various strategies to enhance their service offerings and to increase their market penetration.