According to a new report by Allied Market Research, titled, Car GPS navigation system Market by component type, by car type, by end user: Global Opportunity and Forecast, 2017-2023, the Car GPS navigation system market was valued at $701 million in 2016, and is projected to reach at $1,237 million by 2023, growing at a CAGR of 8.1% from 2017 to 2023. This is attributed in reference to rise in number of vehicle sales worldwide, increasing demands from the dependent sectors such as transportation.
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The component segment includes hardware, software. The car type includes passenger and commercial. End user segment includes OEM and aftermarket.
Rise in number of vehicle sales and ability of systems to provide real-time traffic data are anticipated to fuel the growth of the market. However, presence of substitutes to aftermarket navigation systems is anticipated to hinder the market growth.
The aftermarket segment in car GPS navigation system is expected to grow at the highest CAGR of 9.8% during the forecast period. Increased demand of car GPS navigation system in dependent sector such as transportation is factor favoring market growth.
The passenger car type segment dominated the market in 2016 with around 79% share. This is attributed to rise in vehicle sales across the globe.
Based on software segment the car GPS navigation system market is expected to grow at a CAGR of 8.7% during the forecast period.
The global car GPS navigation system market is characterized by the presence of international market players. These companies tend to expand their market presence by adopting strategies, such as strategic partnership and product development. Some of the key players operating in the car GPS navigation system industry include Pioneer Corporation, Mitsubishi Electric, Alpine Electronics, TomTom, Robert Bosch, Denso Corporation, Continental AG, JVCKENWOOD Corporation, Panasonic Corporation and Sony Corporation.
Key Findings of the Car Gps Navigation System Market:
- The aftermarket type segment is expected to grow at the highest CAGR during the forecast period.
- The passenger car segment dominated the market in 2016.
- North America was the highest contributor in the overall car GPS navigation system market by OEMs segment in 2016; however, in terms of growth, the market in Asia-Pacific is estimated to grow at the highest rate.
- China led in terms of car sales in car GPS navigation system in 2016.