The automotive navigation systems market is expected to foresee significant growth. Asia Pacific to lead the growth!
- Vikas Kumar
- July 30, 2022
- AUTOMOTIVE, NEWS
- Automotive navigation systems market, Automotive navigation systems market Forecast, Automotive navigation systems market Growth, Automotive navigation systems market Share, Automotive navigation systems market size, Automotive navigation systems market Trend
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The automotive navigation system market is expected to grow at a CAGR of around 8% during the forecast period. The integration of smartphones and IVS (In-Vehicle Systems) are the key factors contributing to the growth of the market. In recent years, smartphones have become widespread and demand for smartphone / tablet-based navigation devices is expected to grow. Real-time traffic data, map updates, and smartphone integration are just a few of the key features of automotive navigation systems and could attract significant customer demand over the next few years. In addition, advances in navigation system technology coupled with the increasing concerns related to the problem of traffic congestion, particularly in urban areas, and changing consumer behavior, towards better in-dash features are the key factors driving the growth of the automotive navigation systems market. However, the increasing cybersecurity issues and the high cost of navigation systems are some factors that are likely to impede market growth during the forecast period.
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Based on vehicle type, the market is bifurcated into passenger cars and commercial vehicles. The Passenger Car segment is anticipated to have the highest CAGR in the forecast period. The factor attributed to the growth of the segment is the augmented passenger vehicle production. The entire production of passenger cars improved in recent years. Therefore, the growing production of passenger vehicles is resulting in the demand for navigation systems, globally.
Based on the sales channel, the market is bifurcated into OEM and aftermarket. The aftermarket segment is predicted to hold the most significant CAGR in the forecast period. The factor attributed to the growth of the market is the fitment rate from the aftermarket channels as older cars do not come with an already fitted navigation system.
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For a better understanding of the market adoption of the automotive navigation systems industry, the market is analyzed based on its worldwide presence in the countries such as North America (US, Canada, and the Rest of North America); Europe (U.K, France, Germany, Spain Italy, and Rest of Europe); Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific), and Rest of World. Asia-Pacific is expected to witness the highest CAGR during the forecast period on account of the growing competition in automotive companies in countries like China and India. These emerging economies are growing their middle-class populations in bustling urban centers, putting ever-increasing demands on Smartphone users. furthermore, the region is projected to be the fastest-growing market for Internet usage and is the home of the lowest-priced data packs in the world.
Major companies in the industry are Denso Corporation, Harman International Industries Inc., Clarion Co. Ltd, Continental Reifen, Deutschland GmbH, Aisin AW Co. Ltd, TomTom International BV, JVC Kenwood Corporation, Panasonic Corporation, Mitsubishi Electric Corporation.
Automotive Navigation Systems Market Segmentation
Market Insight, by Sales Channel
- After Market
Market Insight, by Vehicle Type
- Passenger Cars
- Commercial vehicles
Market Insight, by Region
- North America
- Rest of North America
- The United Kingdom
- Rest of Europe
- Rest of Asia-Pacific
- Rest of the World
Top Company Profiles
• Denso Corporation
• Harman International Industries Inc.
• Clarion Co. Ltd,
• Continental Reifen
• Deutschland GmbH,
• Aisin AW Co. Ltd,
• TomTom International BV,
• JVC Kenwood Corporation
• Panasonic Corporation,
• Mitsubishi Electric Corporation