Automotive Navigation Systems Market to Cross $ 6 Billion by 2024
Rising need for monitoring
real-time traffic and growing demand from sectors such as e-commerce, taxi and logistics requiring
locating various addresses to drive global automotive navigation systems market
through 2024
According
to TechSci Research report, “Global Automotive Navigation
Systems Market By Vehicle Type, By
Device Type, By Distribution Channel, By Region, Competition, Forecast &
Opportunities, 2024”, global automotive navigation systems market is forecast to
cross $ 6 billion by 2024, on account of increasing need for accurate
navigation, position finding and more comfortable driving. Navigation systems
use satellite navigation devices to pinpoint the location of any user and
provide crucial information such as traffic congestion, active construction
work and location of nearby hotels, petrol pumps and hospitals. Additionally,
increasing tourism and surging proliferation of ride hailing applications are
anticipated to positively influence global automotive navigation systems market
during the forecast period.
Global automotive navigation systems market can be segmented based on
vehicle type, device type and distribution channel. In terms of vehicle type, passenger
cars dominated the market in 2018, as navigation systems were first implemented
in cars. However, automobile manufacturers have started equipping commercial
vehicles with navigation systems and the trend is likely to continue during the
forecast period. In terms of distribution channel, demand for aftermarket
segment is increasing as old cars and commercial vehicles are not equipped with
the system, and users are opting for them. On the basis of device type, market
can be segmented into in-dash system and portable system. Portable systems are
anticipated to account in the next five years as these devices can be moved
from one vehicle to other and the cost of portable systems is lower when
compared with in-dash counterpart.
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Tomtom, Garmin, Pioneer and Alpine are some of the leading players
operating in global automotive navigation systems market. Companies operating
in the market are using organic strategies such as product launches, mergers
and collaborations in order to register positive growth in the market. For
instance, in 2018, Garmin International in collaboration with Amazon developed Garmin
speak with Amazon alexa, which is a voice assistant.
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“Asia-Pacific and Europe the major regions in the global automotive
navigation systems market. Early adoption of advanced technologies such as 3D
map systems, advent of self-driving cars and increasing spending by automotive
OEMs on R&D are contributing to the share of Europe. Moreover, increasing
vehicle production in economies such as China and India and surging demand for
real-time traffic and weather information are likely to drive the automotive
navigation systems market in Asia-Pacific through 2024.”, said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Global Automotive Navigation Systems Market By
Vehicle Type, By Device Type, By Distribution Channel, By Region, Competition,
Forecast & Opportunities, 2024” has evaluated the future growth potential of automotive
navigation systems market and provides statistics & information on market
size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges and opportunities in global automotive
navigation systems market.
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