Published Date: 31-Aug-2022
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According to a new report, published by KBV research, The Global Car GPS Navigation System Market size is expected to reach $25.3 billion by 2028, rising at a market growth of 10.5% CAGR during the forecast period.
The Hardware market is experiencing a CAGR of 10% during (2022 - 2028). The majority of GPS receivers are made up of three fundamental parts. An antenna that receives the signal and, in some cases, has anti-jamming capabilities and a receiver-processor unit that transforms the radio signal into a usable navigation solution. The third part is a control/display unit that shows the positional data and acts as the receiver's control interface. Together they make the GPS hardware installed in cars.
The Passenger Cars market is leading the Global Car GPS Navigation System Market by Vehicle Type in 2021, thereby, achieving a market value of $15.2 billion by 2028. In passenger cars, the GPS navigation system also helps in lowering the chance of theft. This is accomplished with the aid of a specialized tracker, which also monitors fuel usage reductions and prevents the use of cars for other purposes.
The Less than 6 inches market would witness a CAGR of 10.8% during (2022 - 2028). For most people, screens between 4.3 inches and 4.7 inches are suitable. Larger screens offer more space, but it's not necessary for the majority of uses. Users get a much crisper, clearer image in the 4.3-inch and 4.7-inch screen size format when manufacturers increase screen resolution, as Garmin and TomTom have done with their latest glass capacitive touch-screen devices.
The OEM market acquired the maximum revenue share in the Global Car GPS Navigation System Market by Sales Channel in 2021, achieving a market value of $15.8 billion by 2028. Any company that solely works on original products is an original equipment manufacturer (OEM). The OEM produces GPS tracking devices that are sold via distributors or other businesses. The firm that manufactures the devices only concentrates on production, not marketing.
The Electric Vehicles market would showcase the highest CAGR of 12.5% during (2022 - 2028). While most functions of GPS systems are the same for ICE vehicles and electric vehicles, the function of route planning is unique. The assistance of GPS in route planning in electric vehicles has given the segment its growth. In route planning, all jobs are initially imported into the system. After that, limitations like vehicle range are entered. The software then determines each vehicle's route.
The Asia Pacific market dominated the Global Car GPS Navigation System Market by Region in 2021, thereby, achieving a market value of $9.3 billion by 2028. This is owed to the presence of significant automakers in the area and the acceleration of technology development in nations like Japan, China, and India. Consumers' rising spending power and growing concern over traffic safety also contribute to the segment's expansion.
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Robert Bosch GmbH, TomTom N.V., Sony Corporation, Continental AG, Panasonic Corporation, Mitsubishi Electric Corporation, Alps Alpine Co., Ltd., Garmin Ltd., JVCKENWOOD Corporation and Pioneer Corporation
By Vehicle Type
By Screen Size
By Sales Channel
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