The automotive navigation solutions market is expected to rise at a CAGR of 7.3% throughout the forecast period. The automotive navigation solutions market valuation is expected to reach US$ 65.53 Billion by 2032 from US$ 32.39 Billion in 2022.
The demand for automotive navigation solutions is being driven by:
However, the automotive navigation solutions market is being held back by the high price of navigation devices and systems, as well as the limited market for autonomous vehicles.
| Attributes | Details |
|---|---|
| Market Value (2022) | US$ 32.39 Billion |
| Market Value (2032) | US$ 65.53 Billion |
| CAGR | 7.3% |
The demand for automotive navigation solutions is anticipated to rise during the forecast period on account of technological developments in the automotive navigation systems.
The Alexa voice assistant, for instance, has been updated with a group of new features designed to enhance the car-driving experience. You can now use the phrase "Alexa, pay for gas" to activate one of the new skills. Over 11,000 Exxon and Mobil stations are equipped with the necessary technology to make use of this feature.
From asking direction from other people to fully automated multifunctional navigation devices, the automotive navigation system market has evolved since inception. Automotive navigation solutions are now the need of the hour, either in the form of mobile devices or as an inbuilt function in vehicles. These systems use satellite navigation device to pinpoint the location of the any user.
Not only limited to enabling precise location, automotive navigation solution are now equipped in supplying information about traffic congestion , active construction work and locations of nearby restaurants, hotels, petrol pump, service center, hospital, airport and other location. Amalgamation of telematics, automotive navigation solution is enabling users to reroute mid journey, calcite distance, suggest necessary speed and offer alternate shorter routes to reach the destination.
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The European auto industry has grown to become a major global exporter, and the inclusion of automotive navigation systems is seen there as a necessary safety feature. All vehicles are going to be required to have GPS (Global Positioning System) devices installed, according to government officials. Together, the European Telecommunications Standards Institute (ETSI) and the European Committee for Standardization (CEN) published the first set of international guidelines for cooperative intelligent transport systems.
Renault, Mitsubishi Electric Corporation, Denso, Bosch, Nissan, Garmin, Hyundai, Toyota, etc., are just some of the major automakers with a strong presence in the country, which is experiencing a sales boom. For example, passenger vehicle sales in Europe are expected to rise from 14,000 in 2020 to 15,900 in 2021. Considering navigation's function as a safety feature in automobiles, the largest contributor to the automotive market is the safety and security service.
It is no secret that automakers and tier-1 suppliers in the region have been putting navigation platform providers through their paces in terms of data-based solutions as they work to advance their own digital offerings in fields like mobility management and navigation technology. One such example is the collaboration between automotive supplier Robert Bosch and navigation service provider TomTom to bring digital mapping to autonomous vehicles. In this case, not only the automakers but also the auto part suppliers are involved in providing GPS services to the vehicles.
Market growth for autonomous vehicles and their dependent automotive navigation systems can be attributed to several factors, including the region's increasing demand for electric vehicles, the widespread availability of wireless communication technology, and the presence of advanced telecom infrastructure.
Automotive navigation solutions market volume sales is currently rising owing to sharp increase in demand from commercial heavy vehicles such as bus, trucks. Additionally automotive navigation solutions are now also being adopted for vehicles and machinery with application in mining.
The use of automotive navigation solution is expected to increase significantly with the advent of autonomous cars since self-driving automobiles rely on the synchronized interaction of radar, GPS, Lidar, other sensors and technologies to cruise and ensure safe travel.
Introduction of voice enabled assist technology in automobile navigation solution market along with integration of mobile application sensors is now gaining credible traction in the automotive navigation solutions market. However, additional cost of automotive navigation device and systems for installing and limited autonomous vehicle market is restraining the automotive navigation solutions market.
Principal Consultant
Automotive Navigation Solutions Market can be segmented into different geographical regions such as North America, Latin America, Western and Eastern Europe, Asia-Pacific Excluding, Japan (APEJ), Japan, Middle East and Africa. Owing to sustainable automotive car and automotive spare sales North America, Western Europe, AEPJ and Japan are key markets for the automotive navigation solutions market.
With relatively maturity attained in automotive sales in region of US and Germany, strong after sales service and product are anticipated to fuel the demand for the automotive navigation solutions market in these regions. Increasing vehicle density in Eastern Europe and APEJ is creating strong opportunities for automotive navigation solutions market participants. To address the increasing traffic congestion and efficiently manage traffic, the demand for automotive navigation solutions is escalating in economies such as Russia, Japan, India and China.
Likewise key automotive navigation solutions market in Middle East & Africa and Latin America such as Brazil, Argentina, South Africa and Egypt among other countries that are expected to represent high potential markets during the forecast period owing to increasing automotive sales in the regions.
The automotive navigation solution market is fragmented with a special concentration of players and participant from North America and Europe. However the automotive navigation solution market is expanding, and with increasing traction of the technology, the emergence of new participants from APEJ, ASEAN and Japan is anticipated. Some of the key players identified in the automotive navigation solution market among other participants are
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The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts, and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macroeconomic indicators and governing factors, along with market attractiveness within the segments. The report also maps the qualitative impact of various market factors on market segments and various geographies.
Automotive navigation solutions market can be segmented by type of user segments, sales channel, Navigation Modes, Applications in Automotive Navigation Solutions and automobile type.
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Automotive Navigation Solutions Market
