Portland, OR, June 01, 2022 (GLOBE NEWSWIRE) — According to the report released by Allied Market Research, the Car GPS Navigation System Market generated $13.07 billion in 2020 and is projected to reach $35.73 billion in 2030, growing at a CAGR of 11.0% from 2021 to 2030. The report offers detailed analysis of changing market trends, of major segments, major investment pockets, value chain, regional landscape, and competitive scenario.
Increasing demand for vehicles with advanced safety and navigation features, increasing demand for reliable real-time traffic information, rapid development of connected cars, and increasing adoption of car-sharing and ride-sharing services are driving the growth of the global automotive GPS navigation system. market. However, the lack of telecommunications infrastructure in emerging countries and rising data protection and privacy concerns are restraining the growth of the market. On the other hand, the surge in the adoption of electric and hybrid vehicles and advances in technology are creating new opportunities in the coming years.
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- The complete lockdown and temporary shutdown of the automotive industry has led to the shutdown of car manufacturing activities. Therefore, the demand for GPS navigation systems dropped significantly during the early stages of the Covid-19 pandemic.
- Supply chain disruptions have led to a shortage of semiconductor chips in vehicle manufacturing and related parts for car gps navigation systems. This forced manufacturers to exclude these systems from cars.
- The demand for vehicles has increased after the pandemic. The production activities of connected cars and electric vehicles have increased significantly. This, in turn, is expected to increase the demand for car GPS navigation systems post-pandemic.
The report offers a detailed segmentation of the global Car GPS Navigation System market on the basis of component, vehicle type, screen size, propulsion, sales channel and region.
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Based on components, the software and services segment contributed the largest share in 2020, accounting for about three-fifths of the total market share, and is expected to maintain its leading position during the forecast period. Moreover, this segment is expected to show the fastest CAGR of 11.5% from 2021 to 2030. The report also analyzes the hardware segment.
Based on vehicle type, the passenger car segment accounted for the highest share in 2020, contributing more than four-fifths of the total share, and is expected to maintain its leading status during the forecast period. Moreover, this segment is expected to witness the highest CAGR of 11.2% from 2021 to 2030. The report also discusses segments comprising light-duty vehicles and heavy-duty vehicles.
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Based on region, Asia-Pacific held the largest share in 2020, contributing nearly two-fifths of the total market share, and is expected to maintain its dominant share in terms of revenue by 2030. However, Europe is expected to register the largest market share. CAGR of 12.1% over the forecast period.
Key players of Car GPS Navigation System market analyzed in the research include Alpine Electronics, Inc., Garmin Ltd., Continental AG, Mitsubishi Electric Corporation, JVCKENWOOD Corporation, Pioneer Corporation, Panasonic Corporation, Sony Group Corporation, Robert Bosch GmbH and TomTom. International B.V.
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