With the emergence and long-term Impact of COVID-19, Global Car GPS Navigation System Market to reach USD 1.69 Billion by 2030
Bizwit Research & Consulting LLP’s Recent Analysis on Global Car GPS Navigation System Market is poised to raise up to USD 1.69 Billion by 2030 A car GPS navigation system is a device that uses the Global Positioning System (GPS) to provide turn-by-turn directions to a destination. Car GPS Navigation System is a GPS receiver with an audio and video component that receives satellite signals to help with automobile tracking and location GPS navigation systems are available in a variety of forms, including portable devices, built-in systems, and smartphone apps.
The Car GPS Navigation System market is expanding because of factors such as the growth in popularity of vehicles with advanced safety coupled with the rise in the adoption of car sharing systems. However, the high cost of GPS navigation system and the increase in concern for data privacy tends to lower the market.
Geographically, the global Car GPS Navigation System market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). This growth is driven by the increasing adoption of advanced safety features in vehicles, reflecting a rising demand for enhanced automotive safety. Moreover, the increase in the adoption of electric and hybrid vehicles and the rise in the trend of connected car devices further act as a growing factor for the market.
According to Statista 2023, the Electric Vehicles sector is anticipated to achieve a revenue of USD 561.3 billion in 2023, with an estimated annual growth rate of 10.07% during the forecast period. The expansion of electric vehicles is a driving force behind the increasing emphasis on automotive safety, which in turn is expected to contribute to the overall market growth.
The global Car GPS Navigation System market is highly competitive owing to the presence of several key market players such as Aisin Corporation, Alpine Electronics Inc., Faurecia Clarion Electronics Co., Ltd., Mitsubishi Electric Corporation, DENSO Corporation, Continental AG, Garmin Ltd., and others.
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Key findings of the study suggest:
- Global Car GPS Navigation System Market is anticipated to grow with a healthy growth rate of more than 6.66% over the forecast period 2023-2030.
- In the Car Type segment, Passenger Car emerged out as the leading market segment in 2022.
- Europe is anticipated to drive regional growth Owing to increasing demand for GPS navigation systems and the steady rise in automobile sales within the region, fostering market growth.
- Asia-Pacific is expected to grow at higher rate followed by Europe during 2023-2030.
Bizwit Research & Consulting has considered following segments for the study:
Car Type:
- Passenger Car
- Commercial Car
Component:
- Hardware
- Software
Ens User:
- OEM
- Aftermarket
Distribution Channel:
- Hospitals
- Retail Pharmacies
- Others
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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