GNSS Chip Market Size to hit US$ 8,324.27 Million, Globally, by 2028 at 5.6% CAGR: The Insight Partners

According to 'The Insight Partners' latest market study on "GNSS Chip Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Device, Application, and Vertical," the market is projected to reach US$ 8,324.27 million by 2028 from US$ 5,669.00 million in 2021; it is expected to grow at a CAGR of 5.6% from 2021 to 2028.

IoT technologies help the automotive industry to create innovative and advanced solutions such as connected car solutions, advanced driver-assistance systems (ADAS), in-vehicle infotainment systems, and navigation and telematics solutions. Navigation systems are being deployed mainly in vehicles to display maps that offer information about speed, location, direction, nearby streets, points of interest, and tracking purposes. IoT-enabled cars have GNSS chips integrated into them, which help drivers to drive efficiently, and concerned agencies can track their location in case of emergencies. Thus, a rise in demand for IoT-enabled cars creates an opportunity for GNSS chip market players to strengthen their presence in the automotive sector. In January 2021, Qualcomm Technologies, Inc. and Alps Alpine Co., Ltd. announced a camera-based sensing and positioning device called ViewPose to support absolute lane-level vehicle positioning.

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Consumer electronic devices, such as smart wearables, smartphones, digital cameras, and tablets, use GNSS technology for mapping, geo-marketing, and navigation applications. ~50% of the global population is using high-tech wearable devices, such as fitness bands and smartwatches. GNSS chips are majorly being integrated into these devices to offer precise location details to users while running, walking, or driving. This feature has boosted the adoption of various location-based services (LBS) and applications depending on the 4G network solution. In addition, market players are developing GNSS-based wearable devices. For instance, in August 2020, Sony Corporation announced the release of high-precision GNSS receiver LSIs for IoT and wearable devices. Moreover, a rise in the use of location-based services such as online food delivery and online cab services is propelling the GNSS chip market growth.

The GNSS chip market is segmented on the basis of device, application, and vertical. Based on devices, the market is segmented into smartphones, tablets, personal navigation devices, in-vehicle systems, and others. In 2021, the smartphone segment led the GNSS chip market with the largest share. Based on application, the market is segmented into navigation & location-based services, mapping, surveying, telematics, timing and synchronization, and others. In 2021, the navigation & location-based services segment led the market and accounted for the largest market share. Based on vertical, the GNSS chip market is segmented into consumer electronics, automotive & transportation, military & defense, and others. In 2021, the consumer electronics segment held the largest share of the market. On the basis of geography, the GNSS chip market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2021, APAC accounted for a significant share of the market.

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Rising Consumer Electronics Sector Propels GNSS Chip Market Growth

GNSS-enabled consumer electronics segment comprises many connected devices-mainly smartphones and tablets-along with specific equipment such as personal tracking devices, wearables, digital cameras, and portable computers. GNSS applications in consumer electronics serve the purpose of navigation, mapping & GIS, geo-marketing and advertising, personal tracking, etc. With the combination of technologies such as GNSS, 5G, and IoT, any physical device can be converted into a connected device, enabling new applications to facilitate the end user's day-to-day life.

The List of Companies - GNSS Chipset Market
INTEL, Mediatek, QUALCOMM, FURUNO, Broadcom Inc., U-BLOX, Trimble Navigation, Septentrio, Quectel Wireless, Hemisphere GNSS Inc., Hexagon (Leica Geosystems), Hypack, Javad, South, Stonex, Topcon, and Trimble

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Players operating in the GNSS chip market are mainly focused on the development of advanced and efficient products.

In January 2022, Hexagon and Dayou partnered to bring TerraStar X technology to the Chinese market. TerraStar X technology enables lane-level accuracy with the convergence of less than one minute for client and automotive-grade GNSS receivers.

In December 2021, Intel Corporation's Vice President lauded the approx. 10 billion USD incentive scheme for semiconductor design and manufacturing in India. This proposal was approved by Union Cabinet earlier in the same month.

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