GNSS Chip Market Size Worth $1 8,324.27 Million By 2028 | CAGR 5.6%: The Insight Partners

According to the new research report published by The Insight Partners, titled "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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Moreover, the idea of autonomous vehicles sharing roads is slowly becoming a reality due to advancements in positioning and sensor integration. Fully autonomous vehicles need an accurate localization solution to drive appropriately. High-precision GNSS technology provides the accuracy, availability, and reliability required by self-driving vehicles.

Based on device, the GNNS chip market is segmented into smartphones, tablets, personal navigation devices, in-vehicle systems, and others. In 2021, the smartphones segment led with a larger market share. On the basis of application, the GNNS chip market is segmented into navigation & location-based services, mapping, surveying, telematics, timing and synchronization, and others. In 2021, the navigation/location-based services segment accounted for the largest market share. Based on vertical, the GNNS chip market is segmented into consumer electronics, automotive & transportation, military & defense, and others. In 2021, the consumer electronics segment dominated the market and accounted for the largest market share. On the basis of geography, the GNSS chip market is primarily segmented into North America, Europe, Asia Pacific (APAC), 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.

GNSS Chip Market: Competitive Landscape and Key Developments

INTEL, Mediatek, QUALCOMM, FURUNO, Broadcom Inc., U-BLOX, Trimble Navigation, Septentrio and Quectel Wireless are among the key players in the global GNSS Chip market. The leading companies focus on the expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.

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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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