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Personal Navigation Devices Market Analysis 2024: Size, Trends, And Growth Forecast
Personal Navigation Devices Market Analysis
Personal Navigation Devices Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $4.29 billion In 2028 At A CAGR Of 8.1% :
The personal navigation devices market size has grown strongly in recent years. It will grow from $2.87 billion in 2023 to $3.15 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The growth in the historic period can be attributed to GPS system availability, military application development, consumer electronics boom, automotive navigation integration, increasing urbanization.
The personal navigation devices market size is expected to see strong growth in the next few years. It will grow to $4.29 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to health and safety integration, global expansion and emerging markets, subscription-based models, rise in outdoor and adventure activities, environmental considerations. Major trends in the forecast period include geofencing And location-based services, personalized user experiences, environmental sustainability, augmented reality (AR) navigation, voice-activated navigation.
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Personal Navigation Devices Market Major Segments
The personal navigation devices market covered in this report is segmented -
1) By Device Type: In-Car Personal Navigation Devices (PNDs), Handheld GPS Devices, Smartphone Applications, Wearable GPS devices
2) By Application: Smartphones, Tablets, Automobiles
3) By End-Users: Automotive, Outdoor And Sports, Commercial, Other End Users
Key Driver - Travel And Tourism Boom Fuels Growth In The Personal Navigation Device Market
The rise in travel and tourism is expected to propel the growth of the personal navigation device market going forward. Travel and tourism refer to the activities of individuals or groups traveling to and visiting places outside their usual environment for leisure, recreation, or business purposes. Higher purchasing power, improved connectivity and digital tools, and increasing government investments allow individuals to spend more on leisure activities, thereby stimulating the tourism industry. PNDs provide accurate and reliable navigation assistance, helping travelers find their way to destinations efficiently, whether they are driving, walking, or biking. For instance, in August 2022, according to the World Travel and Tourism Council, a UK-based organization that represents the travel and tourism industry, the travel and tourism sector experienced substantial growth in 2022, with a contribution of 7.6% to global GDP, an increase of 22%, and domestic visitor spending demonstrated significant growth, with a remarkable increase of 20.4% in 2022. Moreover, the travel and tourism sector's gross domestic product (GDP) is projected to achieve an average annual growth rate of 5.8% during the period from 2022 to 2032. Therefore, the rise in travel and tourism is driving the growth of the personal navigation device market.
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Prominent Trend - The Surge Of Artificial Intelligence In Personal Navigation Devices (PNDs)
Major companies operating in the personal navigation device market are developing advanced technologies, such as AI-powered GPS (Global Positioning System) trackers, to serve customers better with advanced features and drive their revenues in the market. AI-powered GPS trackers leverage artificial intelligence to enhance functionality, going beyond traditional tracking with intelligent features for logistics and fleet management applications. For instance, in September 2021, Tack One, a Singapore-based technology company specializing in AI(artificial intelligence) IoT products and location tracking services, launched Tack GPS Plus. The updated Tack GPS Plus amalgamates GPS, Wi-Fi, the IoT mobile network, A.I., and smart sensors in a compact device. Its patent-pending indoor elevation finder feature utilizes intelligent algorithms and sensors to enable accurate tracking in multistory buildings, significantly reducing search times in urban areas.
Personal Navigation Devices Market Players
Major companies operating in the personal navigation devices market are Apple Inc., Samsung Electronics Co. Ltd., Huawei Technologies Co. Ltd., Sony Corporation, ALPS ALPINE ASIA CO. LTD, Garmin Ltd., TomTom International BV., Shenzhen RoadRover Technology Co Ltd, Delphi Technology Inc., CalAmp Corp., Omnitracs LLC, Magellan GPS, Advanced Tracking Technologies Inc., Blaupunkt GmbH , Sygic A.S., CarrierWeb, Coban Technologies Inc., Linxup, Mio Technology Corporation, Becker Avionics Inc., NAVIGON AG, AvMap Satellite Navigation Inc., BridgeHaul Logistics Solutions LLC, LiveViewGPS Inc., Navman Wireless, HawkEye Inc., Kenwood Ltd.
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Largest And Fastest Growing Region In The Market
North America was the largest region in the personal navigation devices market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the personal navigation devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Personal Navigation Devices Market Report Structure
3. Personal Navigation Devices Market Trends And Strategies
4. Personal Navigation Devices Market - Macro Economic Scenario
5. Personal Navigation Devices Market Size And Growth
…..
27. Personal Navigation Devices Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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