Navigation System Global Market Report 2024 - By Report, Share, Size, Industry Trends, Forecast To 2033

"The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Navigation System 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 $45.34 billion In 2028 At A CAGR Of 6.0% :
The navigation system market size has grown strongly in recent years. It will grow from $33.63 billion in 2023 to $35.96 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to development of modern electronic navigation systems, developing in-car navigation technology for automobiles, google maps and navigation apps, smart cities integration, v2x communication, intelligent transportation system (ITS).

The navigation system market size is expected to see strong growth in the next few years. It will grow to $45.34 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to augmented reality (AR) navigation, autonomous vehicles and navigation, 5G connectivity, multi-constellation GNSS integration, environmental navigation considerations. Major trends in the forecast period include global navigation satellite system GNSS autonomous navigation, GPS navigation systems, intelligent traffic management, predictive analytics for traffic, robust indoor navigation.

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Navigation System Market Major Segments
The navigation system market covered in this report is segmented -
1) By Type: Satellite Navigation Systems, Surgical Navigation Systems, Inertial Navigation Systems, Other Types
2) By Technology: Radio Frequency Identification Based (RFID), Cellular, Network, Bluetooth, Remote Sensing Services, Real Time Kinetic, Other Technologies
3) By Application: Healthcare, Aerospace, Automotive, Marine, Intelligent Transport Systems, Agriculture and Farming, Other Applications

Key Driver - Rising Production Of Autonomous Vehicles Drives Growth In Navigation System
The rising production of autonomous vehicles is expected to propel the growth of the navigation system market going forward. Autonomous vehicles specifically refer to vehicles capable of self-driving without human intervention by leveraging autonomous capabilities, depending on the level of automation integrated into their systems. Navigation systems in autonomous vehicles provide route planning and guidance without human intervention, while in passenger vehicles, they assist drivers in navigating to desired destinations. For instance, in December 2022, according to a report published by the Insurance Institute for Highway Safety, a US-based non-profit organization, there were projected to be 3.5 million autonomous vehicles or self-driving cars on American roads by 2025. Additionally, 4.5 million autonomous vehicles are expected to be on the road by 2030. Therefore, the rising production of autonomous vehicles is driving the navigation system market.

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Prominent Trend - Increasing Focus On Technological Advancements In Navigation System
Major companies operating in the navigation system market are focused on developing advanced technological solutions, such as automotive satellite navigation chips, to strengthen their position in the market. Automotive satellite-navigation chips, commonly known as GNSS (Global Navigation Satellite System) chips, enable precise positioning and navigation in vehicles. For instance, in November 2021, STMicroelectronics N.V., a Switzerland-based technology company, unveiled the STA8135GA, a groundbreaking chip in its Teseo V family, representing the inaugural automotive-qualified GNSS receiver to feature a triple-band positioning measurement engine on-chip. This innovation, coupled with standard multi-band position-velocity-time (PVT) and dead-reckoning capabilities, empowers driver-assistance systems with unparalleled accuracy in decision-making regarding the road ahead. The triple-band functionality, traditionally reserved for precision-demanding fields like surveying and mapping, marks a significant leap in automotive navigation technology, ensuring millimeter accuracy without heavy reliance on correction data. The STA8135GA satellite receiver, with its high precision and single-chip integration, facilitates the development of dependable and cost-effective navigation systems. This advancement empowers vehicles to enhance safety measures and gain heightened context awareness in their navigation capabilities.

Navigation System Market Players
Major companies operating in the navigation system market are Mitsubishi Electric Corporation, Robert Bosch GmbH, Raytheon Technologies, Lockheed Martin Corporation, Panasonic Corporation, Denso Corporation, Qualcomm Technologies Inc., Northrop Grumman Corporation, Honeywell International Inc., Aisin Aw Co. Ltd., Safran Electronics & Defense Inc., Collins Aerospace Inc., Aptiv, L3Harris Technologies, Harman International Industries, Garmin Ltd., Visteon Corporation, Trimble Inc., Luxoft Holding Inc., Jvc Kenwood Holdings Inc., Pioneer Corporation, Here International B.V., Clarion, FURUNO ELECTRIC CO. LTD., Tomtom NV, Nng Global Infotainment Technologies, NovAtel Inc., KVH Industries Inc., Telenav Inc., Alpine Electronics

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Largest And Fastest Growing Region In The Market
North America was the largest region in the navigation system market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the navigation system 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. Navigation System Market Report Structure
3. Navigation System Market Trends And Strategies
4. Navigation System Market - Macro Economic Scenario
5. Navigation System Market Size And Growth
…..
27. Navigation System Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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