Press release
Automotive Digital Mapping Global Market Predicted to Augment and Reach over $17.06 Billion at a CAGR of 16.9% By 2028 | Apple Inc., Google LLC, Microsoft, Denso Corporation, Continental AG
Automotive Digital Mapping Global Market
Automotive Digital Mapping 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 $17.06 billion In 2028 At A CAGR Of 16.9% :
The automotive digital mapping market size has grown rapidly in recent years. It will grow from $7.85 billion in 2023 to $9.14 billion in 2024 at a compound annual growth rate (CAGR) of 16.5%. The growth in the historic period can be attributed to early development of digital mapping, growth in the automotive industry, expansion of the commercial vehicle market, increasing consumer demand for navigation and location-based services, adoption of advanced driver assistance systems (ADAS).
The automotive digital mapping market size is expected to see rapid growth in the next few years. It will grow to $17.06 billion in 2028 at a compound annual growth rate (CAGR) of 16.9%. The growth in the forecast period can be attributed to expansion of smart city initiatives, rising demand for real-time traffic information, growth in the electric vehicle, increasing focus on environmental sustainability, and growth in the delivery and logistics sector. Major trends in the forecast period include adoption of mapping technology in new mobility, advancements in AI and machine learning, integration of augmented reality (AR) technology, and collaboration between mapping companies and government.
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Automotive Digital Mapping Market Major Segments
The automotive digital mapping market covered in this report is segmented -
1) By Component: Solutions, Services
2) By Mapping Type: 2D Maps, 3D Maps, Satellite Imagery
3) By Application: Autonomous Cars, Logistics Control Systems, Advanced Driver Assistance Systems, Other Applications
Key Driver - Impact Of Connected Vehicles On Automotive Digital Mapping Market
The rising number of connected cars is expected to propel the growth of the automotive digital mapping market going forward. Connected cars refer to automobiles equipped with internet connectivity and wireless communication technologies that enable them to exchange data with other vehicles, infrastructure, and external networks. The adoption of connected car technologies is increasing due to technological advances, consumer demand, growth in autonomous and electric vehicles, and business opportunities. Automotive digital mapping is a fundamental component of connected car technology, enabling vehicles to offer advanced navigation, real-time traffic information, enhanced safety features, and a seamless driving experience. For instance, in January 2023, according to Casa Autopromotec s.r.l., an Italy-based manufacturer of machinery products for vehicles, the global count of connected cars on the road was 350 million in 2023, an 18% increase from 2022. Therefore, the rising number of connected vehicles is driving the growth of the automotive digital mapping market.
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Prominent Trend - Innovative Solutions In Automotive Digital Mapping
Major companies operating in the automotive digital mapping market are focusing on developing innovative, highly automated mapping technology, such as UniMap, to enhance the accuracy and efficiency of navigation systems. UniMap is a mapping technology platform that offers next-generation mapmaking capabilities and provides the freshest data to revolutionize the way maps are built, updated, and used. For instance, in March 2023, HERE Technologies, a Netherlands-based company specializing in mapping technologies, unveiled UniMap, a highly automated mapping technology that enables the rapid creation of digital maps and location products. The technology is designed to enable the rapid creation of digital maps and location products, delivering unmatched levels of map freshness, quality, and coverage. UniMap is built on a new computing architecture that automates map data processing and creation, conflates multiple types of data, produces a unified map, and enables changes detected in physical reality to become visible on the map within 24 hours.
Automotive Digital Mapping Market Players
Major companies operating in the automotive digital mapping market are Apple Inc., Google LLC, Microsoft, Huawei Technologies Co. Ltd., Denso Corporation, Continental AG, Magna International Inc., Aisin Seiki Co. Ltd., NVIDIA Corporation, Valeo, Baidu Inc., NXP Semiconductors, Analog Devices Inc., Renesas Electronics Corporation, Synopsys Inc., Trimble Inc., HERE Technologies, DigitalGlobe Inc., MiTAC International Corporation, ESRI Inc., Cyient Limited, TomTom International, Telenav Inc., Mapbox Inc., INRIX Inc., Nearmap Ltd., GeoDigital International Inc., Waze Mobile Ltd.
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Largest And Fastest Growing Region In The Market
North America was the largest region in the automotive digital mapping market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive digital mapping 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. Automotive Digital Mapping Market Report Structure
3. Automotive Digital Mapping Market Trends And Strategies
4. Automotive Digital Mapping Market - Macro Economic Scenario
5. Automotive Digital Mapping Market Size And Growth
…..
27. Automotive Digital Mapping Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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