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Automotive Navigation Systems Market Overview 2024-2033 - Market Growth Analysis, Trends And Demand
Automotive Navigation Systems Market
According to The Business Research Company's, the automotive navigation systems market size has grown strongly in recent years. It will grow from $34.01 billion in 2023 to $36.59 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth in the historic period can be attributed to consumer demand for convenience, increasing traffic congestion, government regulations on safety, rise in urbanization, improved mapping and location services.
The automotive navigation systems market size is expected to see strong growth in the next few years. It will grow to $46.66 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to increased focus on predictive navigation, rising demand for electric vehicles (EVs), enhanced user interfaces, integration with smart city infrastructure, and demand for personalized and context-aware services. Major trends in the forecast period include augmented reality (AR) integration, connected car ecosystem, voice-activated navigation, predictive navigation, integration with smartphones, 3d mapping and visualization, integration with advanced driver assistance systems (ADAS).
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Market Drivers and Trends:
The growing number of vehicles is expected to propel the growth of the automotive navigation systems market going forward. Vehicles refer to any machine designed or used for transporting people or goods, typically on land, such as cars, trucks, buses, motorcycles, bicycles, and more. Automotive navigation systems are used in vehicles to provide real-time directions, location information, on-the-fly traffic updates, and guidance to reach their destination efficiently and safely. For instance, in May 2023, according to the European Automobile Manufacturers Association, a Belgium-based automobile manufacturers association, the global production of motor vehicles reached 85.4 million units in 2022, reflecting a notable increase of 5.7% compared to 2021. Furthermore, according to Brand Finance plc, a UK-based brand valuation company, the automobile sector achieved approximately 78 million unit sales in 2022, marking a substantial 10% increase compared to both 2021 and 2020. Therefore, the growing number of vehicles is driving the growth of the automotive navigation system market.
Major companies operating in the automotive navigation systems market are focusing on innovative technological products, such as Maps+, in vehicle-app-based navigation systems to provide drivers with a seamless and personalized navigation experience. An in-vehicle app-based navigation system refers to a navigation system integrated directly into a vehicle's onboard infotainment system or dashboard display, which relies on software applications (apps) to provide navigation functionality. For instance, in April 2021, General Motors, a US-based automotive manufacturing company, introduced Maps+, an in-vehicle app-based navigation system. This innovative system is designed to provide an enhanced and convenient in-vehicle experience for drivers. Additionally, Maps+ is powered by Mapbox and offers features such as cross-app integration, personalization, and contextually relevant services. It also offers embedded speed limit alerts, low fuel recognition, and the ability to provide directions based on real-time traffic conditions.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
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Major Key Players of the Market:
Ford Motor Company, BMW Group, Robert Bosch GmbH, Panasonic Corporation, Denso Corporation, Continental AG, AISIN SEIKI Co. Ltd., Fujitsu Limited, Mitsubishi Motors Corporation, Harman International Industries, Garmin Ltd., Bose Corporation, JVCKENWOOD Corporation, Kenwood Corporation, HERE Technologies, MiTAC Holdings Corp., Pioneer Electronics, TomTom International BV , NNG Software Developing and Commercial LLC, Telenav Inc., clarion technologies, Delphi Technologies, Faurecia Clarion, Alpine Electronics, Navis-AMS
Automotive Navigation Systems Market 2024 Key Insights:
• The automotive navigation systems market is expected to grow to $46.66 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%.
• Surging Global Vehicle Fuels Growth In Automotive Navigation Systems Market
• Innovative In-Vehicle Navigation Systems Transforming Automotive Industry
• North America was the largest region in the automotive navigation systems market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide."
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