Global Navigation System Market Overview 2033 : Forecasted Market Size And Growth Rate

"The Business Research Company recently released a comprehensive report on the Global Navigation System Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, 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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Market Drivers and Trends:

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.

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.

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Major Key Players of the Market:

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

Navigation System Market 2024 Key Insights:

• The navigation system market is expected to grow to $45.34 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%.
• Rising Production Of Autonomous Vehicles Drives Growth In Navigation System
• Increasing Focus On Technological Advancements In Navigation System
• North America was the largest region in the navigation system market in 2023

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