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Automotive Digital Mapping Market Report 2024 - Market Size, Growth Rate, Major Drivers And Key Trends
Automotive Digital Mapping Global Market Report 2024
According to The Business Research Company's, 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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Market Drivers and Trends:
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.
Major companies operating in the automotive operating system are focused on developing innovative automotive technologies, such as next-generation automotive enhanced (AE) processors and server-class neoverse technology, to increase profitability in the market. Next-generation automotive-enhanced (AE) processors are advanced processing units designed for automotive applications, offering enhanced performance, efficiency, and connectivity features to power autonomous driving systems and in-vehicle computing. Server-class Neoverse technology refers to high-performance server processors built on Arm architecture, optimized for data center workloads, cloud computing, and edge computing applications, offering scalability, reliability, and energy efficiency. For instance, in March 2024, Arm Holdings plc, a UK-based semiconductor and software design company, launched a suite of new automotive technologies designed to accelerate the development of AI-enabled vehicles. This suite includes Armv9-based technologies, next-generation AE processors, server-class Neoverse technology, new Armv9-based Cortex-A processors, configurable system IP, and virtual prototyping solutions. These technologies aim to enhance AI capabilities, ensure security, provide virtualization, and accelerate the development of AI-enabled vehicles.
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.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
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.
Automotive Digital Mapping Market 2024 Key Insights:
• 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%.
• Impact Of Connected Vehicles On Automotive Digital Mapping Market
• Innovative Solutions In Automotive Digital Mapping
• North America was the largest region in the automotive digital mapping 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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