Press release
Top Market Shifts Transforming the Personal Navigation Devices Market Landscape: Key Insights
Personal Navigation Devices
What Is the Expected CAGR for the Personal Navigation Devices Market Through 2025?
In the past few years, there has been a significant expansion in the size of the personal navigation devices market. This market is expected to progress from $3.15 billion in 2024 to $3.44 billion in 2025, marking a compound annual growth rate (CAGR) of 9.2%. The notable growth during the historical timeline can be linked to factors such as the accessibility of GPS systems, advancements in military applications, the surge in consumer electronics, integration of navigation in the automotive sector, and a rise in urbanization.
What's the Projected Size of the Global Personal Navigation Devices Market by 2029?
In the upcoming years, the market size of personal navigation devices is forecasted to experience robust growth. Predictions suggest that it will ascend to $4.61 billion in 2029, with a compound annual growth rate (CAGR) of 7.6%. Factors contributing to this expected growth during the forecast period include integration of health and safety, global expansion and emerging markets, subscription-based models, increasing popularity of outdoor and adventure activities, and environmental considerations. Among the top trends anticipated in the forecast period are geofencing and location-based services, custom user experiences, environmental sustainability, augmentation reality (AR) navigation, and voice-activated navigation.
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Top Growth Drivers in the Personal Navigation Devices Industry: What's Accelerating the Market?
Expectations are high that the boom in travel and tourism will fuel the expansion of the personal navigation device market in the future. Travel and tourism encompass the actions of individuals or groups venturing out of their normal surroundings for pleasure, recreation, or corporate reasons. Elevated purchasing power combined with enhanced connectivity and digital tool access, as well as intensified government investments, are empowering individuals to allocate more to recreational pursuits, thereby bolstering the tourism sector. Personal navigation devices lend precise and trustworthy navigational aid, enabling travelers to navigate effectively to their destinations, regardless if they are driving, walking, or cycling. For example, the World Travel and Tourism Council, a UK-based body representing the travel and tourism sector, reported in August 2022 that the travel and tourism industry saw remarkable growth in 2022, contributing 7.6% to worldwide GDP, a 22% rise. Domestic visitor expenditure also showcased impressive expansion, with a significant rise of 20.4% in 2022. Furthermore, the travel and tourism industry's gross domestic product (GDP) is expected to reach an average annual growth rate of 5.8% between 2022 and 2032. Consequently, the surge in travel and tourism is propelling the advancement of the personal navigation device market.
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What Trends Will Shape the Personal Navigation Devices Market Through 2029 and Beyond?
Major industry players in the personal navigation device sector are advancing their technologies, including GPS-based devices, to improve precision, user interaction, and connectivity. A device based on GPS is a gadget engineered to locate an exact position and deliver navigation by relying on signals from global positioning satellites. For example, Elena Geo System, an Indian company specializing in NavIC-based satellite navigation technologies, introduced a hand-held NavIC-based navigation device in May 2023. This navigation device can give accurate directions for infrastructure project tasks, such as railway, land survey, telecoms, and hydrocarbon exploration.
What Are the Main Segments in the Personal Navigation Devices Market?
The personal navigation devices market covered in this report is segmented -
1) By Device Type: In-Car Personal Navigation Devices (PNDs), Handheld GPS Devices, Smartphone Applications, Wearable GPS devices
2) By Application: Smartphones, Tablets, Automobiles
3) By End-Users: Automotive, Outdoor And Sports, Commercial, Other End Users
Subsegments:
1) By In-Car Personal Navigation Devices (PNDs): Standalone PNDs, Integrated PNDs, Portable PNDs
2) By Handheld GPS Devices: Hiking GPS Devices, Fishing GPS devices, Geocaching GPS Devices
3) By Smartphone Applications: Navigation Apps, Offline Navigation Apps, Specialty Apps
4) By Wearable GPS Devices: Fitness Trackers With GPS, Smartwatches With GPS, Activity Monitors With Navigation Features
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Which Top Companies are Driving Growth in the Personal Navigation Devices Market?
Major companies operating in the personal navigation devices market are Apple Inc., Samsung Electronics Co. Ltd., Huawei Technologies Co. Ltd., Sony Corporation, ALPS ALPINE ASIA CO. LTD, Garmin Ltd., TomTom International BV., Shenzhen RoadRover Technology Co Ltd, Delphi Technology Inc., CalAmp Corp., Omnitracs LLC, Magellan GPS, Advanced Tracking Technologies Inc., Blaupunkt GmbH, Sygic A.S., CarrierWeb, Coban Technologies Inc., Linxup, Mio Technology Corporation, Becker Avionics Inc., NAVIGON AG, AvMap Satellite Navigation Inc., BridgeHaul Logistics Solutions LLC, LiveViewGPS Inc., Navman Wireless, HawkEye Inc., Kenwood Ltd.
Which Regions Will Dominate the Personal Navigation Devices Market Through 2029?
North America was the largest region in the personal navigation devices market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the personal navigation devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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