ALBANY, New York, March 28, 2018 (GLOBE NEWSWIRE) -- According to a new market report published by Transparency Market Research “3D Map System Market for Automotive: (By Navigation: In-dash Navigation and Other; By System: Software & Services, and Other; By Sales Channel: OEM and Other; By Vehicle: Passenger Vehicle, Commercial Vehicle; By Region: North America, Europe, and Europe) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2017 – 2025”, the global 3D map system market for automotive is expected to expand at a CAGR of about 18% and to pass the 4 Bn US$ mark by 2025.
The global 3D map system market for automotive is projected to expand at a CAGR of about 18% during the forecast period, according to a new research report by Transparency Market Research (TMR). According to the report, the expansion of the market is subjected to the centimeter-level accuracy of the 3D maps and capability to display the surroundings as virtual reality. North America is likely to lead the global market, expanding at a CAGR of above 19% between 2017 and 2025.
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Accuracy of 3D maps, increased number of tourist vehicles, enhanced demand for ride hailing, increased level of automation in vehicles, and demand for sophisticated technologies by end-users are likely to drive the market. Rising urbanization, increased purchasing power, availability of latest technologies at moderate price, demand for safety, and attraction toward automation are key factors that are driving the 3D map system market, especially in North America and Europe.
Development of new technologies and their implementation in vehicles forms a part of product differentiation by vehicle OEMs. This trend is likely to drive the in-dash navigation segment of the market. In-dash navigation systems provide a wider view of the surrounding, as they are part of OEM fitted infotainment systems, which comprise a bigger display and better connection to the network. Connected vehicles are witnessing a rapid rise in demand. As of 2017, there were 43.2 million connected vehicles running on the roads, globally, and the number is increasing rapidly. 3D map system is an important aspect for connected vehicles as it guides the vehicle about its actual position in the surrounding environment. Connected vehicles need to communicate with each other. The 3D map system provides the exact position of the vehicles and other things in the vehicle’s surroundings. Hence, the demand for 3D map system is likely to advent with the connected vehicles. High-end models and luxury cars are equipped with 3D map system technology. Increased per capita income in developing countries, due to globalization and industrialization, has boosted the purchasing power of consumers. This has led to the increased sale of high-end models of cars, which are embedded with advanced technologies such as 3D map systems. These factors are likely to drive the in-dash navigation segment. The segment is expected to expand at a CAGR of about 22% during the forecast period.
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In this report, the 3D map system market is analyzed for passenger vehicles and commercial vehicles. In 2016, in terms of revenue, the passenger vehicle segment held a major share of the 3D map system market. This was due to the increased demand for passenger cars. Demand for vehicles has been increasing for the last few years, due to rapid globalization and urbanization. Increased tourism, increased ride hailing market, and raised per capita income are indirectly boosting the demand for vehicles. Countries such as the U.S., Canada & EU witness a high percentage of urbanization and stable economic conditions. This in turn are driving the passenger vehicle segment of the market in this region. Countries in Asia Pacific are witnessing rapid economic growth. Consequently, the demand for vehicles is increasing owing to the rising population, increased spending capability due to raised income per capita, development of hub-spoke infrastructure, and increased transportation.
Europe hold a prominent share of the global automotive 3D map system market in 2016. This is due to the presence of technologically and economically developed nations in the region. The 3D map system market in North America is expected to expand at a CAGR of more than 19% during the forecast period, due to the high rate of adoption of technology, generation of HD maps for the wider area, and significant number of commercial vehicles in the region.
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The 3D map system market for automotive is highly fragmented with the presence of global manufacturers. Key players in the automotive advanced technologies are expected to benefit from the formation of strategic alliances with global players in the market. Prominent players operating in the global 3D map system market include Robert Bosch GmbH, Continental AG, DENSO CORPORATION, Aptiv, HERE, NVIDIA Corporation, Elktrobit, Dynamic Map Platform Co., Ltd., TomTom International BV, Civil Maps, Axestrack, BAE Systems Plc., Harman international, and Nippon Seiki Co., Ltd. HERE is global leader in generating 3D and HD maps. HERE has launched a cloud platform as a service (PaaS) in order to help maximize logistics efficiencies for shipping companies. Robert Bosch GmbH and Continental AG are global leaders in providing advanced technology-related hardware and software.
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