Dublin, Nov. 20, 2024 (GLOBE NEWSWIRE) -- The "ASEAN Car GPS Navigation Systems Market Forecast 2024-2032" report has been added to ResearchAndMarkets.com's offering. The market is analyzed by component, vehicle type, sales channel, and region.
The ASEAN car GPS navigation systems market size reached a value of USD 1.45 billion in 2023. Aided by the increasing demand for advanced navigation solutions and the growing applications of GPS navigation systems in the automotive sector, the market is projected to further grow at a CAGR of 11.1% between 2024 and 2032 to reach a value of USD 3.76 billion by 2032. 
The increasing demand for advanced navigation solutions is driving the ASEAN car GPS navigation systems market growth. As consumers become more tech-savvy and seek convenience in their daily lives, there is a growing demand for high-quality and reliable navigation systems in vehicles. GPS navigation systems provide real-time traffic updates, turn-by-turn directions, and alternative routes, enhancing the overall driving experience. The rising awareness of the benefits of GPS navigation systems, coupled with the growing adoption of connected vehicles, has driven the market growth in the ASEAN region.
The expanding applications of GPS navigation systems in various sectors significantly contribute to the market's growth. In the automotive sector, GPS navigation systems are used in passenger cars, commercial vehicles, and electric vehicles to provide real-time navigation and enhance the driving experience. The increasing production and sales of vehicles, driven by rising disposable incomes and economic development in the ASEAN region, have boosted the adoption of GPS navigation systems in the automotive sector, consequently driving up the ASEAN car GPS navigation systems market share.
In the logistics and transportation sector, GPS navigation systems are employed to optimise route planning, track vehicle locations, and improve fleet management. The growing focus on enhancing operational efficiency, reducing fuel consumption, and ensuring timely deliveries has driven the adoption of GPS navigation systems in logistics and transportation. Additionally, GPS navigation systems are used in emergency response vehicles to provide accurate and efficient navigation during emergencies, improving response times and saving lives.
The ASEAN region holds a significant share in the market, driven by the increasing demand for advanced navigation solutions, the presence of leading automotive manufacturers, and a well-established transportation infrastructure in the region. The rising demand for connected vehicles, coupled with supportive government policies and incentives, has boosted the market growth in the ASEAN region. Moreover, the region's strong focus on economic development and infrastructure improvement further supports market growth.
As per the ASEAN car GPS navigation systems market analysis, the passenger cars segment represents the largest vehicle type, driven by the increasing production and sales of passenger cars and the rising demand for advanced navigation solutions in these vehicles. The commercial vehicles segment is also significant, with GPS navigation systems being used to optimize route planning, track vehicle locations, and improve fleet management.
Market Segmentation
Market Breakup by Component
- Hardware
- Software
- Services
Market Breakup by Vehicle Type
- Passenger Cars
- Commercial Vehicles
Market Breakup by Sales Channel
- Original Equipment Manufacturer (OEM)
- Aftermarket
Market Breakup by Region
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Others
Competitive landscape
The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in ASEAN car GPS navigation systems market. some of the major players explored in the report are as follows:
- Sony Corporation
- Robert Bosch GmbH
- Garmin Ltd.
- Pioneer Corporation
- TomTom International BV
- Mitsubishi Electric Corporation
- Alpine Electronics, Inc.
- Denso Corporation
Key Attributes
| Report Attribute | Details |
| No. of Pages | 193 |
| Forecast Period | 2024-2032 |
| Estimated Market Value (USD) in 2024 | $1.62 Billion |
| Forecasted Market Value (USD) by 2032 | $3.76 Billion |
| Compound Annual Growth Rate | 11.1% |
| Regions Covered | Asia Pacific |
For more information about this report visit https://www.researchandmarkets.com/r/wk6lgh
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