Portland, OR, June 01, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global car GPS navigation system market generated $13.07 billion in 2020 and is expected to reach $35.73 billion in 2030, witnessing a CAGR of 11.0% from 2021 to 2030. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
Increase in demand for vehicles with advanced safety & navigation features, rise in demand for reliable real-time traffic information, rapid development of connected cars, and surge in adoption of car sharing & ride hailing services drive the growth of the global car GPS navigation system market. However, lack of telecommunication infrastructure in emerging countries and rise in concerns associated with data protection & privacy restrain the market growth. On the other hand, surge in adoption of electric & hybrid vehicles and technological advancements create new opportunities in the coming years.
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Covid-19 Scenario:
- Complete lockdown and temporary shutdown of the automotive industry led to stoppage of manufacturing activities of cars. Consequently, the demand for GPS navigation systems reduced considerably during the initial stages of Covid-19 pandemic.
- The supply-chain disruptions resulted in the shortage of semiconductor chips in manufacturing of vehicles and related parts for car GPS navigation systems. This forced manufacturers to exclude such systems from cars.
- The demand for vehicles increased post-pandemic. The production activities of connected cars and electric vehicles surged considerably. This, in turn, is expected to raise the demand for car GPS navigation systems post-pandemic.
The report offers detailed segmentation of the global car GPS navigation system market based on component, vehicle type, screen size, propulsion, sales channel, and region.
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Based on component, the software and services segment contributed to the largest share in 2020, accounting for around three-fifths of the total share of the market, and is projected to maintain its lead position during the forecast period. Moreover, this segment is projected to manifest the fastest CAGR of 11.5% from 2021 to 2030. The report also analyzes the hardware segment.
Based on vehicle type, the passenger cars segment accounted for the highest share in 2020, contributing to more than four-fifths of the total share, and is expected to continue its leadership status during the forecast period. Moreover, this segment is projected to witness the highest CAGR of 11.2% from 2021 to 2030. The report also discusses the segments including light commercial vehicles and heavy commercial vehicles.
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Based on region, Asia-Pacific held the largest share in 2020, contributing to nearly two-fifths of the total market share, and is expected to continue its dominant share in terms of revenue by 2030. However, Europe is estimated to register the largest CAGR of 12.1% during the forecast period.
Leading players of the car GPS navigation system market analyzed in the research include Alpine Electronics, Inc., Garmin Ltd., Continental AG, Mitsubishi Electric Corporation, JVCKENWOOD Corporation, Pioneer Corporation, Panasonic Corporation, Sony Group Corporation, Robert Bosch GmbH, and TomTom International BV.
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