New York, Dec. 19, 2022 (GLOBE NEWSWIRE) -- According to The Insight Partners, “GNSS Chip Market Size, Share, Growth, Trends and Global Forecast to 2028 - COVID-19 Impact and Global Analysis By Device (Smartphones, Tablets, Personal Navigation Devices, In-Vehicle systems, and Others); Application (Navigation & Location-Based Services, Mapping, Surveying, Telematics, Timing and Synchronization, and Others); Vertical (Consumer Electronics, Automotive & Transportation, Military and Defense, Marine, and Others)”, The global GNSS chip market demand is influenced by GNSS in UAVs/UGVs, growing use of GNSS Chip in consumer electronic devices and rising demand for 5G network and high-speed internet.
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Global GNSS Chip Market Study, Size, Share, Segmentations and Regional Scope:
| Market Size Value in | USD 5.66 Billion in 2021 |
| Market Size Value by | USD 8.32 Billion by 2028 |
| Growth rate | CAGR of 5.6% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
| No. of Pages | 197 |
| No. of Tables | 77 |
| No. of Charts & Figures | 86 |
| Historical data available | Yes |
| Segments covered | Device, Application, Vertical |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America |
| Country scope | US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Consumer electronic devices including smartphones, smart wearables, digital cameras, and tablets, use GNSS technology for mapping, geo-marketing, and navigation applications. ~50% of the global population is using tech-advanced wearable devices, such as fitness bands and smartwatches. GNSS chips are majorly integrated into these devices to offer precise location details to users while running, walking, or driving. This feature has propelled the adoption of various location-based services (LBS) and applications depending on the 4G network solution. Companies are focused on developing GNSS-based wearable devices. In August 2020, Sony Corporation announced the release of high-precision GNSS receiver LSIs for IoT and wearable devices. Moreover, a rise in the use of location-based services such as online food delivery and online cab services is contributing to the GNSS chip market growth.
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Impact of COVID-19 Pandemic on Global GNSS Chip Market Growth:
Several economies in Asia Pacific experienced a sharp decline in their GDPs in 2020 due to sudden shutdown of majority of economic activities. As per report published by the Organization for Economic Co-operation and Development (OECD) in 2020, the COVID-19 outbreak has affected multiple countries including India, China, Australia, and Japan. Among them, India is the worst-hit country by the COVID-19 outbreak in the APAC region. The limitations imposed by several governments to control the spread of COVID-19 during initial stage of the COVID-19 outbreak in the above-mentioned countries affected the performance of the manufacturing sector due to limitations levied on the strength of workforce available on work floors. Automotive and consumer electronics are the key sectors contributing to the growth of GNSS chip market in the APAC region. Due to high cases of job losses and salary cuts, buying capacity of the consumer have reduced significantly. This impacted the sales of smart phones, smartwatches, and other electronic appliances. According to Automobile Industry Associations, the Indian automotive industry suffered the daily loss of ~US$ 31,164 million in 2020. However, as the economies re-opened and industries began their manufacturing operations, the demand for GNSS chips from multiple end users have started to grow again. India reported the record count of vaccinations among all countries. Moreover, with ease in earlier restrictions, companies are able to work with higher capacity.
GNSS Chip Market: Device Overview
Based on device, the GNNS chip market is segmented into smartphones, tablets, personal navigation devices, in-vehicle systems, and others. In 2021, the smartphones segment led the market and accounted for a larger market share.
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Government support for the implementation of GNSS technology is contributing to the market growth. For instance, the European Commission has approved a regulation mandating the inclusion of satellite and Wi-fi location services in new smartphones to be launched. According to this rule, chipsets enabled with the global navigation satellite system (GNSS) capabilities are likely to access the EU’s satellite system Galileo, which provides accurate positioning and timing information. As per the European GNSS Agency, over 95% of satellite navigation chipset-based devices support Galileo, including smartphone chipsets manufactured by Broadcom, Qualcomm, and Mediatek. With leading GNSS chipset providers developing Galileo-ready chipsets and global smartphone brands integrating these chipsets in their latest smartphone models, the GNSS chip market is expected to further grow during the forecast period.
The global navigation satellite system (GNSS) is a constellation of satellites that broadcasts signal from space, and transmits positioning and time data to GNSS receivers. The receivers then combine the data with other sensors to identify other aspects such as location, speed, and altitude. The precision and accuracy of such chips are mostly determined by the visible range of satellites. As a result, several governments are attempting to deploy regional constellations to improve navigation and mapping services. Only five countries—China, Russia, the US, India, and Japan—and the European Union have GNSS systems on the market.
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Key Findings of Study:
Based on device, the GNNS chip market is segmented into smartphones, tablets, personal navigation devices, in-vehicle systems, and others. In 2021, the smartphones segment led with a larger market share. On the basis of application, the GNNS chip market is segmented into navigation & location-based services, mapping, surveying, telematics, timing and synchronization, and others. In 2021, the navigation/location-based services segment accounted for the largest market share. Based on vertical, the GNNS chip market is segmented into consumer electronics, automotive & transportation, military & defense, and others. In 2021, the consumer electronics segment dominated the market and accounted for the largest market share. On the basis of geography, the GNSS chip market is primarily segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). In 2021, APAC accounted for a significant share of the market.
Qualcomm, MediaTek, STMicroelectronics, Broadcom Inc., and Intel are the five key market players operating in the global GNSS chip market. The GNSS chip market is highly fragmented and competitive due to occurrence of huge number of small scale and medium scale manufacturers in both developed and developing economies. The top 5 market players are majorly focusing on various organic and inorganic growth strategies to survive in the GNSS chip market. Such as, innovation of new technologies to offer enhanced product portfolios to the customers, merger and acquisitions, and expansion strategies.
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