Selbyville, Delaware, Oct. 31, 2024 (GLOBE NEWSWIRE) --
The automotive navigation system market valuation is predicted to exceed USD 62.6 billion by 2032, reported in a research analysis by Global Market Insights Inc.
The increasing number of launches and advancements in GPS technology will favor the automotive navigation system market growth. As new models and updates are being introduced, the accuracy and functionality of navigation systems are improving. Rapid advancements are enhancing real-time traffic updates, route planning, and user interfaces for making navigation more reliable and user-friendly.
Rising developments are leading to the integration of advanced GPS technologies with other in-vehicle systems, such as autonomous driving features and connectivity solutions. These innovations are providing more precise, efficient, and interactive navigation experiences for accommodating the growing demands of modern drivers and integrating seamlessly with emerging automotive technologies. For instance, in June 2024, Genesys International launched an AI-powered navigation map designed for the automotive and mobility sectors. This innovation is enhancing navigation accuracy and functionality for catering to the evolving needs of modern vehicles and transportation systems.
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The automotive navigation system market from the commercial vehicles segment may exhibit a decent growth rate over 2024-2032. This is driven by increasing demand for enhancing capabilities to provide more accurate and intuitive guidance for commercial vehicles. Companies are developing features to offer adaptive route suggestions based on current road conditions and driver behavior. Increasing advancements include more seamless connectivity with other vehicle systems and external networks to support more effective fleet management and operational optimization. This ongoing evolution is making navigation systems even more integral to managing commercial vehicle logistics and ensuring timely deliveries.
The mobile navigation systems segment in the automotive navigation system industry will register a noteworthy CAGR from 2024 to 2032, due to increasing need for providing real-time and portable guidance for drivers. Mobile navigation devices are integrating advanced features, such as live traffic updates, turn-by-turn directions, and points of interest for enhancing navigation experiences on the go. As technology is evolving, these systems are expanding their capabilities to include voice commands, augmented reality overlays, and seamless connectivity with other smart devices. The continuous advancements in mobile navigation are ensuring that drivers have access to increasingly accurate and personalized navigation solutions for improving efficiency and safety while traveling.
Asia Pacific automotive navigation system market will register a significant CAGR from 2024 to 2032, led by the growing demand for electric and hybrid vehicles. Companies are integrating features that cater specifically to the needs of these vehicles, such as charging station locators and energy-efficient route planning. Real-time data on battery levels and range estimations are becoming increasingly important for drivers of electric and hybrid vehicles, driving the development of more advanced navigation solutions. According to the India Brand Equity Foundation (IBEF), the Indian EV market will expand from US$ 3.21 billion in 2022 to US$ 113.99 billion by 2029. This expansion is driving advancements in automotive navigation systems for enhancing EV-specific features and route optimization.
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Some of the leading automotive navigation system market companies are Robert Bosch GmbH, Denso Corporation, Pioneer Corporation, Alpine Electronics Inc., TomTom International BV
Garmin Ltd., and Kenwood Corporation, among others. These market players are forming partnerships to launch advanced solutions and enhance functionality. For instance, in January 2024, Qualcomm Technologies, Inc. and Robert Bosch GmbH unveiled the automotive industry's first central vehicle computer by integrating infotainment and ADAS functionalities on a single SoC. This innovation is enhancing automotive navigation systems with improved processing power and seamless connectivity.
Partial chapters of report table of contents (TOC):
Chapter 1 Methodology & Scope
1.1 Research design
1.1.1 Research approach
1.1.2 Data collection methods
1.2 Base estimates and calculations
1.2.1 Base year calculation
1.2.2 Key trends for market estimates
1.3 Forecast model
1.4 Primary research & validation
1.4.1 Primary sources
1.4.2 Data mining sources
1.5 Market definitions
Chapter 2 Executive Summary
2.1 Industry 3600 synopsis, 2021 - 2032
Chapter 3 Automotive Navigation System Market Insights
3.1 Industry ecosystem analysis
3.2 Supplier landscape
3.2.1 Map data providers
3.2.2 Software developers
3.2.3 Hardware manufacturers
3.2.4 Car manufacturers (OEMs)
3.2.5 Aftermarket suppliers
3.3 Profit margin analysis
3.4 Technology & innovation landscape
3.5 Patent analysis
3.6 Key news & initiatives
3.7 Regulatory landscape
3.8 Impact forces
3.8.1 Growth drivers
3.8.1.1 Increasing demand for in-vehicle features
3.8.1.2 Rise of connected cars across the world
3.8.1.3 Growing demand for electric vehicles
3.8.1.4 Integration of advanced navigation technologies
3.8.2 Industry pitfalls & challenges
3.8.2.1 High cost of navigation system
3.8.2.2 Competition from smartphone navigation system
3.9 Growth potential analysis
3.10 Porter’s analysis
3.11 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
