Automotive Navigation System Market to Witness CAGR of 8% (2021-2027) On Account of Increasing Traffic Congestion in Urban Areas and Advances In Navigation System| UnivDatos Market Insights

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NOIDA, India, Nov. 15, 2022 /PRNewswire/ -- According to a new report published by UnivDatos Markets Insights, the Automotive Navigation System Market was valued at USD 28 billion in 2020 and is expected to witness a robust CAGR of around 8% during the forecast period 2021-2027. The analysis has been segmented into Sales Channel (passenger cars and commercial vehicles); Vehicle Type (OEM and Aftermarket); Region/Country.

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The Automotive Navigation System market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Automotive Navigation System market. The Automotive Navigation System market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Automotive Navigation System market at the global and regional levels.

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Market Overview

Navigation systems help the driver of a vehicle to locate a particular destination and identify the best route for getting to that destination. Most automotive navigation systems use Global Positioning System (GPS) signals and electronic maps to identify the vehicle's current position relative to the desired destination. Advances in navigation system technology coupled with the increasing concerns related to the problem of traffic congestion, particularly in urban areas, and changing consumer behavior, towards better in-dash features. Thus, driving the market for automotive navigation system significantly.

Some of the major players operating in the market include DENSO Corporation, Harman International Industries Inc., Clarion Co. Ltd, Continental Reifen Deutschland GmbH, Aisin AW Co. Ltd, TomTom International BV, JVC Kenwood Corporation, Panasonic Corporation, Mitsubishi Electric Corporation.

COVID-19 Impact

The COVID-19 pandemic has Impacted the global supply chain of semiconductor chips which are heavily used in the hardware of navigation devices, which forced the manufacturers to remove all the high-end features from the device, which made it very basic. However, heavy adoption of electric vehicles is expected to aid in the growth of the Navigation systems market in the forthcoming years.

The global Automotive Navigation System market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

• Based on Vehicle Type, the market is bifurcated into passenger cars and commercial vehicles. The Passenger car segment is anticipated to have the highest CAGR in the forecast period. The factor attributed to the growth of the market is augmented passenger vehicle production. The entire production of passenger cars improved in recent years, which is contributing to greater market growth.
• Based on the sales channel, the market is bifurcated into OEM and Aftermarket. The Aftermarket segment is predicted to hold the most significant CAGR in the forecast period. The key factor for the growth of this segment is the higher fitment rate from the aftermarket channels as older cars do not come with an already fitted navigation system. Also, with the rise of eCommerce globally, enterprises are under pressure to deliver products on time, to their client.

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Automotive Navigation System Market Geographical Segmentation Includes:

• North America (United States, Canada, and the Rest of North America)
• Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
• Asia-Pacific (China, Japan, India, Australia, and the Rest of Asia-Pacific)
• Rest of the World

The Asia Pacific is a prominent region in the global automotive navigation systems market and is expected to account for a substantial market share during the forecast period. The presence of large manufacturers in the region, growing urbanization, rising income, and increasing consumer demand are acting as growth catalysts for the industry. Furthermore, the region experienced rapid smartphone adoption, which has given rise to smartphone integration with automotive navigation systems with China and India being the key automotive navigation systems market in this region.

The major players targeting the market include

• Denso Corporation
• Harman International Industries Inc.
• Clarion Co. Ltd,
• Continental Reifen
• Deutschland GmbH,
• Aisin AW Co. Ltd,
• TomTom International BV,
• JVC Kenwood Corporation
• Panasonic Corporation
• Mitsubishi Electric Corporation

Competitive Landscape

The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Automotive Navigation System Market. The major players have been analyzed by using research methodologies for getting insight views on global competition.

Key questions resolved through this analytical market research report include:

• What are the latest trends, new patterns, and technological advancements in the Automotive Navigation System market?
• Which factors are influencing the Automotive Navigation System market over the forecast period?
• What are the global challenges, threats, and risks in the Automotive Navigation System market?
• Which factors are propelling and restraining the Automotive Navigation System market?
• What are the demanding global regions of the Automotive Navigation System market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?

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Automotive Navigation System Market Report Coverage

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