Automotive Navigation Systems Market: Current Analysis and Forecast (2021-2027)

Automotive Navigation Systems Market: Current Analysis and Forecast (2021-2027)

The automotive navigation system market is expected to grow at a CAGR of around 8% during the forecast period. The integration of smartphones and IVS (In-Vehicle Systems) are the key factors contributing to the growth of the market. In recent years, smartphones have become widespread and demand for smartphone / tablet-based navigation devices is expected to grow. Real-time traffic data, map updates, and smartphone integration are just a few of the key features of automotive navigation systems and could attract significant customer demand over the next few years. In addition, 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 are the key factors driving the growth of the automotive navigation systems market.

Major companies in the industry are 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.

Insights Presented in the Report
"Amongst vehicle type, passenger car category accounted for the majority share in the market in 2020”

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. Growing passenger car production across the globe is one of the prominent reasons driving the growth of this segment. The entire production of passenger cars improved in recent years. Therefore, the growing production of passenger vehicles is resulting in the demand for navigation systems, globally.
"Amongst sales channel, the aftermarket segment is expected to witness the highest CAGR during the forecast period”

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 factors can be attributed to the fitment rate from the aftermarket channels as older cars do not come with an already fitted navigation system. Customers who require a navigation system in their vehicle can get it from the aftermarket.
"Asia Pacific to witness significant growth during the forecast period”

The Asia Pacific is a prominent region in the global automotive navigation systems market, 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 some of the prominent reasons contributing to the growth of the region. Furthermore, the region experienced rapid smartphone adoption with China and India being the key automotive navigation systems market in this region. Moreover, the competition in these countries in the automotive industry is growing very rapidly. Asia-Pacific is projected to become the key market for automotive navigation systems with Japan, India, and China, being the major automotive manufacturing hubs during the forecast period. Moreover, the demand across North America and Europe region is likely to increase due to the penetration of automobile MEMS sensors as it is one of the emerging applications and is being used in the electronic control unit, and tire pressure monitoring systems in the automotive navigation systems market.

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