The Automotive Navigation Systems market is expected to register a CAGR of around 8% over the period of 2021-2027. 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 are expected to drive demand in the navigation system market over the forecast period.
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According to UnivDatos Market Insights (UMI)’ research report “The Automotive Navigation Systems market”, the market is expected to witness robust growth during the forecast period 2021-2027F. This is mainly due to the increasing adoption and integration of connected devices and systems in automobiles by OEMs globally to attain a significant competitive edge in the market.
Based on 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. Some of the biggest OEM navigation device manufacturers include Alpine, Denso, Mitsubishi, and Bosch. All of the world's major automakers work with one or more of these OEMs or have their navigation system manufacturing facilities. Original Equipment Manufacturers (OEMs) are focusing on embedded and technologically advanced automotive systems that can perform several functions in a single unit. OEMs with the highest passenger car manufacturing capacity are now producing in-dash navigation systems for hatchback vehicles in order to obtain public acceptance and a competitive advantage in the market.
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Based on Vehicle Type, the market is bifurcated into Passenger Car 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 this segment is the augmented passenger vehicle production. The entire production of passenger cars has improved in recent years. Therefore, the growing production of passenger vehicles is resulting in the demand for navigation systems, globally.
The Asia Pacific to witness extensive growth
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 some of the prominent factors contributing to the market growth. Furthermore, the region experienced rapid smartphone adoption, which has given rise to smartphone integration with automotive navigation systems. 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.
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According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the automotive navigation systems market 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.
“The Automotive Navigation Systems Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This will help companies in the formulation of go-to-market strategies and identifying the blue ocean for its offerings.
Market Segmentation:
1. By Sales Channel (OEM, Aftermarket)
2. By Vehicle Type (Passenger cars, Commercial vehicles)
3. By Region (North America, Europe, Asia-Pacific, Rest of the World)
4. By Company (Alpine Electronics Inc., 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)
Key questions answered in the study:
1. What are the current and future trends of the automotive navigation systems industry?
2. How the industry has been evolving in terms of technology and application?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the automotive navigation systems industry?
5. What is the customer orientation, purchase behavior, and expectations from the automotive navigation systems suppliers across various region and countries?