The ability of GPS navigation systems to provide real time data such as real time traffic updates saves individual’s time in road congestion. In addition, it aids in reduction of chances of accidents and fuel consumption.
Car GPS Navigation System Market was valued at $701 million in 2016, and is projected to reach at $1,237 million by 2023, growing at a CAGR of 8.1% from 2017 to 2023. Car GPS Navigation System Market receive signals from navigation satellites, which assist in vehicle tracking and positioning.
These signals are received from multiple satellites thereby helping in precise positioning of the vehicle. The car GPS navigation system includes range of functionalities such as record, save music, and operate climate control functions (if equipped in car).
The GPS navigation systems are largely used by transportation and logistics industry.
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The ability of navigation systems to provide real time traffic data thereby assisting large number of logistic and fleet operators fuel the market. In addition, increase in demands from dependent sectors further propels the market growth.
Moreover, rise in car sales worldwide is projected to fuel the growth. However, costs versus functionalities given by these systems restrain the market.
In addition, the presence of substitutes to aftermarket navigation systems and the cost versus functionality given by these systems restrain the market. The availability of advanced telecom infrastructure and penetration of wireless communication technology makes way for market growth opportunities.
The report includes the study of the car GPS navigation system market focusing on various growth prospects and restraints, based on the regional analysis. The study highlights Porter’s Five Forces analysis for the market that comprises the impact of suppliers, competitors, new entrants, substitutes, and buyers.
Key players profiled in the report include Pioneer Corporation, Mitsubishi Electric, Alpine Electronics, TomTom, Robert Bosch, Denso Corporation, Continental AG, JVCKENWOOD Corporation, Panasonic Corporation, and Sony Corporation.
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