Automotive Navigation Systems Market to Grow by 6.56 Million Units during 2020-2024

Strategic Insights -

The global automotive navigation systems market is expected to grow at a Compound Annual Growth Rate (CAGR) of over 2% during the forecast period of 2020-2024. The market is poised to grow by 6.56 million units during this period, driven by the increasing demand for advanced driver-assistance systems (ADAS) and the minimization of vehicle operating costs. The market is highly fragmented, with Aisin Seiki Co. Ltd., Alpine Electronics Inc., Continental AG, DENSO Corp., Garmin Ltd., Panasonic Corp., Pioneer Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., and TomTom International BV being some of the major market participants.

Key Takeaways:

  • The market is expected to grow at a CAGR of over 2% during the forecast period of 2020-2024.
  • The market will grow by 6.56 million units during the forecast period.
  • The increased support for open source and standard platforms for application development in automotive infotainment is a prime driver of market growth.
  • The market is highly fragmented, with the degree of fragmentation accelerating during the forecast period.
  • Aisin Seiki Co. Ltd., Alpine Electronics Inc., Continental AG, DENSO Corp., Garmin Ltd., Panasonic Corp., Pioneer Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., and TomTom International BV are some of the major market participants.
  • The minimization of vehicle operating costs has been instrumental in driving the growth of the market.
  • Complexities associated with customization might hamper market growth.
  • The market is segmented by product, type, and geography, with passenger cars, commercial vehicles, APAC, North America, Europe, South America, and MEA being the major segments.

Statistics:

  • CAGR: over 2%
  • Market growth forecast: 6.56 million units
  • The market is expected to grow by 6.56 million units during the forecast period of 2020-2024.
  • The market is highly fragmented, with the degree of fragmentation accelerating during the forecast period.
  • Aisin Seiki Co. Ltd., Alpine Electronics Inc., Continental AG, DENSO Corp., Garmin Ltd., Panasonic Corp., Pioneer Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., and TomTom International BV are some of the major market participants.
  • The minimization of vehicle operating costs has been instrumental in driving the growth of the market.
  • The market size in 2019 was not provided in the source material.

Sources:

  • BusinessWire.com, Technavio, https://www.businesswire.com/news/home/20200721005696/en/
  • Technavio, Global Automotive Navigation Systems Market 2020-2024, https://www.technavio.com/talk-to-us?report=IRTNTR44363