Automotive Navigation Solution Market By Component ( Hardware, Software, Service); By Sales Channel (Original equipment manufacturer, Aftermarket); By Connectivity ( Bluetooth LE, USB, Wifi); Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles) - Global Demand Analysis & Opportunity Outlook 2027
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In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Automotive navigation solution is one of the key features consumers are looking for in vehicles these days. Automotive navigation solutions have been very helpful to the occupants owing to their features such as voice guidance, integrated positioning, route planning, route guidance and others. These navigation solutions consist of GPS receivers, audio/video (AV) components and others.
Global automotive navigation solution market is expected to witness significant growth over the forecast period. The market is expected to thrive on the back of growing automotive industry across the globe. The automotive navigation solution has gone through a number of technological advancements over recent years. Advanced features of automotive navigation solution are gaining attention of consumers across the globe.
Regionally, the global automotive navigation solution market is segmented into North America, Latin America, Europe, Asia Pacific and Middle East & Africa regions. Among these regions, Asia Pacific automotive navigation solution market is expected to witness significant growth in global automotive navigation solution market by the end of forecast period. The market of automotive navigation solution system in Asia Pacific is thriving on the back of growing automotive industry across the Asian countries. In Asia-Pacific region, China, Japan, South Korea and India are the major countries which are creating a huge demand for the automotive navigation solution.
Apart from Asia Pacific, North America region grabbed major shares in previous years and expected to showcase a tremendous growth over the forecast period. Strong aftermarket sales of automotive navigation solution in North American countries are expected to bolster the growth of North America automotive navigation solution market over the forecast period. Apart from this, U.S. is likely to contribute significantly in the growth of automotive navigation solution market in North America region during the forecast period.
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Further, passenger cars navigation solution segment by vehicle type grabbed major shares of market in previous year and is expected to continue this positive growth over the forecast period. Additionally, increasing installation of navigation solution in commercial vehicles for applications such as tracking rental vehicles and dynamic vehicle routing is anticipated to foster the growth of light commercial vehicles and heavy commercial vehicles over the forecast period.
Our in-depth analysis has segmented global automotive navigation solution market into the following segments:
By Component
By Vehicle type
By Connectivity
By Sales Channel
By Region
Global automotive navigation solution market is further classified on the basis of region as follows:
The increasing sales of vehicles are the major factor which is responsible for the growth of automotive navigation solution market. In addition to this, advances in technologies in automotive navigation solution are anticipated to drive the growth of the automotive navigation solution market in upcoming years. Moreover, increasing vehicle density on roads in developed as well as developing countries is also a key factor that is expected to fuel the need for automotive navigation solution across all regions in future.
According to OICA, 94.7 million motor vehicle productions were held to be in 2016. Moreover, this represented a Y-o-Y growth of 5.0% as compared to 2015. Additionally, automotive production is anticipated to increase on the account of rising demand. This factor signals promising growth of the automotive navigation solution market in upcoming years. The manufacturers of automotive navigation system are developing these solutions to support many regional languages. Such beneficial features of automotive navigation system are augmenting the demand across the globe. For instance, TPL Maps Navigation System is supported by TPL Trakker which is a tracking company of Pakistan. And due to an Urdu language option this solution is highly acceptable among Pakistani consumers.
Further, global automotive navigation solution market is booming on the account of increasing awareness amongst the population and growing aftermarket of automotive navigation solution across the world. However, high cost of automotive navigation solution and slow installation rate in economy cars may hamper the growth of automotive navigation solution market in upcoming years.
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