Car GPS Navigation System Market CAGR, Key Players, Applications, Products and Regions Till 2027
In the recent past, the paced growth of advanced digital and networking technologies has been highly disruptive for numerous industries. Various systems and processes are undergoing digital transformation. The automotive industry has also been impacted as modern car buyers are looking for smart features with the same weightage as the car’s performance. Under such circumstances, the global Car GPS navigation system market has grown at breakneck speed. GPS systems can provide drivers with highly precise and real-time data about their routes, eliminating the need to remember ways. The GPS systems can provide voice assistance, traffic information, alternative routes, and other such information. The growth of smartphones has also enabled easier integration of GPS, further benefiting the market expansion.
𝗙𝗼𝗿 𝗠𝗼𝗿𝗲 𝗜𝗻𝘀𝗶𝗴𝗵𝘁𝘀 𝗚𝗲𝘁 𝗣𝗗𝗙 𝗦𝗮𝗺𝗽𝗹𝗲 𝗖𝗼𝗽𝘆 𝗼𝗳 𝗥𝗲𝗽𝗼𝗿𝘁:- https://www.fairfieldmarketresearch.com/report/car-gps-navigation-system-market/request-sample
Heavy Demand for Smartphones to Open New Avenues of Growth
The penetration of smartphones into our daily lives has been significant, with over 78.05% of the global population being smartphone users in 2020. From business to entertainment, smartphones are capable of doing a myriad of tasks. The automotive industry is also pacing to utilize smartphones to improve the user experience. The integration of smartphones with in-vehicle navigation systems has opened new avenues of growth for the global car GPS navigation system market. Connected automobiles are able to connect with smartphones wirelessly. Consistent technological improvements in the navigation systems allow users to get real-time traffic updates, road blockage notifications, directions, alternate routes and so on. Rapid tech advancements and smartphone integration is creating favourable business opportunities in the global car GPS navigation system market.
Aftermarket GPS Systems to Sustain Global Car GPS Navigation System Market Growth
The car GPS navigation systems have gained widespread integration and appeal in recent years. Its benefits have also caught the eyes of users who drive older cars. This has created a sustained demand in the aftermarket segment of the car GPS navigation system market. Car owners who don’t have factory-fitted GPS systems are buying third-party GPS systems for their cars. The paced growth of the e-commerce industry is also creating significant demand for aftermarket GPS navigation systems. The flourishing e-commerce sector depends on precise delivery timelines. This is creating an incentive for market players to equip their distribution agents and logistics partners to adopt next-generation GPS systems, adding to the growth of the global car GPS navigation system market.
Europe to Lead Car GPS Navigation System Market Amidst Proliferating Car Demand
Europe has been a pioneer in terms of automotive research and development, and many of its car brands are revered across the globe. Such consumer perception has enabled the region to become a major exporter of automobiles globally. Such developments have consequently accelerated the demand for car GPS navigation systems. Various government norms also mandate the usage of GPS systems as a safety measure. Furthermore, the region itself has a flourishing car market with growing demand and sales. These factors are set to nurture a fruitful car GPS navigation system market in Europe.
Prominent Market Players
Some of the key market players in the car GPS navigation system market include TomTom International BV, Alpine Electronics, Inc., JVCKENWOOD Corporation, Continental AG, Mitsubishi Electric Corporation, Pioneer Corporation, Panasonic Corporation, Garmin Ltd., Sony Group Corporation, and Robert Bosch GmbH.
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