The global market for personal navigation devices is estimated to grow at a rate of approximately 8.2% CAGR over the course of the forecast period, with revenues projected to reach US$ 2,875 million in 2022 and US$ 6,340 million by 2032.
The global expansion of e-hailing services is projected to increase demand for personal navigational devices. The Internet of Things (IoT) technology that GPS devices employ to transport data remotely and connect with other systems and sensors hastens the adoption of personal navigation devices.
The voice-output capability found in navigation systems installed in cars is primarily responsible for driving sales of personal navigation devices. Applications for intelligent mobility, such as navigation, fleet management, satellite traffic monitoring, etc., are what drive the majority of the market for personal navigation devices.
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Personal Navigation Devices Market: Drivers and Challenges
One of the trends in the automobile industry that drives the personal navigation devices market is the integration of navigation supported security and safety features in automobiles. With the steady rise in the number of personal on-road vehicles, thefts and accidents have also increased.
Manufacturers are incorporating safety and security applications in navigation systems. Advanced Driver Assistance System (ADAS) is an example of a personal navigation system where the device has built-in features with additional intelligent sensors and units to keep track of road conditions and traffic, safety-related details regarding roads like lane changing assistance and speed breaker notifications.
However, escalating user expectations and increase in feature related complexity hinders the growth of the personal navigation devices market. Repeated updating is necessary for personal navigation devices without proper intelligent units to get proper directions to the destination.
Sometime, this could be a tedious task which makes it a challenge for the personal navigation devices market. Also, increase in competition from mobile phones and other handset-based navigation services will eventually restrict the growth of the global personal navigation devices market.
Some of the Key Participants in the Personal Navigation Devices Market
- TomTom International BV.,
- Garmin Ltd.,
- MiTAC International Corporation,
- Magellan GPS,
- Blaupunkt worldwide,
- Masternaut Limited,
- NAVIGON,
- AvMap Satellite Navigation, Inc.,
- Becker Navigations,
- TeleNav,
- Alpine Electronics,
Guangzhou FlyAudio, Ouhua Electronics, Skypine Electronics Coagent Electronics S&T, ShenZhenRoadRover Technology, Texas Instruments Inc., Garmin Ltd., Mio Technology Corporation, etc.
Generating the utmost accurate location for people trying to reach their location is the dream for personal navigation device market players. Technological developments and meeting consumer demands are aiding in the personal navigation devices market growth.
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Personal Navigation Devices Market: Regional Overview
The largest market share of the global Personal Navigation Devices market was held by Europe regions followed by North America region. But, North America is estimated to catch up and get past Europe during the forecast period. The development of technology that links the smartphone to the In-vehicle System (IVS) has contributed to the growth of the personal navigation devices market in the North American region.
Extreme traffic in major cities in the Asia Pacific countries such as India and China will is estimated to increase the demand for intelligent personal navigation systems in the region by the forecast period.
Key Segments
By Type:
- Commercial Vehicle
- Entry-Level Passenger Vehicle
- Mid-Premium Passenger Vehicle
- Luxury Passenger Vehicle
By Application:
- Smartphones
- Tablets
- Automobiles
By Region:
- North America
- Latin America
- Asia Pacific
- MEA
- Europe
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