Global Automotive GPS Modules Market Size, Share, Growth Analysis, By Type(embedded GPS modules, external GPS modules), By Application(navigation, tracking) - Industry Forecast 2024-2031

Global automotive GPS modules market size was valued at USD 3.50 billion in 2022 and is poised to grow from USD 3.78 billion in 2023 to USD 6.94 billion by 2031, at a CAGR of 7.9% during the forecast period (2024-2031).

The global automotive GPS modules market pertains to the sector involving GPS modules utilized in automotive applications. These modules function as devices that receive signals from global positioning system (GPS) satellites, offering information on location, time, and velocity. Widely deployed in automobiles, these devices serve various purposes including navigation, tracking, and other related services. The primary objective of the global automotive GPS modules market is to supply GPS modules tailored for automotive use, aiding drivers in navigating to their destinations, tracking vehicle locations, and facilitating other location-based services. The escalating demand for GPS-enabled vehicles stands out as a key driving force behind the expansion of the global automotive GPS modules market. Additionally, the growth of the automotive industry and the increasing adoption of connected cars are contributing to market growth. Moreover, the surge in usage of GPS modules in fleet management and logistics applications is further fueling demand for these devices. However, the high cost associated with GPS modules poses a significant constraint on the global automotive GPS modules market. Furthermore, the complexities involved in integrating GPS modules into vehicles, coupled with the necessity for precise and reliable data, serve as additional limiting factors. A major challenge encountered in the global automotive GPS modules market is the imperative for accurate and dependable data. GPS modules heavily rely on satellite signals, which can be influenced by environmental factors like weather conditions and geographic barriers. Moreover, the escalating employment of GPS jamming and spoofing techniques poses a threat to the accuracy and reliability of GPS data. Nonetheless, the growing demand for GPS-enabled vehicles and the increasing adoption of connected cars are creating opportunities for the global automotive GPS modules market. Additionally, the advancement of new technologies such as autonomous vehicles and advanced driver assistance systems (ADAS) is spurring the demand for more precise and dependable GPS data. Furthermore, the integration of GPS modules with other sensors and systems is generating new avenues for market growth.

Top-down and bottom-up approaches were used to estimate and validate the size of the global automotive GPS modules market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Automotive GPS Modules Market Segmental Analysis

The global automotive GPS modules market is segmented based on the type, application and region. By type, the market is segmented into embedded GPS modules, external GPS modules, and hybrid GPS modules. By application, the market is segmented into navigation, tracking, and others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Automotive GPS Modules Market

The automotive industry is witnessing a rising demand for real-time location-based information, primarily due to its role in enhancing the efficiency of transportation and logistics operations. GPS modules play a crucial role in this regard by offering precise and real-time location-based information. This functionality is driving the widespread adoption of GPS modules within the automotive industry.

Restraints in the Global Automotive GPS Modules Market

The elevated expenses associated with GPS modules pose a significant challenge to market expansion, particularly by constraining their adoption in low-end and mid-range vehicles. These high costs primarily stem from the intricate technology integrated into GPS modules and the restricted availability of components.

Market Trends of the Global Automotive GPS Modules Market

An emerging trend in the market is the integration of GPS modules with other technologies such as infotainment and driver assistance systems. This integration offers users a more holistic and customized experience while paving the way for the creation of novel services and applications. Moreover, it is reshaping the automotive industry by facilitating advanced functionalities like real-time traffic updates, improved navigation, and autonomous driving capabilities. By merging GPS modules with these systems, not only do navigation systems become more accurate and reliable, but it also sets the stage for the advancement of smarter and safer autonomous vehicles in the future. Ultimately, this trend aims to enhance the driving experience and road safety for consumers.