PUBLISHER: The Business Research Company | PRODUCT CODE: 1464141
PUBLISHER: The Business Research Company | PRODUCT CODE: 1464141
A navigation system is an electronic or computing system designed to assist in determining the precise position of a vehicle or vessel and offer real-time guidance to a specific destination. These systems often leverage diverse technologies, including satellite signals, digital maps, and integrated compasses, to provide accurate and up-to-date directions in real time.
The primary categories of navigation systems include satellite navigation systems, surgical navigation systems, inertial navigation systems, and others. A satellite navigation system, also known as a global navigation satellite system (GNSS), utilizes a network of satellites to enable autonomous geopositioning, allowing users to determine their location and the positions of other objects in real-time. Various technologies, such as radio frequency identification-based (RFID), cellular, network, Bluetooth, remote sensing services, real-time kinetic, and others, are employed in these systems. These technologies find applications across diverse industries, including healthcare, aerospace, automotive, marine, intelligent transport systems, agriculture, and farming.
The navigation system research report is one of a series of new reports from The Business Research Company that provides navigation system market statistics, including the navigation system industry's global market size, regional shares, competitors with a navigation system market share, detailed navigation system market segments, market trends and opportunities, and any further data you may need to thrive in the navigation system industry. This navigation system market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The navigation system market size has grown strongly in recent years. It will grow from $33.63 billion in 2023 to $35.96 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth observed in the historical period can be attributed to several factors, including the development of modern electronic navigation systems, advancements in in-car navigation technology for automobiles, the popularity of applications such as Google Maps and navigation apps, integration with smart cities, the adoption of vehicle-to-everything (V2X) communication, and the implementation of intelligent transportation systems (ITS). These factors collectively contributed to the expansion and improvement of navigation technology during the historic period.
The navigation system market size is expected to see strong growth in the next few years. It will grow to $45.34 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The anticipated growth in the forecast period can be attributed to various factors, including the integration of augmented reality (AR) in navigation systems, advancements in autonomous vehicles and navigation technology, the widespread adoption of 5G connectivity, the integration of multi-constellation GNSS (Global Navigation Satellite System), and considerations for environmental navigation. Key trends expected in the forecast period include the continued development and utilization of global navigation satellite systems (GNSS), the advancement of autonomous navigation, the evolution of GPS navigation systems, the implementation of intelligent traffic management systems, the application of predictive analytics for traffic, and the enhancement of robust indoor navigation solutions.
The growth of the navigation system market is expected to be driven by the increasing production of autonomous vehicles. Autonomous vehicles are capable of self-driving without human intervention, relying on autonomous capabilities that vary based on the level of automation integrated into their systems. Navigation systems play a crucial role in autonomous vehicles by providing route planning and guidance without human intervention. According to a report by the Insurance Institute for Highway Safety in December 2022, it was projected that there would be 3.5 million autonomous vehicles or self-driving cars on American roads by 2025, with an expectation of 4.5 million autonomous vehicles by 2030. This surge in autonomous vehicle production contributes to the growth of the navigation system market.
Leading companies in the navigation system market are concentrating on the development of advanced technological solutions, such as automotive satellite navigation chips (GNSS chips), to solidify their market position. Automotive satellite navigation chips enable precise positioning and navigation in vehicles. In November 2021, STMicroelectronics N.V., a Switzerland-based technology company, introduced the STA8135GA chip in its Teseo V family. This chip is the first automotive-qualified GNSS receiver featuring a triple-band positioning measurement engine on-chip. The triple-band functionality, typically found in precision-demanding fields such as surveying and mapping, offers unparalleled accuracy for driver-assistance systems, ensuring precise decision-making related to the road ahead. The STA8135GA chip's high precision and single-chip integration facilitate the development of reliable and cost-effective navigation systems, contributing to enhanced safety and context awareness in vehicle navigation capabilities.
In April 2023, GE HealthCare Technologies, Inc., a multinational medical technology company based in the US, acquired IMACTIS, a France-based company specializing in computed tomography (CT) navigation system technology. This acquisition is aimed at strengthening GE Healthcare's interventional guidance capabilities and expanding its product range, particularly with the addition of the IMACTIS CT-Navigation system. The integration of IMACTIS technology is expected to provide growth opportunities for GE Healthcare by leveraging its extensive market reach.
Major companies operating in the navigation system market report are Mitsubishi Electric Corporation, Robert Bosch GmbH, Raytheon Technologies, Lockheed Martin Corporation, Panasonic Corporation, Denso Corporation, Qualcomm Technologies Inc., Northrop Grumman Corporation, Honeywell International Inc., Aisin Aw Co. Ltd., Safran Electronics & Defense Inc., Collins Aerospace Inc., Aptiv, L3Harris Technologies, Harman International Industries, Garmin Ltd., Visteon Corporation, Trimble Inc., Luxoft Holding Inc., Jvc Kenwood Holdings Inc., Pioneer Corporation, Here International B.V., Clarion, FURUNO ELECTRIC CO. LTD., Tomtom NV, Nng Global Infotainment Technologies, NovAtel Inc., KVH Industries Inc., Telenav Inc., Alpine Electronics
North America was the largest region in the navigation system market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the navigation system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the navigation system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The navigation system market consists of revenues earned by entities by providing services such as air traffic management, communication and surveillance systems, meteorological services for air navigation, search and rescue, and connected car services. The market value includes the value of related goods sold by the service provider or included within the service offering. The navigation system market also includes sales of automatic vehicle location (AVL), tracking systems, global navigation satellite system (GNSS) receivers, in-car navigation systems, handheld GPS devices, and wearable devices. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values - that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
Navigation System Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on navigation system market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for navigation system ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The navigation system market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.