The COVID-19 crisis has created uncertainty in the car GPS navigation system market, massive slowing of supply chain, falling business confidence, and increase in panic among the customer segments. Introduction of advanced car GPS systems to cater the growing demand for real-time car sharing services and address the shift in trends toward car ownership is expected to support market growth. Growth in environmental concerns associated with vehicle emissions, reduced costs, and increase in savings drive the demand for car sharing and ride hailing services, thereby increasing the demand for car GPS navigation system. Increase in adoption of car sharing & ride hailing service has improved, owing to cost efficiency and ease of use. Increase in Adoption of Car Sharing & Ride Hailing Services Thus, rapid development of connected cars is expected to drive the growth of the car GPS navigation system market. Use of GPS systems assists in development of precise navigation systems, autonomous vehicles & assisted driving, automated eCall distress signals, and intelligent speed adaptation. In addition, GPS technology is utilized in connected car to provide navigation services for planning of fastest routes while considering real-time traffic situations to avoid traffic jams. A connected car possesses the ability to connect to the internet, share the internet with devices inside and outside the car, and share data with any external device/services. The adoption of connected cars has increased at a fast pace over the last few years. For instance, in January 2021, Alps Alpine & Qualcomm announced its new technology, “ViewPose,” which is an accurate positioning technology developed to overcome the drawbacks of conventional GPS, especially in urban areas with spotty signals. Several market players introduce new features and advanced software to provide improved & accurate navigation services. There has been an increase in demand for safety & navigation features such as advanced driver assistance system (ADAS), lane departure warning system (LDWS), and GPS navigation systems for improved road safety and convenience. Increase In Demand For Vehicles With Advanced Safety & Navigation Features Rise in demand for vehicles with advanced safety & navigation features, increase in demand for reliable real-time traffic information, rapid development of connected cars, and increase in adoption of car sharing & ride hailing services, especially in developing nations, are factors driving the growth of the car GPS navigation system market. Car GPS navigation system can be factory-fitted into vehicles or purchased as add-on accessory by consumers. These systems are designed to offer voice or visual instructions, along with driver alerts for improved awareness while driving. GPS car navigation systems provide real-time traffic information to offer best route while also offering additional points of interest such as banks, gas stations, hospitals, and restaurants. The navigation system uses GPS for detection of the current location of the vehicle. However, rapid development of connected cars and increase in adoption of electric vehicles is supposed to aid in the growth of car GPS navigation system market.Ĭar Global Positioning System (GPS) navigation system is a GPS receiver combined with audio/video component to receive signals from satellites for assistance in vehicle tracking & positioning. For instance, in 2021, Nissan excluded navigation systems out of thousands of vehicles due to chip shortage. Several automobile manufacturers faced shortage of chips, which forced the car manufacturers to leave out some high-end features such as navigation system and digital odometers. The impact of the COVID-19 pandemic has resulted in supply-chain disruptions causing shortage of semiconductor chips in manufacturing of vehicles and related parts. The global car GPS navigation system market was valued $13,074.0 million in 2020 and is projected to reach $35,731.9 million in 2030, registering a CAGR of 11.0%. Car Gps Navigation System Market Statistics 2022-2030:
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