Navigation System Market 2024-2033: Growth Trends, Analysis and Outlook

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 in the historic period can be attributed to development of modern electronic navigation systems, developing in-car navigation technology for automobiles, google maps and navigation apps, smart cities integration, v2x communication, intelligent transportation system (ITS).

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 growth in the forecast period can be attributed to augmented reality (AR) navigation, autonomous vehicles and navigation, 5G connectivity, multi-constellation GNSS integration, environmental navigation considerations. Major trends in the forecast period include global navigation satellite system GNSS autonomous navigation, GPS navigation systems, intelligent traffic management, predictive analytics for traffic, robust indoor navigation.

Market Overview -
A navigation system is an electronic or computing system that aids in determining the position of a vehicle or vessel and provides real-time directions to a specific destination. Navigation systems may utilize various technologies, such as satellite signals, digital maps, and built-in compasses, to provide accurate real-time directions.

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Rising Production Of Autonomous Vehicles Drives Growth In Navigation System
The rising production of autonomous vehicles is expected to propel the growth of the navigation system market going forward. Autonomous vehicles specifically refer to vehicles capable of self-driving without human intervention by leveraging autonomous capabilities, depending on the level of automation integrated into their systems. Navigation systems in autonomous vehicles provide route planning and guidance without human intervention, while in passenger vehicles, they assist drivers in navigating to desired destinations. For instance, in December 2022, according to a report published by the Insurance Institute for Highway Safety, a US-based non-profit organization, there were projected to be 3.5 million autonomous vehicles or self-driving cars on American roads by 2025. Additionally, 4.5 million autonomous vehicles are expected to be on the road by 2030. Therefore, the rising production of autonomous vehicles is driving the navigation system market.

Competitive Landscape -
Major companies operating in the navigation system market 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

Increasing Focus On Technological Advancements In Navigation System
Major companies operating in the navigation system market are focused on developing advanced technological solutions, such as automotive satellite navigation chips, to strengthen their position in the market. Automotive satellite-navigation chips, commonly known as GNSS (Global Navigation Satellite System) chips, enable precise positioning and navigation in vehicles. For instance, in November 2021, STMicroelectronics N.V., a Switzerland-based technology company, unveiled the STA8135GA, a groundbreaking chip in its Teseo V family, representing the inaugural automotive-qualified GNSS receiver to feature a triple-band positioning measurement engine on-chip. This innovation, coupled with standard multi-band position-velocity-time (PVT) and dead-reckoning capabilities, empowers driver-assistance systems with unparalleled accuracy in decision-making regarding the road ahead. The triple-band functionality, traditionally reserved for precision-demanding fields like surveying and mapping, marks a significant leap in automotive navigation technology, ensuring millimeter accuracy without heavy reliance on correction data. The STA8135GA satellite receiver, with its high precision and single-chip integration, facilitates the development of dependable and cost-effective navigation systems. This advancement empowers vehicles to enhance safety measures and gain heightened context awareness in their navigation capabilities.

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Key Segments -
The navigation system market covered in this report is segmented -
1) By Type: Satellite Navigation Systems, Surgical Navigation Systems, Inertial Navigation Systems, Other Types
2) By Technology: Radio Frequency Identification Based (RFID), Cellular, Network, Bluetooth, Remote Sensing Services, Real Time Kinetic, Other Technologies
3) By Application: Healthcare, Aerospace, Automotive, Marine, Intelligent Transport Systems, Agriculture and Farming, Other Applications

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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