According to the recent study on “Navigation Systems Market: By Application (Automotive (Personal Navigation Devices, In Car Navigation Systems); Aviation (VFR, IFR, Commercial Aviation); Geospatial (Marine Surveying, Land Surveying, Cadastral, Mapping, Construction, Mining); Marine) & Geography – Forecast (2017-2023)”, published by IndustryARC, the market to reach $28.3 billion by 2023
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According to a recent study from IndustryARC, the navigation system market is forecast to reach $28.3 billion by 2023 and is estimated to grow at a CAGR of -0.9%. Owing to globalization and free trade relationship among economies, transportation sectors are propelled to integrate navigation systems in order to track the logistics location and real time monitoring and others. Moreover, governmental regulations for mandating the deployment of navigation systems in automotive and aircrafts to further accelerate the navigation systems market.
The navigation system market is categorized into two verticals based on application and geography. Application segment is sub-segmented into automotive, aviation, geospatial and others. Automotive segment held major share for navigation system market in 2015 and is anticipated to be dominant throughout the forecast period. Vehicles are utilizing navigation systems for enhancing driver assessment coupled with the application in autonomous vehicles.
In terms of geography, Asia-Pacific is the leading regions for navigation systems market owing to rise in demand for aircrafts along with automotive sector for real time data analysis among others. Increase in the manufacturing capabilities and number of automobiles in China have transformed the growth of navigation system market in the country.
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The Major Players in Automotive Navigation Systems Market Include
The Major Players in Aviation Navigation Systems Market Include
The navigation system manufacturers have utilized product launches, acquisitions, and collaborations to enhance core competencies through additions to product portfolio as well as leveraging capabilities of acquired companies to gain a foothold in the emerging markets. Also, new players are also entering into the market developing new technology which will positively impact the navigation system market.
The overall market is also presented from the perspective of different geographic regions and the key countries for this industry. Competitive landscape for each of the product types is highlighted and market players are profiled.
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