Vehicle Navigation Systems Market Set for Rapid Growth During 2022 - 2028

One of the most critical systems in an automobile for directing the driver when driving is the navigation system. It not only organises vehicle movement but also provides information on hotels, gas stations, route choices, traffic highlights, and commute time. The navigation system also includes Bluetooth and Wi-Fi networking, allowing drivers to use a variety of functions such as audio, hands-free calling and messaging, and more.

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Companies Profiled in this report includes:  Alpine Electronics Inc., Denso Corporation, Garmin Ltd, JVC KENWOOD Corporation, LUXOFT, Mitsubishi Electric Corporation, Pioneer Corporation, Robert Bosch GmbH, Telenav, TomTom International BV

MARKET SEGMENTATION

Based on component, the global Vehicle Navigation System market is segmented into software and hardware.

On the basis of vehicle type, the market is segmented into commercial and passanger.

MARKET DYNAMICS

Drivers:

The integration of smartphones with IVS (in-vehicle systems).

Adoption of smartphone has increased and this is expected to surge the demand for smartphone/tablet-based navigation devices.

Increased consumer demand for wireless connectivity and mobile internet with high level of penetration of smartphones and tablets.

Restraints

High cost of the navigation system, and the availability of low-cost substitutes such as smartphones GPS and portable GPS systems.

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IMPACT OF COVID-19 ON VEHICLE NAVIGATION SYSTEM MARKET

COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting the business collaborations and partnerships opportunities.

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