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USD 83.08 Mn growth in Global GPS Market | Europe to Occupy 30% Global Market Share | Technavio

·4 min read

NEW YORK, Dec. 21, 2021 /PRNewswire/ -- The global GPS market will witness maximum growth in Europe during the forecast period. The growth in the demand for commercial, electric, and hybrid vehicles is encouraging vehicle manufacturers in Europe to invest in setting up new manufacturing plants. For instance, in November 2021, Volkswagen announced its plans to build a new state-of-the-art car factory close to its global headquarters in Wolfsburg, Germany. With the new plant, the company is expected to increase its production capability by about 250,000 cars annually. Many such expansion plans coupled with the increased adoption of the latest automotive technologies are creating significant revenue in the GPS market in Europe.

Attractive Opportunities in GPS Market by Application and Geography - Forecast and Analysis 2022-2026
Attractive Opportunities in GPS Market by Application and Geography - Forecast and Analysis 2022-2026

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One of the primary growth drivers for this market is the growing investment in satellite deployment. In addition factors such as the rise in demand for personal and enterprise navigation services and growing investment in LTE networks will have an accelerating effect on the growth of the market during the forecast period. However, connectivity issues with GPS, fleet management system security issues and the lack of accuracy and reliability of navigation data will challenge the market growth.

Technavio expects the global GPS market size to increase by USD 83.08 million between 2021 and 2026. However, the growth momentum is expected to decelerate at a CAGR of 17.98% during the forecast period.

GPS Market: Segment Highlights

  • By Application, the report segments the global GPS market by logistics and transportation, construction and mining, and others

  • The adoption of GPS solutions is maximum in the logistics and transportation sector.

  • The growth of the market in the logistics and transportation segment will be significant during the forecast period.

Regional Analysis

  • 30% of the growth will originate from the European region.

  • The region will generate maximum revenue and growth opportunities for market vendors during the forest period.

  • The market growth in Europe is driven by increasing vehicle production and the introduction of stringent regulatory norms.

  • Germany and France are the key markets for GPS in Europe.

  • Market growth in this region will be slower than the growth of the market in other regions.

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Notes:

  • The GPS market size is expected to decelerate at a CAGR of 17.98% during the forecast period.

  • The GPS market is segmented by Application (Logistics and transportation, Construction and mining, and Others) and Geography (Europe, North America, APAC, MEA, and South America).

  • The market is fragmented due to the presence of many established vendors holding significant market share.

  • The research report offers information on several market vendors, including Avidyne Corp., Broadcom Inc., Garmin Ltd., Hexagon AB, MiTAC Digital Technology Corp., Qualcomm Inc., Raytheon Technologies Corp., Texas Instruments Inc., TomTom International BV, and Trimble Inc.

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Related Reports:
GPS Tracker Market by End-user and Geography - Forecast and Analysis 2021-2025

Digital Map Market by Application, Use, and Geography - Forecast and Analysis 2021-2025

GPS Market Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Decelerate at a CAGR of 17.98%

Market growth 2022-2026

USD 83.08 million

Market structure

Fragmented

YoY growth (%)

19.29

Regional analysis

Europe, North America, APAC, MEA, and South America

Performing market contribution

Europe at 30%

Key consumer countries

US, Germany, France, China, and Japan

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

Avidyne Corp., Broadcom Inc., Garmin Ltd., Hexagon AB, MiTAC Digital Technology Corp., Qualcomm Inc., Raytheon Technologies Corp., Texas Instruments Inc., TomTom International BV, and Trimble Inc.

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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Technavio Research
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

Technavio (PRNewsfoto/Technavio)
Technavio (PRNewsfoto/Technavio)
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SOURCE Technavio