GNSS devices market size to grow by USD 32.1 billion from 2023 to 2028, Government initiatives and support in providing assistance in mobile devices to boost market growth- Technavio

NEW YORK, Nov. 13, 2023 /PRNewswire/ — The GNSS Devices Market is segmented by end-user (consumer electronics, automotive and transportation, military, and defense, and others), product (smartphones, tablets, wearables, in-vehicle systems, personal tracking devices, and others), and geography (APAC, North America, Europe, Middle East and Africa, and South America) – Forecast and Analysis 2024-2028″ report has been added to Technavio offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the GNSS devices market between 2023 and 2028 is USD 32.1  billion.  Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here

Government initiatives and support in providing assistance in mobile devices is the key factor driving market growth. In order to improve navigation and mapping services, a number of governments are deploying regions’ constellations. In addition, only the markets of China, Russia, the US, India, Japan, and the European Union offer GNSS systems. 

Market Challenge –

Indoor positioning and navigating limitations is a challenge that affects market growth. Due to the fact that traditional GNSS equipment is incapable of providing precise location information in confined areas, indoor positioning accuracy has been significantly compromised. In addition, GNSS relies heavily on satellite signals for the determination of its position which can be adversely affected or altered when transmitted by means of buildings and other structures.

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The GNSS devices market has been segmented by end-user (consumer electronics, automotive and transportation, military, and defense, and others), product (smartphones, tablets, wearables, in-vehicle systems, personal tracking devices, and others), and geography (APAC, North America, Europe, Middle East and Africa, and South America).

The consumer electronics segment is estimated to witness significant growth during the forecast period. Consumer electronics is one of the leading market segments in which GNSS devices have been broadly adopted. Also, there is a  significant increase in demand in the global GNSS devices market due to several factors. For example, the growth of the smartphone and tablet user base has created a large market for GNSS-enabled devices. APAC is estimated to contribute 38% to the growth of the global market during the forecast period.

View the Free Sample Report for insights into the contribution of all the segments and regional opportunities in the report.

Key Companies in the GNSS devices market:

Beijing UniStrong Science and Technology Co. Ltd., Broadcom Inc., ComNav Technology Ltd., Furuno Electric Co. Ltd., Garmin Ltd., Hexagon AB, Intel Corp., L3Harris Technologies Inc., MediaTek Inc., NavtechGPS Inc., Osmose Utilities Services Inc., Qualcomm Inc., Raytheon Technologies Corp., SkyTraq Technology Inc., STMicroelectronics International N.V., Texas Instruments Inc., The GEO Group Inc., TOPCON CORP., Trimble Inc., and u blox AG

Related Reports:

The Navigation Lighting Market size is estimated to grow at a CAGR of 5.22% between 2023 and 2028. The market size is forecast to increase by USD 6,736.2 thousand. 

The Global Navigation Satellite System (GNSS) Market is estimated to grow at a CAGR of 9.44% between 2022 and 2027, and the size of the market is forecasted to increase by USD 119.57 billion. 

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by End-user

Market Segmentation by Product 

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

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