The Global Car GPS Navigation System Market was worth US$ 17.51 billion in 2022 and is anticipated to reach a valuation of US$ 29.5 billion by 2028 and is predicted to register a CAGR of 11.00% during 2023-2028.

Car GPS navigation systems is a prominent player in the tracking and location of vehicles. The device may be used for numerous purposes along the way while using a car navigation system, which operates even in places without service. GPS car navigation systems are available as an add-on item or as a factory option for new cars. Car GPS navigation systems are able to generate travel routes to a desired specific location depending on a number of factors by combining satellite data with dynamic onboard maps.

Different automotive GPS navigation systems are connected to traffic information sources, allowing them to automatically take construction and traffic congestion into consideration while determining the optimum route. In the event that a motorist misses a turn, GPS auto navigation systems can quickly fix the problem with new directions.

Market Drivers and Restraints:

The market is expected to grow as a result of rising car production and an increase in taxi services in emerging markets like India. The integration of mobile devices like smartphones into automobiles together with a rise in consumer demand for high-tech automotive navigation systems is anticipated to hasten market expansion. Additionally, it is anticipated that rising automobile sales around the globe would support market expansion.

Costs compared to the functionality offered by these systems limit the global market. The availability of alternatives to aftermarket navigation systems and worries about security breaches are other important factors impeding the growth of this industry.

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The report is segmented as:

Car GPS Navigation System Market is segmented on the basis of By Component, By Car Type, By End-User.

By Component:

Hardware
Software
Personal Navigation Device
By Car Type:

Passenger Cars
Commercial Cars
By End-User:

OEM
Aftermarket
Geographical Segmentation:

Car GPS Navigation System Market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East & Africa, and the rest of the world.

The expanding coach industry in the US and Canada, the North American automobile GPS navigation system market is anticipated to have a significant rise over the course of the projected period. The highly developed telecommunications infrastructure, increased adoption of developing technologies, and high per-capita income levels have all led to the European and North American regions' supremacy in the industry.

Due to the large number of vehicle manufacturers in the region, the Asia-Pacific car GPS navigation system market held a significant market share in terms of revenue and is anticipated to see the greatest CAGR growth during the projected period. Additionally, future technical developments and rising demand for commercial travel are expected to create profitable opportunities for the local industry.

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Impact of COVID-19 on the Market:

The COVID-19 pandemic's effects have caused supply chain disruptions, which have led to a scarcity of semiconductor chips used in the production of automobiles and related parts. The lack of chips that some automakers were experiencing prompted them to forgo several high-end features like navigation systems and digital odometers. However, the market for automobile GPS navigation systems is expected to grow thanks to the quick development of linked cars and the rise in the adoption of electric vehicles.

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