Rise in number of vehicle sales, the integration of smartphones with in-vehicle systems (IVS) and increase in demand for traffic control drive the growth of the ASEAN car GPS navigation system market
PORTLAND, Oregon, June 5, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, ASEAN Car GPS Navigation System Market by Component Type (Hardware and Software), Vehicle Type (Passenger and Commercial), and End User (OEMs and Aftermarket): Opportunity Analysis and Industry Forecast, 2018-2025. The research offers a detailed analysis on changing market dynamics, key investment pockets, major segments, and market competition. According to the report, the ASEAN car GPS navigation system market generated $12.93 billion in 2017 and is projected to reach $29.59 billion by 2025, registering a CAGR of 11.1% from 2018 to 2025.
Rise in number of vehicle sales, the integration of smartphones with in-vehicle systems (IVS) and increase in demand for traffic control are the factors that drive the growth of the market. However, the presence of substitutes to aftermarket navigation systems restrain the growth of the market. Conversely, high penetration of wireless communication technology and availability of advanced telecom infrastructure are expected to create new opportunities for the market growth.
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The hardware segment to be lucrative through 2025
Among types, the hardware segment accounted for 59.8% of the overall market share in 2017 and would retain its dominance through 2025. The same would grow at the fastest CAGR of 12.1% during the forecast period. This is due to increase in number of car sales in Asia-Pacific region as these components come with navigation system provided by the OEM or aftermarket. Furthermore, the segment is also expected to grow at the highest CAGR owing to continuous rise in demand for new digital technologies for in car connectivity.
Passenger segment to be dominant through 2025
Among vehicle types, the passenger segment was the largest in 2017, capturing 69.7% of the market share and would maintain its dominance through 2025. This is due to increase in number of passenger car sales in the South Asian countries. However, the commercial segment would grow at the fastest CAGR of 13.8% from 2018 to 2025. This is because of increased production of commercial cars in the South Asian countries. Moreover, addition of enhanced features such as smart parking assistance and traffic updates is expected to fuel the demand for commercial vehicles.
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Indonesia to be dominant, Thailand to exhibit the fastest growth through 2025
Among countries, Indonesia captured more than one-third of the market share in 2017 and is likely to dominate the market through 2025. This is due to the increased need to improve the accuracy of map and overcome the traffic congestion in major cities of Indonesia such as Jakarta, Java, and others. However, Thailand is expected to register the fastest CAGR of 13.3% from 2018 to 2025, owing to growth in industrialization and increase in need to efficiently deliver goods from one point to another.
Key players of the industry
Leading market players analyzed in the research include Alpine Electronics, Pioneer Corporation, TomTom International BV, Panasonic, Mitsubishi Electric Corporation., JVC KENWOOD Corporation, Robert Bosch, Garmin Ltd., Sony Corporation, Denso Corporation, and Continental AG. These market players have adopted various strategies including collaborations, joint ventures, partnerships, expansions, and others to gain a strong position in the industry.
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Rise in number of vehicle sales and ability of systems to provide real-time traffic data are anticipated to fuel the growth of the market. However, presence of substitutes to aftermarket navigation systems is anticipated to hinder the Car GPS navigation system market growth.
North America was the highest revenue contributor to the global market in 2016, due to its advanced technical aspects and high adoption of IoT across industry verticals. In addition, enhanced internet connectivity; decreased cost of powerful sensors & controllers; growth in information, communication, & technology; and government initiatives in the several developed and the developing regions, including North America, Europe, and Asia Pacific, drive the market growth.
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SOURCE Allied Market Research