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Navigation Systems Market Drivers Increasing Demand & Production of Aircraft

HYDERABAD, TELANGANA, INDIA, January 4, 2023 /EINPresswire.com/ -- IndustryARC, in its latest report, predicts that Navigation Systems Market is value of $34.5 billion in 2021, growing at a CAGR of 3.2% throughout the forecast period 2022-2027. Navigation systems refer to systems that are opted for tracking position, orientations and route guidance. These systems are used in applications namely automotive, aircrafts, geospatial, marine, defense and others. The market is expected to witness strong growth in aviation industries owing to high demand for aircrafts with integrated navigation systems. The rise in demand for real time tracking, monitoring facilities and others will further fuel the navigation system market in coming years. Navigation systems are also gaining momentum in automotive vehicles owing to the enhanced driver assessment along with its application in autonomous vehicles. Navigation systems refer to systems that are used for tracking position, orientations and route guidance. They include Satellite Navigation Systems based on technology such as Global Positioning systems as well as inertial Guidance systems. The Growing aviation industry and increasing aircraft order and deliveries particularly in emerging countries will propel the robotic mapping capabilities of navigation systems. In 2022, despite the coronavirus outbreak, the global aircraft fleet is expected to have 25,578 aircraft in service worldwide, the highest since pre-Covid-19 levels. Also, advancement in Micro-electro mechanical systems (MEMS) and low-cost navigation systems will further boost the market. In smart phone, navigation systems are used to en-route and provide guidance to the users which will further snowball the navigation market in coming years. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.

Click here to browse the complete report summary:
https://www.industryarc.com/Report/215/global-navigation-systems-market-share-size-analysis-forecast-report.html

Key takeaways:

1. The rapid rise in world trade owing to the globalization and free trade relationships among developed economies especially in Europe has pressurized the transportation service providers to track their logistics location and real time monitoring which has been primarily escalating the usage of these navigation systems.

2. In the recent years, logistics organizations are increasingly focusing on tracking the location of their personnel and vehicles including trucks, high value assets, logistics and so on to improve the productivity & to have better control over each and every step across the value chain of a product.

3. There have been an increasing number of companies which are entering into the market and have been continuously developing the new technologies as per the requirements of the application which is projected to boost the impact of this driver on the market growth positively

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Segmental Analysis:

1. Inertial Navigation systems accounted for 6.4% share in 2021 and are projected to grow at 4.2% CAGR through 2027. Inertial Navigation Systems are the measurement systems which measures velocity, gravitational force and orientation of a moving object. These includes drones, planes, ships and others.

2. Automotive segment held major share of revenue $30.2 billion in 2021 and is projected to grow at 2.4% CAGR through 2027. Automotive navigation system market is experiencing significant reforms from Potable Navigation Devices (PND) to in-vehicle navigation systems and smartphones.

3. APAC is the dominant region for Navigation System market accounting for 43% of the total market share in terms of value in 2021. With the rise in demand for aircrafts and rise in the air traffic are demanding for the exact navigation systems.

Competitive Landscape:

The top 5 players in the Navigation Systems industry are -

1. Alpine

2. Panasonic

3. Denso

4. Pioneer

5. Harman

Click on the following link to buy the Navigation Systems Market Report:
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Related Reports:

A. Gyroscope Market
https://www.industryarc.com/Report/15628/gyroscope-market.html

B. ADAS Navigation Market
https://www.industryarc.com/Report/18200/adas-navigation-market.html

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