Navigation System Market 2024 – Growth, Market Size, Analysis, Competitive Landscape | Mitsubishi Electric Corporation, Robert Bosch GmbH, Raytheon Technologies, Lockheed Martin Corporation, Panasonic Corporation

Overview and Scope
A navigation system is an electronic or computing system that aids in determining the position of a vehicle or vessel and provides real-time directions to a specific destination. Navigation systems may utilize various technologies, such as satellite signals, digital maps, and built-in compasses, to provide accurate real-time directions.

Sizing and Forecast
The navigation system market size has grown strongly in recent years. It will grow from $33.63 billion in 2023 to $35.96 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to development of modern electronic navigation systems, developing in-car navigation technology for automobiles, google maps and navigation apps, smart cities integration, v2x communication, intelligent transportation system (ITS).

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Segmentation & Regional Insights
The navigation system market covered in this report is segmented –
1) By Type: Satellite Navigation Systems, Surgical Navigation Systems, Inertial Navigation Systems, Other Types
2) By Technology: Radio Frequency Identification Based (RFID), Cellular, Network, Bluetooth, Remote Sensing Services, Real Time Kinetic, Other Technologies
3) By Application: Healthcare, Aerospace, Automotive, Marine, Intelligent Transport Systems, Agriculture and Farming, Other Applications

North America was the largest region in the navigation system market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the navigation system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
The rising production of autonomous vehicles is expected to propel the growth of the navigation system market going forward. Autonomous vehicles specifically refer to vehicles capable of self-driving without human intervention by leveraging autonomous capabilities, depending on the level of automation integrated into their systems. Navigation systems in autonomous vehicles provide route planning and guidance without human intervention, while in passenger vehicles, they assist drivers in navigating to desired destinations. For instance, in December 2022, according to a report published by the Insurance Institute for Highway Safety, a US-based non-profit organization, there were projected to be 3.5 million autonomous vehicles or self-driving cars on American roads by 2025. Additionally, 4.5 million autonomous vehicles are expected to be on the road by 2030. Therefore, the rising production of autonomous vehicles is driving the navigation system market.

Key Industry Players
Major companies operating in the navigation system market are Mitsubishi Electric Corporation, Robert Bosch GmbH, Raytheon Technologies, Lockheed Martin Corporation, Panasonic Corporation, Denso Corporation, Qualcomm Technologies Inc., Northrop Grumman Corporation, Honeywell International Inc., Aisin Aw Co. Ltd., Safran Electronics & Defense Inc., Collins Aerospace Inc., Aptiv, L3Harris Technologies, Harman International Industries, Garmin Ltd., Visteon Corporation, Trimble Inc., Luxoft Holding Inc., Jvc Kenwood Holdings Inc., Pioneer Corporation, Here International B.V., Clarion, FURUNO ELECTRIC CO. LTD., Tomtom NV, Nng Global Infotainment Technologies, NovAtel Inc., KVH Industries Inc., Telenav Inc., Alpine Electronics

The navigation system market report table of contents includes:

1. Executive Summary

2. Navigation System Market Characteristics

3. Navigation System Market Trends And Strategies

4. Navigation System Market – Macro Economic Scenario

5. Global Navigation System Market Size and Growth

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32. Global Navigation System Market Competitive Benchmarking

33. Global Navigation System Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Navigation System Market

35. Navigation System Market Future Outlook and Potential Analysis

36. Appendix