3D Map System Market for Automotive: Rising Urbanization, Increased Purchasing Power, Availability of Latest Technologies

Albany, NY -- (SBWire) -- 05/25/2018 --According to a new market report published by Transparency Market Research "3D Map System Market for Automotive: (By Navigation: In-dash Navigation and Other; By System: Software & Services, and Other; By Sales Channel: OEM and Other; By Vehicle: Passenger Vehicle, Commercial Vehicle; By Region: North America, Europe, and Europe) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2017 – 2025", the global 3D map system market for automotive is expected to expand at a CAGR of about 18% and to pass the 4 Bn US$ mark by 2025.

The global 3D map system market for automotive is projected to expand at a CAGR of about 18% during the forecast period, according to a new research report by Transparency Market Research (TMR). According to the report, the expansion of the market is subjected to the centimeter-level accuracy of the 3D maps and capability to display the surroundings as virtual reality. North America is likely to lead the global market, expanding at a CAGR of above 19% between 2017 and 2025.

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Accuracy of 3D maps, increased number of tourist vehicles, enhanced demand for ride hailing, increased level of automation in vehicles, and demand for sophisticated technologies by end-users are likely to drive the market. Rising urbanization, increased purchasing power, availability of latest technologies at moderate price, demand for safety, and attraction toward automation are key factors that are driving the 3D map system market, especially in North America and Europe.

Development of new technologies and their implementation in vehicles forms a part of product differentiation by vehicle OEMs. This trend is likely to drive the in-dash navigation segment of the market. In-dash navigation systems provide a wider view of the surrounding, as they are part of OEM fitted infotainment systems, which comprise a bigger display and better connection to the network. Connected vehicles are witnessing a rapid rise in demand. As of 2017, there were 43.2 million connected vehicles running on the roads, globally, and the number is increasing rapidly. 3D map system is an important aspect for connected vehicles as it guides the vehicle about its actual position in the surrounding environment.

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Connected vehicles need to communicate with each other. The 3D map system provides the exact position of the vehicles and other things in the vehicle's surroundings. Hence, the demand for 3D map system is likely to advent with the connected vehicles. High-end models and luxury cars are equipped with 3D map system technology. Increased per capita income in developing countries, due to globalization and industrialization, has boosted the purchasing power of consumers. This has led to the increased sale of high-end models of cars, which are embedded with advanced technologies such as 3D map systems. These factors are likely to drive the in-dash navigation segment. The segment is expected to expand at a CAGR of about 22% during the forecast period.