Portland, OR -- (SBWIRE) -- 06/28/2018 -- There exists high demand for reliable in-dash navigation systems, as the auto industry is evolving continuously, including digital dashboards, GPS technology, in-dash navigation systems, autonomous driver assistance system (ADAS), and more. Currently, digital dashboards are integrated with the maps to depict the real-world scenario.
In-Dash Navigation System Market Overview:
The Global In-Dash Navigation System Market was valued at $10,497 million in 2016, and is projected to reach $21,994 million by 2023, growing at a CAGR of 11.1% from 2017 to 2023, according to the latest report published by Allied Market Research. In 2016, Asia-Pacific led the in-dash navigation system market with 40.90% share, followed by Europe, which contributed 32.96% share.
An in-dash navigation system operates based on a GPS to provide the user with current location and shortest possible routes to the required destination. Factors such as rising disposable income of individuals and reduced fuel consumption of the vehicles supplement the global in-dash navigation system market. However, high cost of this system and lack of supporting infrastructure in developing countries restrict the market growth.
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In 2016, the 2D maps segment dominated the global in-dash navigation system market, based on technology, in terms of revenue. Furthermore, based on application, passenger cars led the global market, followed by LCVs segment in 2016. However, the HCVs segment is expected to register the highest CAGR from 2017 to 2023.
Reduced Fuel Consumption of the Vehicles
An in-dash navigation system provides the shortest distance or route to the driver to reach to the intended destination with the help of a GPS unit. This reduces the fuel consumption of the vehicle, driving the adoption of in-dash navigation systems in vehicles.
High System Cost
During purchase of a new car, the user can either opt for the manufacturer's integrated navigation system or an aftermarket navigation system. This choice becomes more difficult when the current Android- and IOS-powered smartphones and their navigation capabilities are taken into consideration. Factory navigation systems are more expensive, with the cost ranging from $1,200 to $5,000. In addition, in most of the cases, such navigation systems are not available alone and are offered along with other services such as Bluetooth, MP3 player, and more in a package. This in turn is expected to restrain the growth of the market.
Key Findings of the In-dash Navigation System Market:
The passenger cars segment generated the highest revenue in the global in-dash navigation system market in 2016. In 2016, the display unit segment was the highest revenue contributor in the component segment. LAMEA is projected to exhibit the highest CAGR during the forecast period. In 2016, Asia-Pacific dominated the global market, accounting for highest market share, followed by Europe, North America, and LAMEA. In 2016, China dominated the Asia-Pacific market; similarly, in the same year, Germany led the overall market in Europe. However, in North America, U.S. currently dominates the market.
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The key players profiled in the report include Continental AG, Garmin Ltd., Robert Bosch GmbH, Delphi Automotive PLC, Denso Corporation, Tomtom NV, Harman International, Alpine Electronics, Inc., Pioneer Corporation, and Mitsubishi Electric Corporation.