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GNSS Chip Market Overview
The global navigation satellite system (GNSS) chip market generated revenue of $3,309.0 million in 2016 and is expected to register a 7.3% CAGR during the forecast period (2017–2023). The major factors driving the market include the growing popularity of augmented reality (AR), surging demand for precise real-time data, and increasing development of smart cities across the globe.
Based on device, the GNSS chip market is categorized into smartphones, tablets, personal navigation devices (PND), in-vehicle systems (IVS), and others. Among these, smartphones held 75.0% share in the market in 2016 and are expected to generate $4,121.0 million by 2023, witnessing a CAGR of 7.2% during the forecast period. This is attributed to the increasing demand for smartphones, owing to their falling prices across the world, especially in developing countries.
APAC GNSS CHIP MARKET, BY DEVICE, $M (2013 – 2023)
On the basis of application, the GNSS chip market is divided into location-based services (LBS), telematics, surveying, mapping, navigation, timing and synchronization, and others. Among these, the telematics application is expected to be the leading division in the market during the forecast period. This can be attributed to the rising demand for integrated wireless communication systems in vehicles.
Based on geography, Asia-Pacific (APAC) held the largest share in the market in 2016. The increasing popularity of wearable devices and continuous technological advancements in consumer electronics are the major factors driving the growth of the GNSS chip market in the region.
GNSS Chip Market Dynamics
A key factor driving the growth of the GNSS chip market is the growing popularity of AR, which refers to a technology that integrates the machine-generated digital information with the real-time user environment. The market for AR is expected to grow at a rapid pace in the coming years due to the increasing demand for it in various sectors, such as retail, medical, architecture, and e-commerce, globally. As GNSS plays an important role in AR by allowing the formation of a direct link between the surrounding reality and digital objects, the growing popularity of AR is driving the market across the globe.
The increasing demand for unmanned aerial vehicles (UAV) in several applications is a key opportunity in the global GNSS chip market. The massive unexplored applications of UAVs in civil and military areas are creating huge opportunities for the major players operating in market.
GNSS Chip Market Competitive Landscape
The GNSS chip market is highly fragmented, with numerous chip manufacturers holding small shares. Some of the key players operating in the market are Qualcomm Incorporated, Broadcom Limited, Intel Corporation, Furuno Electric Co. Ltd., Skyworks Solutions Inc., Quectel Wireless Solutions Co. Ltd., Navika Electronics, NXP Semiconductors, MediaTek Inc., and U-blox Holding AG.
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