GNSS chip market is forecasted to reach $5,538.5 million by 2023, P&S Market Research
Geographically, the GNSS chip market is expected to witness the fastest growth in Asia-Pacific. Rise in demand of electronic, wearable and connecting devices, growing need for precise and real-time data along with the growing popularity of IoT are some of the major factors to have a significant positive impact on the industry.
Growing focus towards development of smart cities to push the GNSS chip market
Rapid urbanization, across the globe is leading towards more efficient and sustainable cities. On account of that, government of various countries worldwide are investing heavily in smart city projects. For instance, governments of several countries including Spain, UAE, Singapore, India and Austria are investing heavily in smart city research and projects. Government of India announced to transform 100 cities, into smart cities by 2030, and aims to invest around $15 billion on smart city project.
Access Report Summary with Detailed TOC on "GNSS Chip Market by Device (Smartphones, Tablets, PNDs, IVSs), by Vertical (Automotive, Consumer Electronics, Transport, Marine, Agriculture, Military and Defense, Construction), by Application (LBS, Surveying, Telematics, Navigation, Mapping, Timing & Synchronization), by Geography (U.S., Canada, Germany, U.K., France, China, Japan, South Korea, Taiwan, Brazil, South Africa) – Global Market Size, Share, Development, Growth and Demand Forecast, 2013-2023" at: https://www.psmarketresearch.com/market-analysis/gnss-chip-market
Smartphones to hold the largest size of the GNSS chip market throughout the analysis period
On the basis of device, the market is categorized into smartphones, tablets, PNDs, IVS and others, where others include phablets, digital camera and wearable devices. Smartphones accounted for 75% of the GNSS chip market, with $2.5 billion in 2016. It is further projected to reach $4.1 billion by 2023, witnessing 7.2% CAGR during the forecast period.
Automotive industry to hold the largest share of the GNSS market by 2023
The various users of GNSS chips are automotive, consumer electronics, transport, marine, agriculture, military & defense, and construction industry. Technological evolutions in connected vehicles and automated driving domains are expected to be the major growth driver of GNSS-enabled applications and services in the automotive vertical over the next few years. Information obtained by GNSS chips empowers a range of automotive services from precise navigation to location-based information services, including the localization of speed cameras or available parking slots, dynamic weather updates and traffic alerts.
Telematics application to register the fastest growth during 2017 to 2023
On the basis of application, GNSS chip market is categorized into LBS, surveying, telematics, navigation, mapping, timing & synchronisation and others, where others include gaming and weather forecasting. Telematics applications are expected to lead the market in terms of growth during the forecast period. The major factors bolstering the demand of GNSS chips in telematics include surging demand for integrated wireless communication systems within the vehicle, introduction of autonomous vehicles and transformation of non-connected cars into connected cars.
GNSS chip market players coming up with new products
Product launches have been observed as the major strategic step taken up by the key vendors operating in the GNSS chip industry, to capture a large market share. Chip manufacturers are entering into strategic alliance with technology providers in order to combine each other’s expertise and offer best in class GNSS chips. Some of the major players operating in the market include 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.