The global GNSS chip market is expected to reach $5,538.5 million by 2023 at a 7.3% CAGR during 2017–2023 (forecast period). The major factors driving the growth of market include the rising demand for electronics, wearable and connected devices and growing need for precise and real-time data.
Growing focus toward development of smart cities to push the GNSS chip market
The growing focus on the development of smart cities is a key factor driving the GNSS chip market across the globe. The development of smart cities refers to an urban advancement vision to assimilate the internet of things (IoT) technology and information and communication technology (ICT) in a secure manner to manage a city's resources. Rapid urbanization across the globe is leading to the increasing focus on more sustainable cities. On account of this, governments of various countries are increasingly investing in smart city projects. GNSS chips are used as a key enabler in smart city infrastructure, as well as in efficient city planning and maintenance. Hence, the rapid urbanization, along with the growing focus toward the development of smart cities, is driving the growth of the market.
Automotive industry to hold the largest share of the GNSS market by 2023
Based on vertical, the global GNSS chip market is categorized into automotive, transport, consumer electronics, agriculture, marine, construction, and military and defense. Among these, the automotive vertical accounted for the largest share in the market in 2016. Due to the rising technological enhancements in connected vehicles, the demand for GNSS-enabled services and applications in the automotive vertical is increasing across the globe.
GNSS chip market players are coming up with new products
The key players in the GNSS chip market are focusing on product launches and partnerships to increase their market share. Chip manufacturers are increasingly focusing on strategic alliances with technology providers to combine each other’s expertise and offer better GNSS chips. The major players 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 Holding AG.
GNSS CHIP Market Segmentation