A navigation system is a defined as instruments which helps in determining the position of a particular place or person. It acts as a guide map and is basically segmented based on the source the signal frequency is emitted. With rising demand for inbuilt GPS modules in automobiles along with surging demand for autonomous vehicles, key vehicle manufacturers are focusing on undertaking partnership and agreements with component manufacturers.According to AMA, the market for Navigation System is expected to register a CAGR of 9.3% during the forecast period to 2024. This growth is primarily driven by Growing adoption of e-hailing services across the globe, Increasing demand for aircrafts and missiles in developing economies and Increasing smart mobility applications.
Globally, a noticeable market trend is evident The rise in demand for a more accurate, real-time tracking and monitoring facility
. Major Players, such as Garmin Ltd. (United States), Rockwell Collins (United States), KVH Industries (United States), Esterline Technologies (United States), Honeywell (United States), Lord Microstrain (United States), Northrop Grunman (United States), Raytheon (United States), Trimble Navigation (United States), L3 Communications (United States) and Moog Inc. (United States) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In June 2018, Hexagon AB acquired AutonomouStuff LLC, a U.S based autonomous vehicle solutions provider, to deliver advanced autonomous vehicle solutions with the help of its GPS products
- Growing adoption of e-hailing services across the globe
- Increasing demand for aircrafts and missiles in developing economies
- Increasing smart mobility applications
- The rise in demand for a more accurate, real-time tracking and monitoring facility
- Increasing adoption of autonomous vehicles in developed economies
- Licensing, strict rules, and regulations by government in various countries across the globe
Integration of INS with other navigation systems
Lack of network infrastructure in underdeveloped areas and accuracy of location and Clock inaccuracy and orbit shift of satellites are likely to provide technical challenges to GPS usage
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