NEW YORK, N.Y. – The GNSS chip market is projected to reach up to 5,538.5 million dollars by the start of 2023.
The demand for electronics and connecting and wearable devices, the need for a secure and precise real-time data, and the popularity of the Internet of Things are all on the rise. These are some of the major factors that provide a significant positive impact on the GNSS chip market. These are the reasons the industry is forecasted to witness its fastest growth in the Asia-Pacific.
Rapid urbanization in various parts of the world is growing toward becoming sustainable and efficient cities. Because of that, a lot of governments of different countries worldwide are starting and continuing to invest heavily in various smart city projects.
The UAE, Spain, Austria, India, and Singapore, in particular, have a significant investment in smart city research. Just recently, the government of India has announced their plan to invest about $15 billion in transforming 100 cities into smart cities by the year 2030.
The GNSS chip market is based on various factors. On the basis of the device, it can be categorized into tablets, smartphones, IVS, PNDs, and many others like digital camera, phablets, and wearable devices. The market’s 75% is for smartphones with about $2.5 billion just in 2016 which is projected to reach approximately $4.1 billion in 2023.
The chip market by vertical includes consumer electronics, automotive, agriculture, marine, transport, construction, and military and defense. The evolution of technology for connected vehicles as well as automated driving domains is considered to be the primary growth driver of the GNSS applications and services.
GNSS chip-obtained information can empower an array of automotive services especially location-based and precise navigation services. This includes the need for localization of speed cameras as well as available parking slots and dynamic weather and traffic updates.
On the basis of application, the market is categorized into surveying, LBS, telematics, mapping, timing and synchronization, navigation, and others such as weather forecasting and gaming. In terms of growth in time of the forecast period, telematics applications are predicted to lead. Major factors supporting the GNSS chip market demand in this area are the increasing need for integrated wireless communication systems of a vehicle, transformation of non-connected cars into connected ones, and many others.
In terms of global market, it includes the USA, Germany, Canada, France, UK, Japan, China, Taiwan, South Korea, South Africa, and Brazil.
For vendors within the GNSS chip industry, product launches have been known as the primary strategic step to capture the wide market share. Several chip manufacturers are starting strategic alliances with other technology providers to combine both of their expertise and create GNSS chips that are best in the industry.
Major players that are operating in the GNSS chip industry include Broadcom Limited, Qualcomm Incorporated, Intel Corporation, Skyworks Solutions, Inc., Furuno Electric Co., Ltd., and Navika Electronics.
This GNSS chip market research was done by the P&S Market Research, a consulting company and a global market research.