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Global Automotive Navigation System Market to Grow at CAGR of 8% by 2025
April 19, 2017 | Business WireEstimated reading time: Less than a minute
Research and Markets has announced the addition of the "Global Automotive Navigation System Market Forecast 2017-2025" report to their offering.
The Global automotive navigation system market by tools generated revenue of $11320 Million in 2016 and is anticipated to contribute $22593 Million by 2025, growing at a CAGR of 7.99%.
Increase in the availability of data and information, shift in consumer demands and extended regulatory requirements are the key driving factors for the market growth. The strong and profitable growth of the automotive industry, the automotive navigation system market is growing along. Increasing demands from the dependent sectors like demand taxi sector, logistics and ecommerce sectors require locating various addresses.
The growing demand for car rentals like Uber and Ola worldwide is one of the driving factors to the growth of automotive navigation system market. With car rentals and increase in traffic; the need for real time traffic data is utmost necessary for relieved navigating experience. Automotive navigation systems help locating traffic on the roadways and highways indicating and suggesting different routes to the passenger's destination.
Equal competition with emerging companies that are manufacturing automotive navigation systems is one of the major restraints for the growth of automotive navigation system market.
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