Automotive Navigation System Market to grow at CAGR of 8.85% by 2023: Report

The report projects a Compound Annual Growth Rate (CAGR) of 8.85% in Automotive Navigation System Market by 2023

Automotive Navigation System Market to grow at CAGR of 8.85% by 2023: Report
Automotive Navigation System Market to grow at CAGR of 8.85% by 2023: Report

Automotive Navigation System Market to grow at CAGR of 8.85% by 2023: Report

Automotive Navigation System Market is expected to grow at a CAGR of 8.85% from 2019 to 2023, according to a Market Research Future report. The report suggests a resurgence of the automotive industry coupled with the heightened production of cars, growing population, rise in traffic congestion, and investments in improving vehicle infrastructure can drive the market growth.

Developments in advancing the navigation technology as well as demand for accuracy by car drivers can propel the market demand. This is exemplified by Garmin International, manufacturer of GPS devices, with Amazon, creator of Alexa, a virtual assistant, in 2018.

In addition, government policies mandating the integration of navigation systems in cars can be a viable driver of growth. The rapid economic growth of developing economies, changing lifestyles of customers, and a noticeable surge in purchasing power of car owners are other significant market drivers. 

The report also suggests that lack of telecommunication and connectivity infrastructure in selected countries can hinder this growth.