The GNSS chip market was valued at USD 3.11 Billion in 2015 and is expected to grow at a CAGR of 7.9% between 2016 and 2022.
Download Free Sample Pages Of This Report: http://bit.ly/2oEowal
Some of the factors driving the growth of the GNSS chip market include the high penetration of electronic, wearable, and connecting devices; increasing demand for accurate and real-time data; rising demand for high-speed Internet and network coverage such as 4G/5G; and growing popularity of IoT. The GNSS chip market has been segmented on the basis of device, vertical, application, and geography.
GNSS chips are used to provide precise positioning, and the in-vehicle systems are mounted on excavators, dozers, graders, and scrapers used in the construction industry. In-vehicle systems are considered ideal for navigation applications as these systems are capable of providing real-time information pertaining to the current status of the vehicles and guiding the drivers accordingly.
Location-based services (LBS) held the largest share of the GNSS chip market for applications in 2016. The market for LBS is expected to grow at a rate during the forecast period, owing to the increasing demand for navigation and in-vehicle systems worldwide. GPS/GNSS technologies are being increasingly used for surveying and mapping applications such as tracking of unfamiliar locations suitable for construction, agriculture, and mining as well as for other location-based services.
The GNSS market for the automotive vertical is expected to grow at a high rate between 2016 and 2022. Connected cars are equipped with devices that enable Internet access using GNSS chips; these devices allow the cars to communicate with other cars on the road. Therefore, the increasing demand for connected cars is fueling the growth of the GNSS market.
APAC is expected to be the fastest-growing market for GNSS chips. China holds the largest share of the GNSS chip market in APAC; the market in China is expected to grow at a high CAGR during the forecast period. China is a developing economy and is considered as a major consumer electronics manufacturing hub, and consumer electronics is an emerging application area for GNSS chips.
Get Complete PDF Brochure Here: http://bit.ly/2okxc92
Moreover, APAC is home to some of the major consumer electronic and wearable device manufacturers such as Samsung Electronics Co., Ltd. (South Korea), Panasonic Corp. (Japan), Sony Corp. (Japan), and LG Electronics Inc. (South Korea), which are integrating GNSS chips in their miniaturized electronic devices.
The key market players such as Qualcomm Incorporated (U.S.), STMicroelectronics N.V. (Switzerland), and Intel Corporation (U.S.) are focusing on new product launches and developments, acquisitions, and collaborations to enhance their product offerings and expand their businesses.