Published on : Apr 18, 2018
Albany, New York, April 18, 2018: In recent years, development of new technologies and their implementation in vehicles form a part of product differentiation by vehicle OEMs. Nowadays, high-end models and luxury cars are equipped with 3D map system technology, which provides the exact position of the vehicles and other things in the vehicle’s surroundings. Market Research Hub (MRH) has freshly broadcasted a comprehensive study titled “3D Map System Market For Automotive - Global Industry Analysis, Size, Share, Growth, Trends, And Forecast 2017 – 2025” to its wide database, which offers a rounded perspective on the market’s growth in terms of revenue in US$ Bn, across different geographical regions namely North America, Europe, Asia Pacific, Middle East & Africa, and South America.
As per the active research evaluations, the global 3D map system market for automotive is expected to expand at a remarkable CAGR 18% and to surpass the value of US$4 Bn by 2025.
This 382-pages study covers the impact of the drivers and restraints on demand for 3D map systems market during the forecast period. Further, it highlights opportunities present in the 3D map system market for automotive in the above-mentioned regions. The Porter’s Five Forces model for the particular market has also been included to help understand the competitive landscape in the market. The study also provides a decisive view of the global 3D map system market for automotive by segmenting it in terms of navigation, system, sales channel, and vehicle.
Factor Fueling Market Growth
- It has been well-identified that navigation is an important aspect for vehicles, as it directs about the unknown ways to the driver. 3D maps for navigation have enlarged the usefulness and usability of the map. Presently, the accuracy of 3D maps, increased number of tourist vehicles, enhanced demand for ride hailing, increased level of automation in vehicles, and demand for sophisticated technologies by end-users are likely to drive the market growth.
- Earlier, 2D maps are highly preferred for the direction. With the growing advancements, high definition maps, which have a high level of accuracy has become a key navigational assistance to autonomous self-driving cars. Tourists prefer 3D maps as they are inclusive of comprehensive information about the road. Also, the analyst has found that connected vehicles are witnessing a rapid rise in demand. As of 2017, there were 43.2 million connected vehicles running on the roads, globally, and the number is increasing rapidly.
- By navigation type, the study covers in-dash navigation and handheld navigation. Out of these two, the in-dash navigation system segment is projected to hold a major share of the market during the forecast period because it is connected to the advanced driver assistance system.
- In terms of geography, Europe is likely to witness an increase in demand for 3D map systems owing to the technological advancements, the advent of self-driving cars, and increased spending by automotive.
Later, the authors of the report have decoratively profiled the key players in order to provide a sound understanding of how the competitive landscape could shape in the near future. Prominent players operating in the global automotive 3D map system market include NVIDIA Corporation, Robert Bosch GmbH, Continental AG, Denso Corporation, Aptiv, HERE, and Elektrobit.
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