GNSS Chips Modules Market Size, Strategic Analysis, Growth Drivers, Industry Trends, Demand and Future Opportunities and Forecast Period

 

The GNSS chips modules market was estimated to be worth USD 7.9 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 6.5% to reach USD 13.7 billion in 2034. For precise and dependable navigation and positioning in a variety of applications, GNSS chips and modules are necessary. The market is developing and sustainable since it is associated with a variety of sectors.

Sophisticated parts called GNSS (Global Navigation Satellite System) chips and modules are used to receive and process signals from satellite navigation systems such as GPS, GLONASS, Galileo, and others. By triangulating signals from several satellites, these chips and modules allow the gadgets to pinpoint their exact location, velocity, and time synchronization. They are essential in many different applications, including as wearable technology, drones, automobile navigation systems, cellphones, and other Internet of Things gadgets.

 

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GROWTH DRIVERS

One of the major factors driving the market is the rise in demand for location-based services in today's connected devices and smartphones, which rely on GNSS technology for precise positioning. As per Counterpoint, the worldwide smartphone market experienced a 6% annual growth and over 296 million units were shipped in the first quarter of 2024. Since 2008, the smartphone market has been expanding and rising steadily in terms of both market size and the number of models and manufacturers. In 2023, the worldwide smartphone market brought in about USD 412 billion in revenue.

GNSS chips are used by wearable technology, including as fitness trackers and smartwatches, to provide precise tracking of position and physical activity, which is another important factor driving the market. above 150 million wearables were supplied globally in the third quarter of 2023, an increase above the previous year's numbers, indicating that the wearable sector has been expanding quickly in recent years. In 2022 alone, there were around 492 million wearable items sold, including head-mounted displays, activity trackers, smart wearables, and smartwatches.

MARKET SEGMENTATION:

·         By Type – High Precision GNSS Chips & Modules and Standard Precision GNSS Chips & Modules

·         By Size- Less Than 10mm X 10mm and Larger Than 10mm X 10mm

·         By Application - Smartphones, Tablets, Personal Navigation Devices, In-Vehicle Systems, Wearable Devices, Digital Cameras and Others

·         By Region- North America, Europe, Asia Pacific, The Middle East and Africa, South America

Global Key Players:

·         Qualcomm

·         Furuno Electric

·         LOCOSYS Technology Inc.

·         Broadcom

·         Mediatek

·         U-blox

·         STM (STMicroelectronics)

·         Intel Corporation

·         Quectel Wireless Solutions

·         Navika Electronics

·         Other Players

 

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xResearch is a market research and consulting organization that uses unique data, expert analysis, and new technologies to create trusted intelligence on industries. Our research is focused on delivering an informed and impartial view on essential market data of industry, and it is primarily driven by an in-depth study covering the following parameters: Market Sizing and Forecasting, Market Segmentation, Competitive Analysis, Strategic Assessment and Business Modelling.

                                   

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