Market Size of Automotive Digital Mapping Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 12.75 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Automotive Digital Mapping Market Analysis
The automotive digital mapping market is expected to register a CAGR of 12.75% over the forecast period (2021-2026). Digital maps have been used extensively in recent times for various location-enabled applications, such as Google Earth, Google Maps, and Foursquare. The technology, however, is mainly recognized and used in GPS satellite networks, which form a significant component of the standard automotive navigation systems.
- Digital maps have been used extensively for various location-enabled applications, such as Google Earth, Google Maps, and Foursquare. However, the technology is mainly recognized and used in GPS satellite networks, which form a significant component of the standard automotive navigation systems.
- These solutions are used mainly in autonomous vehicles or connected vehicles with intelligent devices and advanced features, like GPS, used mainly for digital mapping or navigation in the automotive industry.
- The increasing adoption of connected cars and the rapid deployment of high-speed communication networks across geographies drive the growth of the market over the forecast period. Also, machine-to-machine (M2M) platform consolidation leads to increased revenues due to low initial investment. The use of LBS technology (in coordination with digital maps) in business operations pertaining to logistics and the automotive industry is increasing considerably.
- Audi and Nvidia underwent a partnership to develop a level 4 autonomous car and make it fully functional by 2020. Many companies are also identified to follow this trend, which is expected to increase the adoption of autonomous vehicles over the forecast period, thereby creating demand for digital mapping solutions.
- The navigational maps and live traffic information have served as a powerful tool for the automotive industry. It is expected to be even more crucial at present, with the requirement for vehicle connectivity. The increased number of sensors incorporated in modern vehicles, owing to the introduction of advanced driver assistance systems (ADAS), has prompted the vendors to innovate their services. For instance, HERE is a map and content provider trying to include more information into maps.
- Across the globe, the repercussions of the COVID-19 crisis are immense and unprecedented, as many auto-retail stores have remained closed for a month or more. Hence, resulting in the decline in profit by the automotive manufacturer as compared to the last two years, and it might take years to recover from this plunge in profitability.
