GPS market to grow by 20%

GPS market to grow by 20%

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London, England: RNCOS released a research report, World GPS Market Forecast to 2013. According to the report, increasing use in automotive and consumer applications is stimulating the mobile location technologies market, which is expected to grow at a CAGR (Compound Annual Growth Rate) of about 20% to cross USD 70 Billion by 2013. Thus, the number of subscribers of GPS-enabled location-based services is anticipated to grow substantially in near future, with market revenue the mark of USD 10 Billion by 2013. Speedy enhancements and developments in digital mapping software are presenting this positive prospect for the industry.

The GPS device market was dominated by PNDs as of the year 2007. However, this share is expected to get disturbed by the availability of GPS-enabled handsets that will account for around 66% of the market share by 2013. The report reveals that the GPS devices’ shipments will grow at around 22% CAGR during the forecast period (2010-2013), although cost is certainly expected to play a crucial role in this growth.

The report also reveals that 2009 was crucial for the overall development of the GPS industry in the regions such as North America and Europe, owing to the economic turmoil. Emerging countries like India and China will continue to witness rapid growth in the adoption of GPS technology with the launch of low cost GPS-enabled mobile handsets in these countries.

Source: https://www.officialwire.com/main.php?action=posted_news&rid=101803