Home News Business GPS production value globally expected to grow to $21.5 billion in 2008

GPS production value globally expected to grow to $21.5 billion in 2008

The GPS technology has contributed a great deal to the world economy over the last decade. Presently, there are more than hundreds of uses of GPS, starting from stand-alone applications to more integrated, embedded applications. In Western Europe, the vehicle navigation market is in its initial stages, but there is already a strong demand for traffic information and navigation solutions. Countries like USA, Japan, and some others have gained a cumulative shipment of 9.39 million in-vehicle navigation and traffic information units in May 2002, and still find a great demand.

Research and Markets has announced the addition of ‘GPS Market Update 2004-2005’ to their offering. The GPS production value globally is expected to grow to $21.5 billion in 2008, up from $13 billion in 2003, according to the Industrial Economics and Knowledge Center (IEK) of the Industrial Technology Research Institute (ITRI), Taiwan.

In the year 2003, GPS equipment sales was reported to be around US $3.5 billion worldwide, and that annual market could grow to US $10 billion after 2010, according to a report published by a market research firm.

Based on the industry trends and technological assessment, experts predict that the market is expected to grow by the next 15-20 years. The market is yet to perform as well as expected. Predictions also show strong annual growth and an expected market size of US $757 billion by 2017.