Global GNSS Market: Broad Prospects and Growth Trends

2024-09-10/ By Admin

The global GNSS market presents broad development prospects. According to the EUSPA report, the global GNSS device market is expected to grow from 7.1 billion euros in 2023 to 11.9 billion US dollars by 2033, with an average annual compound growth rate of 5.30%. From a regional distribution perspective, the Asia Pacific region has the highest market share in the equipment market at 34%, followed by North America (28%) and Europe (23%).

The market size of GNSS services is 2-3 times that of the equipment market, and the growth rate is faster than that of the equipment market. The global GNSS service market is expected to grow from 19.1 billion euros in 2023 to 46.3 billion US dollars by 2033, with an average annual compound growth rate of 9.26%. Similarly, the Asia Pacific region has the highest proportion in the service market, accounting for 40%, while North America and Europe account for 23% and 17% respectively. The global GNSS market size is expected to increase from 26.2 billion euros in 2023 to 58.2 billion euros in 2033 in the comprehensive equipment and services market, with an average annual compound growth rate of 8.31%.

Among them, the Middle East&Africa, Latin America, and Asia Pacific regions have the fastest growth rates, and the market size of the Middle East&Africa is expected to increase from 2.2 billion euros in 2023 to 7 billion US dollars in 2033, with a CAGR of 10.98%; The market size in Latin America is expected to increase from 1.2 billion euros in 2023 to 3.4 billion US dollars in 2033, with a CAGR of 10.98%; The Asia Pacific region is expected to increase from 10.1 billion euros in 2023 to 25.2 billion euros in 2033, with a CAGR of 9.57%.

The global inventory of GNSS devices is enormous, and annual shipments are steadily increasing. The global GNSS equipment shipment in 2023 is expected to reach 1.6 billion units, and is projected to grow to 2.2 billion units by 2033, with a CAGR of 3.2%. From a stock perspective, the global stock of GNSS devices will reach 5.6 billion units in 2023, and is expected to increase to 9 billion units by 2033, with an average annual compound growth rate of about 4.9%.

From the perspective of market segmentation, GNSS device shipments in the consumer, tourism, and health markets account for the vast majority of the market share, mainly due to the large base of consumer electronic devices such as mobile phones, computers, and watches. This field is the main area for GNSS device shipments, accounting for 89% of the annual shipments of GNSS devices. Secondly, in the field of road vehicles, navigation devices are used for in car navigation in both passenger and commercial vehicles. In the remaining niche markets, aviation and drones have a relatively high proportion. The future growth rates of railways and agriculture and forestry are expected to be relatively fast, with an average annual compound growth rate of 14.9% and 13.6% respectively from 2023 to 2033.

Driven by the rapid growth of GNSS services, the cumulative output value of the global GNSS market is expected to reach 460 billion euros in the next decade. By 2033, the proportion of services in the GNSS market will approach 80%. In terms of segmented markets, consumption, tourism, and health sectors account for 65.7% of the cumulative market output value, road vehicles account for 25.9%, agriculture accounts for 3.9%, and urban development accounts for 1.7%.