GNSS Simulators Market worth $165 million by 2025 - Exclusive Report by MarketsandMarkets - Seite 2
The automotive vertical segment to hold higher CAGR during the forecast period
The GNSS Simulators Market by vertical has been segmented into military and defense, automotive, consumer electronics, aerospace, and marine, and other verticals (agriculture, construction, and rail and road). The automotive vertical segment is expected to hold a higher CAGR during the forecast period in the GNSS Simulators Market. GNSS offers a cost-effective and accurate way of determining position in real-time. Ride-sharing apps, such as Uber and Lyft, car-sharing, usage-based insurance apps, dynamic toll charging, and parking apps all depend on the real-time location of the car. GNSS offers sufficient accuracy for all these apps by providing location coordinates leading to its adoption in the automotive vertical.
Among GNSS receivers, the GPS segment is expected to account for a larger market size during the forecast period
GNSS receiver has been segmented into GPS, GLONASS, Galileo, BeiDou, and others. The other segments comprise NavIC and QZSS receivers. The satellite tracking service provided by GPS is useful in various commercial and personal applications. The increasing commercial application of GPS vehicle tracking system for taxi companies and cab services is contributing to the rising adoption of GPS location services. It makes the navigation easier by providing relevant details, such as distance and shortest route to the desired location.
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North America to hold the largest market size during the forecast period
North America is expected to have the largest market size during the forecast period. The key factor favoring the growth of the GNSS Simulators Market in North America is the increase in technological advancements coupled with the rise in government support for the adoption of UAVs. The increasing number of players across different regions is further expected to drive the GNSS Simulators Market globally.
APAC is projected to grow at the highest CAGR during the forecast period it has witnessed considerable developments and adoption of solutions across the region during the forecast period. APAC is home to a large number of GNSS constellations in the world. It has a large potential for GNSS and space-enabled applications. It has a wide consumer base due to its booming economies accompanied by an increasing share of local R&D and technology innovations. This leads to the adoption of GNSS software, hardware, and services in APAC.