At 8.0% CAGR, North America GNSS Chip Market is Projected to be Worth US$ 2,772.90 Million by 2030, says Business Market Insights

According to Business Market Insights' research, the North America GNSS chip market was valued at US$ 1,499.10 million in 2022 and is expected to reach US$ 2,772.90 million by 2030, registering a CAGR of 8.0% from 2022 to 2030. Rising demand for 5G network and high-speed internet and growing use of GNSS chip in consumer electronic devices are among the critical factors attributed to the North America GNSS chip market expansion.

Demand for location-based services (LBS) is increasing. High speed and lower latency of 5G enable advanced and real-time LBS applications such as enhanced navigation with turn-by-turn directions and live traffic updates; augmented reality experiences integrated with real-world locations; precise indoor positioning for shopping malls, airports, and other buildings; improved asset tracking; and fleet management solutions.

Positioning has played an essential role in enabling cellular communication to offer mobile network operators a broad range of approaches to determine each user’s location with varying degrees of accuracy. Global navigation satellite system (GNSS) has been the source for accurate positioning of user devices. Many mobile network operators have announced the deployment of 5G networks in urban areas. In April 2023, the telco also announced the launch of 5G services for prepaid users in Mexico. In a release, the Mexican carrier said that its more than 68 million prepaid users will now be able to access the company’s 5G network, which means that the benefits of the new technology will be available to more than 80 million Telcel customers. Thus, with the rising numbers of 5G base stations, the requirement for higher-level timing accuracy to secure stable connections over 5G networks is increasing. The Quectel L26-T module can deliver 6.8 nanosecond timing accuracy and meet stringent timing synchronization requirements with 5G networks. Thus, rising demand for 5G network and high-speed internet drives the growth of the North America GNSS chip market.

On the contrary, low accuracy of signals in underground and indoor environments hampers the growth of North America GNSS chip market.

Based on device, the North America GNSS chip market is segmented into smartphones, tablets, personal navigation devices, in-vehicle systems, and others. The smartphones segment held 59.6% share of the North America GNSS chip market in 2022, amassing US$ 893.79 million. It is estimated to garner US$ 1,579.62 million by 2030 to expand at 7.4% CAGR during 2022–2030.

In terms of application, the North America GNSS chip market is segmented into navigation and location-based services, mapping and surveying, telematics, timing and synchronization, and others. The navigation and location-based services segment held 58.7% share of the North America GNSS chip market in 2022, amassing US$ 879.74 million. It is estimated to garner US$ 1,609.76 million by 2030 to expand at 7.8% CAGR during 2022–2030.

By vertical, the North America GNSS chip market is segmented into consumer electronics, automotive & transportation, military & defense, marine, and others. The consumer electronics segment held 43.5% share of North America GNSS chip market in 2022, amassing US$ 652.57 million. It is predicted to garner US$ 1,219.23 million by 2030 to expand at 8.1% CAGR during 2022–2030.

Based on country, the North America GNSS chip market is categorized into the US, Canada, and Mexico. The US held 85.3% share of North America GNSS chip market in 2022, amassing US$ 1,278.58 million. It is projected to garner US$ 2,417.88 million by 2030 to expand at 8.3% CAGR during 2022–2030.

Key players operating in the North America GNSS chip market are Qualcomm Inc, Broadcom Inc, Septentrio NV, Trimble Inc, Furuno Electric Co Ltd, MediaTek Inc, STMicroelectronics NV, Skyworks Solutions Inc, and u-blox Holding AG, among others.

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