World News: GPS market to hit US$28.9bn by 2010

World News:  GPS market to hit US$28.9bn by 2010

According to a new report from Global Industry Analysts, the increasing use of GPS in automotive and consumer applications is expected to propel the market to around US$28.9 billion by 2010.

Growth of the GPS market in the last decade has been driven by increasing use in vehicle navigation, fleet management, asset tracking, surveying/mapping, public safety, aviation, marine, aeronautical, and consumer applications.

Uptake of GPS in new applications is projected to continue at a brisk rate, driven largely by growing availability and declining prices.

In recent years, the technology has become increasingly accessible for public application as new and advanced satellite systems gain omnipresence. In addition to the US’ existing Navstar GPS system, new satellite navigation systems such as Europe's Galileo, Japan's Quasi-Zenith System, China's Twinstar, and Russia's Glonass are likely to further enhance availability in future.

GPS chipsets are becoming smaller and cheaper, application integration costs are dropping, and GPS products are becoming more powerful. These factors, along with the emergence of compact PNDs and GPS-enabled cell-phones, are boosting rapid market adoption of GPS-based products and spurring increased use in consumer applications such as people tracking, vehicle navigation and asset tracking.

The E911 mandate in the US coupled with latest technological advancements in GPS and mobile handset technology has cleared the way for large-scale adoption in mobile telephony.

Japan is the world's largest GPS market, followed by US and Europe. The European GPS market is expected to record the fastest growth with a CAGR of about 17%. Developing regions such as Asia-Pacific will also emerge as one of the growth markets due to increasing technology penetration.

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