At 7.1% CAGR, Europe GNSS Chip Market is Projected to be Worth US$ 2,131.32 Million by 2030, says Business Market Insights

According to Business Market Insights' research, the Europe GNSS chip market was valued at US$ 1,230.32 million in 2022 and is expected to reach US$ 2,131.32 million by 2030, registering a CAGR of 7.1% from 2022 to 2030. Growing use of GNSS chip in consumer electronic devices and upsurging need for accuracy in real-time data are among the critical factors attributed to the Europe GNSS chip market expansion.

Smartphones, smart wearables, digital cameras, tablets, and other consumer electronic devices use GNSS technology for mapping, geo-marketing, and navigation applications. GNSS chips are majorly being integrated into these devices to offer precise locations to users while running, walking, or driving. This feature has led to increasing adoption of various location-based services (LBS) and applications depending on the 4G network solution.

Market players develop GNSS-based wearable devices. In June 2022, Quectel Wireless Solutions, a global IoT solutions provider, announced the release of its LC76G module, a compact single-band ultra-low power GNSS module featuring fast and accurate location performance. In addition, in July 2022, Qualcomm released two new system-on-chip (SoC) platforms—the Snapdragon W5+ and W5—for wearable devices such as smartwatches. It uses the GNSS for GPS connectivity. In August 2020, Sony Corporation announced the release of high-precision GNSS receiver LSIs for IoT and wearable devices. Moreover, a rise in the use of location-based services such as online food delivery, online cab services, and others propels the demand for GNSS. Furthermore, government support for the implementation of GNSS technology contributes to the Europe GNSS chip market growth. With leading GNSS chipset providers developing Galileo-ready chipsets and global smartphone brands integrating these chipsets in their latest smartphone models, the Europe GNSS chip market reports growth.

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

Based on device, the Europe GNSS chip market is segmented into smartphones, tablets, personal navigation devices, in-vehicle systems, and others. The smartphones segment held 56.4% share of the Europe GNSS chip market in 2022, amassing US$ 694.01 million. It is estimated to garner US$ 1,142.46 million by 2030 to expand at 6.4% CAGR during 2022–2030.

In terms of application, the Europe 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 57.0% share of the Europe GNSS chip market in 2022, amassing US$ 700.72 million. It is estimated to garner US$ 1,216.08 million by 2030 to expand at 7.1% CAGR during 2022–2030.

By vertical, the Europe GNSS chip market is segmented into consumer electronics, automotive & transportation, military & defense, marine, and others. The consumer electronics segment held 41.5% share of Europe GNSS chip market in 2022, amassing US$ 510.07 million. It is predicted to garner US$ 910.78 million by 2030 to expand at 7.5% CAGR during 2022–2030.

Based on country, the Europe GNSS chip market is categorized into Germany, France, the UK, Italy, Spain, and the Rest of Europe. The Rest of Europe held 26.6% share of Europe GNSS chip market in 2022, amassing US$ 327.76 million. It is projected to garner US$ 681.08 million by 2030 to expand at 9.6% CAGR during 2022–2030.

Key players operating in the Europe 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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