What is the global Market size of Autonomous Navigation Market?

Autonomous Navigation Market size was valued at USD 3.24 billion in 2019 and is poised to grow from USD 4.28 billion in 2023 to USD 13.98 billion by 2031, growing at a CAGR of 31.92% in the forecast period (2024-2031).

Autonomous Navigation Market Size

Autonomous Navigation Market Insights

Autonomous Navigation Market size was valued at USD 5.96 Billion in 2023 and is poised to grow from USD 6.94 Billion in 2024 to USD 23.58 Billion by 2032, growing at a CAGR of 16.50% during the forecast period (2025-2032).

Autonomous navigation system is a collection of complex systems that assist in making decisions based on their surroundings and operating the vehicle accordingly without the need for human interaction. It can be found in drones, robots, cars, boats, and other vehicles. For accurate and safe vehicle navigation, modern technologies and autonomous navigation algorithms are used in navigation systems technology. For successful autonomous navigation based on a robot operating system, systems such as inertial navigation, global navigation satellite systems (GNSS), radars, LiDARs, cameras, odometers, barometers, ultrasonic sensors, and infrared sensors are used.

The development of sense and avoid systems in autonomous robots, the widespread deployment of autonomous robots for commercial and military purposes, and the demand for autonomous robots in logistics are all likely to drive market growth.

US Autonomous Navigation Market is poised to grow at a sustainable CAGR for the next forecast year.

FAQs

The market is consolidated in nature. The prominent players operating in the market are constantly adopting various growth strategies in order to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D in order to supply industries with the most efficient and cost-effective solutions. 'Raytheon Technologies Corporation ', 'Honeywell International Inc. ', 'Northrop Grumman Corporation ', 'Thales Group ', 'Safran SA ', 'ABB ', 'L3Harris Technologies, Inc. ', 'General Dynamics Corporation ', 'Rolls-Royce plc ', 'Moog Inc. ', 'Kongsberg Gruppen ASA ', 'Trimble Inc. ', 'Furuno Electric Co., Ltd. ', 'Shield AI ', 'Skydio, Inc. ', 'Near Earth Autonomy Inc. ', 'LeddarTech Inc. ', 'Sea Machines ', 'Autonodyne LLC'

The global autonomous navigation market will majorly prosper due to the logistics industry. Increasing popularity of online buying platforms is boosting the growth of e-commerce businesses. E-commerce enterprises offer speedier service, reliable features, and accessibility to its customers, thus making it an ideal option. This rise in popularity has resulted in the employment of robots in logistics. Rise in demand for retrieval systems, automated storage, automated guided vehicles, autonomous mobile robots, and aerial drones will bring lucrative growth opportunities for the market.

The demand for autonomous navigation systems will rise as AI-based robots become more widely adopted. The manufacturing industry's operational processes have been optimized by the industrial revolution, which includes AI and Industry 4.0. In recent years, time and cost-saving features, as well as machines that require less human intervention, have been developed. Artificial intelligence-assisted autonomous robots have transformed a variety of industries. The autonomous navigation system plays a crucial role in autonomous robotics. This method enables robots to perceive their surroundings precisely and make the necessary judgments without the need for human interaction. Israel, Turkey, and India are all working on AI-based combat robots. The Israel Defense Forces (IDF) showcased a pack of AI-based drones used for combat operations to identify targets in November 2021.

Based on the geographical viewpoint, the global autonomous navigation market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In 2021, the Asia-Pacific region is projected to hold the most substantial Global Autonomous Navigation Market share. This is attributed to the presence of the largest autonomous navigation market in China. With the country's expanding disposable wealth, China is one of the most important markets for high-tech automobiles. Almost every major automaker has made a bet on the Chinese market, which favors compact, low-cost passenger vehicles. As automobile penetration in developing countries is low compared to developed countries, a boom in demand is projected. The demand for automobiles has increased as China's automotive production levels have climbed. Baidu, a Chinese multinational technology corporation, and Volvo Cars, a Swedish automobile manufacturer, agreed in November 2018 to collaborate on the development of electric and completely autonomous cars that will be mass built in China. The market in China is likely to develop as investments in autonomous systems increase.