Market Overview and Dynamics
The autonomous navigation market in North America is expected to grow from US$ 106.5 million in 2019 to US$ 199.9 million by 2027; it is estimated to grow at a CAGR of 10.2% from 2020 to 2027. The demand for autonomous technology is increasing due to the need to optimize productivity because of the aging workforce in industries.
Also, due to increased resilience caused by the pandemic, the need for autonomous technology is growing to conduct business without human involvement. However, integrating and installing autonomous technologies into exiting products is a time-consuming process as it requires proper infrastructure. Also, after the integration of technology, the system needs trail before commercialization, which increases the overall cost of technology. Additionally, proper training has to be provided to the workforce for using a new automated system, which also results in increasing the cost of technology. Besides, transforming a traditional manual machine or system to an automated system is a time-consuming task for both producers and customers. Therefore, these factors are expected to hamper the growth of the North America autonomous navigation market.
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Key Market Segments
In terms of solution, the sensing system segment accounted for the largest share of the North America autonomous navigation market in 2019. In terms of application, the commercial segment held a larger market share of the North America autonomous navigation market in 2019. Further, AGVs segment held a larger share of the market based on vehicle type in 2019. Also, on the basis of platform, land segment held largest market share in 2019.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the autonomous navigation market in North America are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Autonomous Solutions, Inc.; Brain Corporation; Collins Aerospace, a Raytheon Technologies Corporation Company; FURUNO ELECTRIC CO., LTD.; KINEXON; Kollmorgen; KONGSBERG; Trimble Inc.
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- To understand the North America autonomous navigation market landscape and identify market segments that are most likely to guarantee a strong return
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- Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form North America autonomous navigation market
- Obtain market revenue forecast for market by various segments from 2020-2027 in North America region.
Market Introduction
The rapid change in modern warfare has been urging the governments to allocate higher amounts to respective military forces. The higher military budget allocation enables the military forces to purchase robust indigenous technologies, such as autonomous navigation technology, and various other technologies from international manufacturers. The military vehicle modernization practices are peaking in the current scenario among most military forces to keep the personnel and vehicles mission-ready. With an objective to modernize vehicles, the defense ministries across North America are investing substantial amounts in newer technologies, such as autonomous drones, AGV’s, and UUV. This factor is boosting the growth of the military autonomous navigation market in North America. Thus, the increasing use of AGVs in logistics industry is expected to create a significant demand for autonomous navigation in the coming years, which is further anticipated to drive the North America autonomous navigation market.
The COVID-19 pandemic has devastating impact over North America. North America is one of the most important region for the adoption and growth of new technologies. This is due to favourable government policies to boost innovation, presence of huge technological companies, and high adoption of automation in various industries, especially in developed countries such as the US and Canada. Hence, any impact on the growth of industries is expected to affect the economic growth of the region. The US, Canada, and Mexico have witnessed a significant rise in the number of COVID-19 infected patients. This led the governments to impose lockdowns and limit human movement, thereby leading the manufacturing facilities to experience lower than usual production volumes. The US is one of the largest markets for developing autonomous technologies and integrating it into machines. In addition, testing of autonomous technologies is high in the region. However, due to COVID-19, this has declined. Hence, the ongoing COVID-19 crisis and critical situation in the US are predicted to negatively impact the autonomous navigation market growth in North America for the next few quarters.
North America Autonomous Navigation Strategic Insights
Strategic insights for the North America Autonomous Navigation provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
Market leaders and key company profiles
ï‚· Autonomous Solutions, Inc.
ï‚· Brain Corporation
ï‚· Collins Aerospace, a Raytheon Technologies Corporation Company
ï‚· FURUNO ELECTRIC CO., LTD
ï‚· KINEXON
ï‚· Kollmorgen
ï‚· KONGSBERG
ï‚· Trimble Inc.
North America Autonomous Navigation Regional Insights
The geographic scope of the North America Autonomous Navigation refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
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Author’s Bio
Akshay
Senior Market Research Expert at Business Market Insights
