The Nano GPS chip market size is predicted to touch USD 94.41 billion at a 15.86% CAGR between 2018- 2023, states the recent Market Research Future (MRFR) analysis. GPS chips offer users with time data and instantaneous location anywhere on earth. Nano GPS chips are an innovation in the ample variety of GPS solutions. They are so tiny that they easily fit into currency notes but go unnoticed. These chips are equipped with alluring features like a radio frequency shielding, power management unit, temperature-controlled crystal oscillator, surface acoustic waves, noise amplifiers, and real-time clock. Lower power, sensitive, and others are the different types of Nano GPS chips and have wide applications in personal computers (PC), smartphones, personal digital assistant (PDA), tablets, and others.
Various factors are propelling the global Nano GPS Chip Market share. According to the recent MRFR report, such factors include burgeoning demand for such solutions, rising adoption in different verticals, and increasing demand for digitalization of business operations.
On the contrary, the impact of the COVID-19 pandemic may limit the global nano GPS chip market growth over the forecast period.
The MRFR report highlights an inclusive segmental analysis of the global Nano GPS chip market based on application and type.
By type, the global Nano GPS chip market is segmented into lower power, sensitive, and others. Of these, the sensitive segment will lead the market over the forecast period at a high CAGR due to the growing demand for high accuracy applications.
By application, the global Nano GPS chip market is segmented into personal computers (PC), smartphones, personal digital assistant (PDA), tablets, and others. Of these, smartphones are predicted to dominate the market over the forecast period.
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The Nano GPS chip market size has been evaluated with respect to APAC/Asia Pacific, Europe, North America, along with RoW/Rest of the World.
North America currently remains the market leader, with Europe and APAC clinching the second and third spots, respectively. The most profitable markets in North America are identified to be Canada and the U.S., thanks to the frequent technological innovations and the rising consumption of nano GPS chip solutions across diverse industries. With a well-developed IT infrastructure that facilitates quicker implementation of the latest technologies and the increasing spending by manufacturers on research and development for reduction of the chip size can also foster the business growth in the region. The leading manufacturers are vastly focused on enhancing the product’s sensitivity, efficiency, performance and power consumption, which also favors the regional market. Over the coming years, it is expected that the racing games and sports techniques can boost the demand for transceiver chips, which means better higher growth prospects in North America.
The APAC market is steadily expanding backed by the significant contribution of emerging countries like India and China that spend considerably on manufacturing advanced and better featured electronic products. The surge in government initiatives pertaining to wildlife protection also contributes to the rising use of Nano GPS chips in the region.
Renowned Industry Competitors
The contenders competing to gain a higher Nano Gps Chip market share include OLinkStar Co., Ltd. (China), VLSI Solution (Finland), Analog Devices Inc. (U.S.), Fujitsu (Japan), Shenzhen Esino Technology Ltd. (China), OriginGPS Ltd. (Israel), Dragon Bridge (SZ) Tech Co., Ltd (China), Shenzhen Zhonghe Electronics Co., Ltd (China), ATMEL Corporation (U.S.), Unicore Communications, Inc. (China), and more.
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