Singapore, September 1, 2010
The Asia-Pacific GPS Navigation and LBS market to rise to $3.16 billion in 2014, a Compounded Annual Growth Rate (CAGR) of 50.7%, according to a recent report by Research and Markets. The Asia-Pacific will account for 23.6% of the world market share for GPS Navigation and LBS spend in 2014.
Among the highlights of the report's findings include:
- The highest growth will come from Location Enabled Search and Advertising in the Asia-Pacific market. Total spend in this category will rise at a CAGR of 115.6% to reach $1.63 billion by 2014, replacing Voice-Guided In-Car Navigation as the largest category in the regional LBS market from 2012 onwards.
- Research and Markets expect that users of Voice-Guided In-Car Navigation will increase from 6.7 million in 2009 to 22.5 million in 2014. Total spend in this category will reach $667 million in 2014.
- The largest LBS market in Asia-Pacific is Japan with an estimated total spend of $1.71 billion in 2014 (CAGR of 42.5%). The largest category in the Japanese market in 2014 will be Location Enabled Search and Advertising with $908 million in spending in 2014.
- China will see 67% CAGR in LBS spending over the next five years with a market valued at $233.8 million in 2014. Also, total spend in India's LBS market will rise to $158.4 million in 2014.
