Escalating the Internet of Things (IoT) usage and wearable devices that use location information has increased the demand for GNSS receiver LSIs.Over the forecast period, such growth in demand for consumer electronics is expected to retain it as the largest consumer of GNSS chips. According to Cisco, in 2021, 258.2 million connected wearable devices are expected to get a connection in the Asia-Pacific region. For instance, Cisco reported that Wearables used in North America and the Asia Pacific are together forecast to account for around 70% of the wearable 5G connections worldwide in 2022. The increasing volume of consumer electronics equipped with navigation and positioning features is expected to create a considerable demand for GNSS. The GNSS-Enabled Consumer Device Market is expected to register a CAGR of 4.9% during the forecast period (2022-2027).
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