GPS-enabled device shipment is expected to generate total revenues of $7.14bn (£4.47bn) in 2018, according to a report from the ABI Research.
Despite a decrease of PNDs and the threat of smartphone devices, the portable GPS-enabled device market is expected to grow thanks to more people using HUD eyewear, cycling and health or tracking devices.
ABI Research senior analyst Patrick Connolly said that the overall market is forecast to grow from 33.3 million units in 2012 to 36.79 million in 2018, following a brief dip in 2013 as PND declines outweigh growth in other areas.
"Total revenues will undergo a brief period of fluctuation from 2013 to 2015, before rising to $7.14 billion in 2018," Connolly added.
ABI Research Telematics & Navigation research director Dominique Bonte said that markets for cycling computers, health and fitness are starting to get interesting.
"As ASPs decline and smart watches become a more established part of our lives, the addressable market will be eaten up, limiting the growth potential for dedicated fitness devices," Bonte said.
Looking longer term, ABI Research has forecast very strong growth for HUD/eyewear devices, particularly in the fitness, golf, and cycling categories."
"It would not be surprising to see an acquisition in this space over the next 12 months."