TomTom Takes #2 Spot In Booming GPS Navigation Market
Fueled by extensive television and radio advertising, TomTom became the #2 brand in terms of market share for Global Positioning System (GPS) mobile navigation units during the fourth quarter of 2005. Garmin remained the leading brand, with more than 40% of the market. Overall, GPS-equipped portable navigation units were one of the hottest items in consumer electronics for the 4th quarter of 2005, increasing a staggering 192% over the previous year. The data was announced by The NPD Group, which provides retail market information.
TomTom's market gains came largely at the expense of Magellan. The NPD Group reports that Magellan's share of the market in December, 2005 was about half what it was back in April. For all of 2005, TomTom reported an increase in revenue of 275% and an increase in net profit of 411%.
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