GPS market to reach $21.5 bln in 2008

GPS (global positioning system) production value worldwide is expected to grow to $21.5 bln in 2008, up from $13 bln in 2003, according to the Industrial Economics and Knowledge Center (IEK) of the Industrial Technology Research Institute (ITRI). Production value in Taiwan is forecast to hit NT$31.5 bln (about US$930 mln) this year, rising from NT$23.9 bln (about US$710 mln) in 2003, said IEK. The Taiwan GPS industry should occupy 13.2% of global GPS production, sliding from 13.9% in 2003.