"It's a product that has gone from being a product for professional drivers and the army to instead become a portable travel companion for everybody. It has changed the way we travel and the price has dropped dramatically in recent years," institute spokesman Henrik Ohman told The Local.

The institute predicts that $9.6 billion will be spent on GPS receivers this coming December, which would mark a 7.5 percent increase over the same month in 2006.

However, Ohman said the popular driving tool has one drawback -- the name "GPS" is "somewhat unsexy."