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(I-SoftwareNews.Com, September 06, 2019 ) Market Overview
• Automated or self-driving vehicles are capable of operating without direct driver action to control steering, acceleration, and braking. Currently, cars may be computer-driven or computer-assisted driven, with various levels of autonomy, as well as connected features that allow the exchange of data.
• Autonomous vehicle technology provides a significant improvement in safety, help reduce congestion, improve vehicle fuel efficiency and provide increased mobility options.
• Advanced driver-assistance systems (ADAS) technology will also be critical as the market prepares for full autonomy and seeks to increase profits from autonomous vehicle essential capabilities of technology.
• The significantly rising number of accidents across the globe is expected to drive the growth of free vehicle market during the forecasting period.
• The growing awareness among consumers regarding the benefits of autonomous cars. Offer to customers, such as the enhanced mobility is projected to fuel the demand for autonomous vehicles in the forecasting period.
• The global car sales are expected to grow in the forecasting period, but the annual growth rate is expected to drop slightly during the forecasting period. This drop will be primarily driven by macroeconomic factors and the rise of new mobility services such as car sharing and e-hailing. This may hamper the growth of the global autonomous vehicle market.
By driving type
• The driving type includes semi-autonomous and fully autonomous vehicles. Currently, semi-autonomous cars have a significant market, and in the forecasting period, the demand for fully independent is expected to grow with increasing features for driving assistance.
• North America is expected to grow at a faster pace of autonomous cars due to the increase in technological advances in automotive.
• The Asia Pacific is also expected to witness a rise in the demand for autonomous cars in the forecast period due to the increase in awareness among customer, the significant increase in the disposable income of consumers and the future development in the information and communication infrastructure in China, Singapore, and Japan.
• The increase in investment on R&D activities for autonomous vehicles by critical players is driving the global market.
• Vehicle manufacturers and technology providers are investing in the development of private autonomous vehicles, including Tesla, Volvo, Ford, BMW, Audi, Google, and Apple.
• Other companies are focused on developing electric and autonomous shuttle buses, namely Navya, Auro Robotics, Varden Labs, Local Motors, and Easy Mile. Tesla, Mercedes, and Baidu are also investing in developing large driverless buses.
• The increase in investment in new technological development and Companies are undergoing collaborations and partnership to develop autonomous vehicles is driving the growth of global independent vehicle market.
Recent advancements in the market
• In 2017, Ford has announced approximately USD 1 billion investment for developing autonomous vehicle technology.
• In 2016, the joint venture between Volvo and Uber to create autonomous vehicles included a commitment to invest USD 300 million on their research and developments.
• GM, Nissan, and Mercedes are planning to release self-driving models by 2020. Mercedes are also working on a self-driving truck, and it is expected to release in 2025.
• Asia Pacific
• North America
• South America
• Rest of the World
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