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Sep 21, 2020 (The Expresswire) —
Recent technological advancements are expected to steer growth in favour of the global autonomous car market through 2026. Fortune Business Insights in a report, titled “Autonomous CarsMarket” Size, Share and Global Trend by Component (Hardware, Software, Services), Application (Passenger Cars, Public Transportation, Commercial Applications), and Geography Forecast till 2026,” offers insights into technological advancements such as LIDAR, GPS, radar sensing, and other computer vision programs embedded in self-driving vehicles drive the market. With the emergence of advanced technology, automakers are expected to invest heavily in autonomous and electronic vehicle technology. The era of automation is shifting towards more comfortable and secure transportation, thus leading to rising investments in the automation sector.
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Key Market Driver
- Better safety, lesser fuel and insurance costs, and multitasking capabilities while traveling are expected to fuel the adoption of automotive cars.
Key Market Restraint
- Low customer acceptance ratio in adopting driverless vehicle
Autonomous Cars Market Landscape and Market Scenario Includes:
- Current market size estimate
- Revenues by players Top Companies
- Market size by product categories
- Market size by regions/country
Growing Focus on Minimizing Risk of Accidents Boosts Market in North America
In 2018, North America was the leading contributor for maximum growth in the global autonomous cars market. The government in the U.S. is likely to introduce technological improvements in autonomous car features. The number of car crashes in this country is very high, which is expected to fuel demand for driverless vehicles between 2018 and 2026. Smart cities development is rising, as countries such as the U.S. is planning to deploy digital infrastructure by ensuring vehicle connectivity. This will further help to increase road safety and reduce traffic blocking. These factors are anticipated to drive the market in North America. The market in Asia Pacific is expected to grow at a faster rate during the forecast period. The rising adoption of autonomous cars in countries such as China is likely to create growth opportunities for the market in Asia Pacific. Autonomous driving is preferred more in China owing to the issues related to car parking and traffic management.
Important Features that are under Offering and Key Highlights of the Market Report:
- Detailed overview of Autonomous Cars Market Share
- Changing market dynamics of the industry
- In-depth market segmentation by Type, Application, etc.
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape of Autonomous Cars Market
- Strategies of key players and product offerings
- Potential and niche segments/regions exhibiting promising market growth
For more information in the analysis of this report, visit:https://www.fortunebusinessinsights.com/industry-reports/autonomous-cars-market-100141
Key Industry Developments
- September 2017: Ericsson, Volvo and Autoliv formed a Swedish venture for autonomous vehicles. The joint venture is aimed towards developing advanced driver assistance support (ADAS), end-to-end platform for connected safety, and autonomous driving software and functions.
- April 2017: Google’s self-driving car project Waymo already logged the equivalent of 300 years of driving experience on the city streets since 2009 and promises to free up our time, lower stress, make our roadways safer and improve transportation.
- May 2016:Uberinvested USD$ 300 Mn to develop a fleet of self-driving vehicles.
Top Players List:
Revolutionary Trends in Autonomous Driving to Transform the Market
“Transformation in the automotive sector is steered by the rapidly changing consumer behaviour,” observed a lead analyst at Fortune Business Insights. “Rising need for reliable transport and increasing safety concerns are projected as the growth engines for the global market,” he added. Onset of trends such as Mobility as a Service or MaaS is expected to speed the evolution of the market. Consumers are shifting from personally owned vehicles to mobility solutions, helping them to manage their trip considering convenience, cost, and time.
Automated system in vehicles help to enhance vehicle performance, offer better emission control, and ensure driver safety. This, along with other features such as electronic steering, collision avoidance, external airbags will enable growth in the market. Governments are increasingly investing in research and development (RandD) activities to improve infrastructure. This in turn, is estimated to encourage growth in the global market over the forecast years. For instance, as per Union Budget 2018-2020, Indian government allocated around US$ 92.22 Bn to infrastructure. Improvements in road infrastructure and increasing internet penetration across the world are also expected to offer tailwinds to the growth of the market. Fortune Business Insights predicts the above factors to shift consumer preference towards autonomous cars in the upcoming years.
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Contrary to this, some factors may hamper the growth of the market. The high costs associated with automated vehicles may restrict the market’s growth. For instance, airbags used in autonomous cars are expensive and should be replaced immediately after the impact. This makes it difficult for middle-class people to buy such vehicles.
Queries Addressed In Autonomous Cars Market Report:
- What opportunities are present for the Autonomous Cars market players to enhance their business footprint?
- What manufacturing techniques are being implemented in the development of advanced Construction Equipment?
- Which segment is witnessing huge traction from the consumers?
- For what purposes, is the Autonomous Cars market being utilized?
- How many units are estimated to be sold in 2020?
Google’s Robot Car Project to Drive Innovation in Autonomous Car Technology
The advent of advanced technologies is expected to encourage companies to develop autonomous vehicles. Leading automakers are planning to keep their vehicles updated with upcoming technological changes in autonomous driving. For instance, in April 2017, Google developed a driverless vehicle project called Waymo to avoid stress of driving for customers, free up their time. It is a self-driving technology developed with an aim to improve transportation. In the same year, three companies formed a joint venture to develop a platform for end-to end customer support and safety. The platform called advanced driver assistance support or ADAS was developed by Ericsson, Autoliv, and Volvo. Some of the other leading players operating in the global autonomous car market are Daimler AG, General Motors, Volkswagen Group, Ford Motor Company, BMW AG, Robert Bosch GMBH, Denso Corporation, Renault-Nissan-Mitsubishi Alliance, AB Volvo, Tesla Inc., and Toyota Motor Corporation. Moreover, Volkswagen is estimated to invest US$ 91 Bn to develop electric cars in the coming years.
Integration of internet of things with the system is a major factor anticipated to fuel the demand in the market during the forecast period 2018-2026. Additionally, rising adoption of e-financial services is expected to boost the global market.
Key Features of Autonomous Cars Market Research Report:
- This report provides detail analysis of the Autonomous Cars market and have a comprehensive understanding of the market and its commercial landscape.
- Learn about the various Autonomous Cars market strategies that are being adopted by leading companies.
- It provides a five-year forecast assessed based on how the market is predicted to grow.
- It provides insightful analysis of changing competition dynamics and keeps you ahead of competitors.
- To understand the future scope and outlooks for the Autonomous Cars market.
- Market Forecast by regions, type and application, with sales and revenue, from 2020 to 2026.
- Market Share, distributors, major suppliers, changing price patterns and the supply chain of raw materials is highlighted in the report.
- Market Size (sales, revenue) forecast by regions and countries from 2020 to 2023 of industry.
- The global Autonomous Cars market Growth is anticipated to rise at a considerable rate during the forecast period, between 2020 and 2023. In 2020, the market was growing at a steady rate and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.
- Market Trend for Development and marketing channels are analysed. Finally, the feasibility of new investment projects is assessed and overall research conclusions offered.
- Autonomous Cars Market Report also mentions market share accrued by each product in the market, along with the production growth.
Lastly, this report covers the market landscape and its growth prospects over the coming years, the Report also brief deals with the product life cycle, comparing it to the relevant products from across industries that had already been commercialized details the potential for various applications, discussing about recent product innovations and gives an overview on potential regional market shares.
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Segmentation of Autonomous Cars Market
1. By Level of Automation
- Level 1
- Level 2
- Level 4
- Level 5
2. By Component
3. By Application
- Passenger Cars
- Public Transportation
- Commercial Applications
- Others (Air Taxis)
4. By Geography
- North America (USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East and Africa (South Africa, GCC and Rest of Middle East and Africa)
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
Click here to get the short-term and long-term impact of COVID-19 on this Market.
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