Autonomous Cars Market Size and Share Analysis | Industry Growth Forecast to 2027
AutonomousCars Market will exhibit a CAGR of 3.3% during the forecast period, and isprojected to reach USD 1.33 billion by 2027, and the Market value as per 2019was USD 1.82 billion.
FortuneBusiness Insights™ in a new report, titled, “Autonomous CarsMarket Size, Share & COVID-19 Impact Analysis, By Type (Fully Autonomousand Semi-Autonomous), By Vehicle Type (Passenger Cars and Commercial Vehicles)and Regional Forecasts, 2020-2027.”
Autonomous Cars Market Drivers and Restraint:
Stringent Norms and Increasing Support of Government Pertaining toSafety of Vehicles will Drive Growth
Thecommercialization of autonomous vehicle technology is expected to alter thetransportation network across the world. The governments of several countriesare initiating stringent safety norms and are promoting automation in vehiclesto cater to the safety and security of the vehicles, passengers, andpedestrians.
Moreover,automotive sector manufacturers are required to comply with the specificationsand obtain the safety levels set by various organizations, such as the New CarAssessment Program (NCAP), the Institute of Highway Safety Insurance (IIHS),and the International Automobile Technology Center (ICAT) in order to accessthe authorization of vehicles. Safety regulations include seat beltwarning, electronic stability control, parking sensors, autonomous emergencybrakes, and front end air bags for driver and co-driver.
In2017, Chinese Ministry of Industry and Information Technology (MIIT) along withthe Government of China announced their plan and drafted a bill for developingtechnological and innovative autonomous driving platform for self-drivingvehicles to become the world’s leading player.
Widespread Adoption of ADAS to Boost Market Growth
Advanceddriver assistance systems (ADAS) assists drivers through their artificialintelligence and other advanced features, thereby avoiding distractions andreducing the pressure on the driver. The rapid adoption of advancedtechnologies in software algorithms, sensors, cameras, processors, and mappinghas improved the applicability of ADAS in vehicles. Owing to the risingconcerns of safety and security of vehicles, occupants, and pedestrians and toreduce the rate of road fatalities, automotive manufacturers are incorporatingADAS in vehicles, thus fuelling the autonomous cars industry growth.
RESTRAINING FACTORS:
High Initial Cost & Risk of Malfunctioning May Restrain Growth
Theautonomous car technology is a developing market in the communicationtechnology and automotive industry. It provides several technologically advancedsafety features, greater comfort, and security to the vehicles and theiroccupants. However, the in-vehicle services incur additional costs associatedwith the telecommunications services, connectivity solutions charges, andhardware systems which may limit the market growth. Also, these highlytechnological systems posses many challenges and complications such asmalfunctioning and failures. In addition to that, the high risk of hackersaccessing the system data and unauthorized access to the vehicle functions mayhamper this market growth.
List of Key Players Covered in the Autonomous Cars Market Report:
- Autoliv Inc. (Stockholm, Sweden)
- Aptiv (Dublin, Ireland)
- Waymo LLC (California, United States)
- Robert Bosch GmbH (Gerlingen, Germany)
- Daimler AG ( Stuttgart, Germany)
- Baidu (Beijing, China)
- AutoX, Inc. (California, United States)
- Pony.ai (Fremont, California, United States)
- Ford Motor Company (Michigan, United States)
- HYUNDAI MOTOR GROUP (Seoul, South Korea)
- Volvo (Gothenburg, Sweden)
To gain more insights into the market with a detailed tableof content and figures, Click Here: https://www.fortunebusinessinsights.com/industry-reports/autonomous-cars-market-100141
Some of the key industry developments in the AutonomousCars Market Include:
- February 2020 – Pony.ai Announces to Raise $400 Million from Toyota to Develop Autonomous Driving Pony.ai, an autonomous driving company raises USD 400 million from Toyota Motor Corporation to expand their partnership in mobility services. The collaboration will develop autonomous driving technology, as well as deploy mobility services.
- July 2020 – Mobileye and Willer Announces their Partnership on Autonomous Mobility Mobileye, an Intel Company announces its partnership with Willer, a transportation service provider. The collaboration plans to launch a self-driving robo taxi service in Japan and in the other parts of the Southeast Asia.
- October 2018 – Cruise and General Motors (GM) Together Partners with Honda to Expand Autonomous Vehicle Production Cruise and General Motors jointly announced their partnership with Honda to deploy autonomous vehicle technology on a large scale. Honda announces its 12 years’ investment plan of US$2 billion to develop autonomous vehicles dedicated to Cruise.
- August 2017 – Mobileye, Intel Corporation, BMW Group, and Fiat Chrysler Automobiles Together Signed MoU to Develop Autonomous Vehicles Mobileye, Intel Corporation, BMW Group, and Fiat Chrysler Automobiles jointly signed a Memorandum of Understanding (MoU) to develop world’s leading platform for autonomous vehicle technology. The companies will support and leverage each other’s resources, strengths and capabilities to make this partnership a success in the world.
