Autonomous Cars Market: Overview
Autonomous cars market is estimated to be one of the most lucrative markets in the automotive sector and projected to grow at a significant rate during the forecast period 2019-2025. The autonomous vehicle is also known as self-driving vehicles use several sensors like LiDAR and RADAR systems, working concurrently to carry out operations automatically or without the help of drivers. These cars rely on a combination of advanced vehicle systems like an unconventional emergency braking system, comprehensive vehicle tracking systems, remote-controlled systems, and advanced vehicle to everything connectivity. The move towards self-driving cars is relentless. Increasing safety concerns and innovations in automotive technologies have led to market penetration and acceptance of driverless cars by governments of various countries like the U.S., Germany, China, and Japan. Moreover growing smart cities and connected infrastructure initiatives by the government of various countries has led to an increase in internet connectivity, road infrastructures, and highways, which is anticipated to fuel the global autonomous cars market.
The autonomous car market is propelled by the supportive regulatory outline, government funding, and investments in digital infrastructure. These systems are expected to be nascent technological developments boosting the growth of the autonomous car's market during the forecast period. These technologies help to improve vehicle performance and fuel efficiency. This is estimated to increase consumer preference for autonomous cars. The rising focus of automotive OEMs on enhancing safety features and increasing government support for developing driverless cars are the major factors projected to aid the growth of global autonomous cars across the globe.
Autonomous Cars Market: Level of Autonomy Insights
Based on the level of autonomy, the Autonomous car market is segmented into Level-1, Level-2, Level-3, and Level-4. Level 2 & 3 autonomous car market is projected to grow at the highest rate during the projected period. The adoption rate is currently small but later it will be having more penetration as compared to level 1 owing to rising technological advancements. Advancements in automotive technology like the integration of artificial intelligence, GPS, and advanced electronic sensors such are driving the market growth. Government authorities continue working on enhancing the safety of vehicles by delegating the use of advanced driver-assistance systems (ADAS) in vehicles. This has led auto manufacturers to launch their Level 1 self-driving solutions. Level 4 cars are still in the development phase and are anticipated to be commercially available by 2022. In Complete Automation no human attention required. There is no need for any pedals, brakes, or a steering wheel. The Automated Vehicles controls all critical tasks, monitoring of the environment and identification of unique driving conditions such as traffic jams.
Autonomous Cars Market: Type Analysis
On the basis of the type, the autonomous car market is bifurcated into Internal Combustion Engine (ICE), Hybrid Electric Vehicle (HEV), and Battery Electric Vehicle (BEV). Internal Combustion Engine holds the largest market share of overall autonomous car market during the forecast period. Due to the lack of infrastructure for electric vehicles and infrastructure in the developing countries also supports the demand for the ICE vehicles market. Though, the growing concerns toward environmental health, increasing government initiatives and efforts to reduce the carbon dioxide emissions hinder the demand for the ICE vehicles. Due to the government initiatives and programs like subsidies and tax benefits for electric vehicle manufacturers support the development of the Battery Electric Vehicles (BEV) market. Furthermore, developments in electric vehicle batteries also fuel the market growth.
Autonomous Cars Market: Sensor Insights
Based on the sensor, the autonomous car market is categorized as Artificial Intelligence (AI), Radar, LIDAR, Camera, and Ultrasonic Sensor. Artificial Intelligence leads the entire autonomous car market as it will be the brain of the autonomous vehicle. Radio Detection and Ranging (RADAR) segment dominate the semi-autonomous vehicles market over the forecast period 2019-2025. The ability of signal saturation through mediums that contain fog, clouds, snow, and insulators are key attributes projected to fuel the segment demand. These sensors help in accident prevention caused by driver error, drowsiness, and distraction, in turn, driving the globally advanced driver assistance system market growth. LiDAR sensors are projected to gain high traction over the forecast period due to their crucial function in self-driving cars.
Autonomous Cars Market: Regional Insights
Geographically, the autonomous cars market is analyzed across North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Europe is the leading region of the autonomous cars industry and projected to lead the overall industry during the forecast period. The Netherlands, most ready to support driverless cars due to Its roadway infrastructure is unmatched, with ubiquitous top-tier wireless networks and the highest density of electric vehicle charging stations anywhere. The U.S. leads the world in innovation however falls behind on the infrastructure required to adopt driverless cars on a mass scale. The Asia Pacific is the fastest-growing region in the autonomous cars market. Singapore has top-notch legislative engagement and customer acceptance, yet it is weaker on innovation in this sector. The increasing efforts by Chinese players for the expansion of self-driving technology. For instance, in 2017, Baidu has announced an investment of USD 1,500 million on driverless car projects over the next three years to accelerate research & development activities.
Objective of the Study:
· To analyze and forecast market size of the Global Autonomous Cars market in terms of value and volume.
· To examine the careful market segmentation and forecast the market size, in terms value, on the basis of region by segmenting autonomous cars market into five regions, namely, North America, Europe, Asia Pacific, Middle East& Africa, Latin America and their leading countries.
· To outline, categorized and forecast the Global Autonomous cars market on the basis of level of autonomy, type, and components.
· To examine competitive developments like technological advancement, services, and regulative framework within the Global Autonomous Cars Market.
· To highlight the impact analysis of the factors, affecting the market dynamics such as drivers, restraints, opportunities, and challenges.
· To strategically profile the key players and comprehensively analyze their market shares along with detailing the competitive landscape for market leaders.
Global Autonomous Cars Market: Competitive Landscape
Companies such as Aptiv PLC, Autoliv Inc, Baidu Inc., BMW AG, Bosch GMBH, Continental AG, Daimler AG, Fait Chrysler Automobiles, Ford Motor Company, General Motors Company, Honda Motor Company Ltd., Hyundai Motor company, Intel Corporation, Jaguar Land Rover Limited, Nvidia Corporation, Uber Technologies Inc., Volkwagon Group, Toyota Motor Corporation, Google LLC, and Tesla Inc. are the leading players of autonomous cars market across the globe.
Key Target Audience:
· Market research and consulting firms
· Industry associations
· Global Autonomous cars manufacturers
· Research organizations and consulting companies
· Organizations, associations and alliances related to autonomous cars market
· Regulatory bodies
Scope of the Report
By Level of Autonomy
· Internal Combustion Engine (ICE)
· Hybrid Electric Vehicle (HEV)
· Battery Electric Vehicle (BEV)
· Artificial Intelligence (AI)
· Ultrasonic Sensor
In addition, the report provides analysis of the autonomous cars market with respect to the following geographic segments and their high performing regions:
· North America
· Asia Pacific (APAC)
Business Questions answer by the report
· How will the market drivers, restraints and opportunities affect the market dynamics?
· What will be the market size in terms of value and volume and market statistics with detailed classification
· Which segment dominates the market or region and one will be the fastest growing and why?
· A comprehensive survey of the competitive landscape and the market participant players
· Analysis of strategy adopted by the key player and their impact on other players.
Customization Scope for the Client
Client satisfaction is our first and last priority. And that’s why BlueWeave Consulting offers customization according to Company’s specific needs. The following customization options are available for the report:
Additional Company Information
· With five additional company detail analysis.
· Additional country analysis.
· Detailed segment analysis.