- July 2019 |
- Automotive & Transportation / Public Transport
Autonomous Cars Market, By Level of Autonomy (Level-1, Level-2, Level-3, and Level-4), By Type (Internal Combustion Engine (ICE), Hybrid Electric Vehicle (HEV), and Battery Electric Vehicle (BEV)), By Components (Artificial Intelligence (AI), Radar, LIDAR, Camera and Ultrasonic Sensor), By Region (North America, Europe, Asia Pacific, Middle East & Africa and Latin America), Trend Analysis, Competitive Market Share and Forecast, 2015-2025
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...