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 Cars Market 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
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.
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: Uber invested USDD 300 Mn to develop a fleet of self-driving vehicles.
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Top Players List:
Increasing shift towards online platform to fuel demand in the global Autonomous Cars market. The market has been witnessing development of new technology.
“Key players are expected to emphasize on integrating Artificial Intelligence in the system. This is anticipated to propel the growth in the global Autonomous Cars market,” said a lead analyst at Fortune Business Insights.
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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.
On the contrary, high cost associated with upgraded technology is a factor that may restrain the global Autonomous Cars market.
As stated in the report, North America held a significant share in the market in 2019. The region is expected to witness impressive growth during the forecast period. Owing to intense research and development taking place in the region for IoT integration in the system is likely to enable the growth in the region. Besides this, Asia Pacific is expected to witness promising growth owing to rising adoption of sedentary lifestyle in nations such as India and China.
The report also offers insights on the key players operating in the global Autonomous Cars market. Some of the organizations operating in the market are Autonomous Cars.
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 & Africa (South Africa, GCC and Rest of Middle East & 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.
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