DUBLIN, March 9, 2016 /PRNewswire/ --
A recent report published on Research and Markets expects the global autonomous car technology market to witness a CAGR of over 10% through 2035. According to the report, fully-autonomous cars will be commercially available by 2025, which is expected to translate into dramatic growth in the market. It was announced this week that Chris Urmson, director of the Google self-driving car project, will testify before Congress on March 15 on their efforts to develop autonomous vehicles.
Urmson will be joined by executives from General Motors, Delphi Automotive and Lyft Inc. to discuss the advancements in autonomous vehicle technology, according to reports. Manufacturers, such as Google, have complained that state regulations are impeding testing of such vehicles. But Transport Secretary Anthony Foxx, speaking at the Detroit Auto Show in January, promised new guidelines would be written within six months.
Another report available on Research and Markets predicts commercial autonomous car shipments will rise to $868 million by 2021. It says that the growth is a result of various moves toward autonomous vehicles that park themselves, provide automated steering and that provide driver alerts but fall short of complete robotically operated car vehicles.
This growth will also create opportunities in other areas. Research estimates that connected car services will account for nearly $40 billion in annual revenue by 2020. The proportion of connected car service revenue for driver assistance systems and autonomous driving applications is expected to dramatically increase from merely 5 percent in 2014 to over 11 percent by 2020.
In January, the NHTSA published a letter stating that the artificial intelligence system piloting a Google self-driving car could be considered a driver under federal law. This was seen as a major step toward winning approval for autonomous vehicles, and this meeting of Congress signifies further progress.
About Research and Markets
Research and Markets is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Research and Markets
Laura Wood,Senior Manager
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: +1-646-607-1907
Fax (outside U.S.): +353-1-481-1716
SOURCE Research and Markets