HD Map for the Autonomous Vehicles Market to grow by USD 5.38 billion from 2022 to 2027, The rising adoption of cloud-based HD maps to Boost Growth - Technavio

NEW YORK, Jan. 22, 2024 /PRNewswire/ -- The HD map for autonomous vehicles market is estimated to grow at a CAGR of 31.48% between 2022 and 2027. The size is forecast to increase by USD 5.38 billion, according to Technavio. The rising adoption of cloud-based HD maps is notably driving growth. Automotive OEMs increasingly adopt cloud-based platforms to reduce capital expenditure and accelerate product launches. Cloud platforms facilitate digital services like telematics in modern vehicles, enabling rapid development and management of new services for connected vehicles. Cloud mapping technology integration further enhances the deployment of autonomous vehicles, improving performance and scalability.

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Company Landscape - The global HD map for autonomous vehicles is fragmented, with the presence of several global as well as regional companies. A few prominent companies that offer HD map for autonomous vehicles are Baidu Inc., CE Info Systems Ltd., Civil Maps, Dynamic Map Platform Co. Ltd., Esri Global Inc., GeoJunxion BV, HERE Global BV, Intel Corp., Mapbox Inc., Momenta Group, NavInfo Co. Ltd., Navmii Publishing Ltd., NVIDIA Corp., RMSI Pvt. Ltd., The Sanborn Map Co. Inc., TomTom NV, Toyota Motor Corp., Voxelmaps, Wipro Ltd., and ZENRIN CO., LTD. and others

Company Offerings -

• Momenta Group - The company offers HD maps for autonomous vehicles such as the L3 freeway ramp-to-ramp solutions and L4 full autonomy driving solutions.
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Growth in connected infrastructure is the primary trend. The high cost associated with technology is the major challenge impeding growth.

Driver, Trend & Challenges are the factor of dynamics that states about consequences & sustainability of the businesses, find some insights from a free sample report!

By geography, the global HD map for autonomous vehicles market is segmented into North America, Europe, APAC, Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth.

• North America is estimated to contribute 41% to the growth of the global market during the forecast period. North America, an early adopter of automotive technologies, leads in autonomous vehicle testing with over 1,400 tested in 2019. In 2022, Argo AI tested driverless vehicles in Miami and Austin. Regulatory support enhances the favorable testing environment, crucial for autonomous vehicle development in North America.

Technavio has segmented based on Solution (Cloud-based and Embedded) and Vehicle Type (Passenger and Commercial).

• The growth of the cloud-based segment will be significant during the forecast period. The development of autonomous vehicles relies on crucial cloud-based HD maps, leveraging their high definition for precise navigation. The cloud-based nature enhances accessibility and ease of updates, contributing to the positive trajectory of this segment in the forecast period.

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What are the key data covered in this HD Map For Autonomous Vehicles Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the HD Map For Autonomous Vehicles Market between 2023 and 2027
• Precise estimation of the HD Map For Autonomous Vehicles market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the HD Map For Autonomous Vehicles industry across North America, Europe, APAC, Middle East and Africa, and South America
• A thorough analysis of the competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of HD Map For Autonomous Vehicles Market companies

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Major Applications 

Cloud-based HD maps significantly enhance the navigation capabilities of autonomous vehicles, leveraging mapping technology, geographic information systems (GIS), LiDAR (Light Detection and Ranging), sensor fusion, 3D mapping, real-time data, machine learning, computer vision, radar systems, GPS (Global Positioning System), V2X communication (Vehicle-to-Everything), edge computing, advanced driver assistance systems (ADAS), road infrastructure, simultaneous localization and mapping (SLAM), data annotation, map updating, localization, precision mapping, object recognition, and cloud computing. Key industry players increasingly favor cloud-based solutions, anticipating their leading role in the future of autonomous vehicle technology, as they enable effective maneuvering in unfamiliar or challenging terrains.

Related Reports

The Global Autonomous Vehicles Market is projected to reach a value of USD 397.56 billion in 2027 with a CAGR of 38.45% between 2022 and 2027. 

The Autonomous Vehicle Development Platform Market Size is estimated to grow at a CAGR of 30.94% between 2022 and 2027. The size of the market is forecast to increase by USD 82,788.43 million. 

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Sizes

Five Forces Analysis

Segmentation by Solution

Segmentation by Vehicle Type

Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging trends and provide actionable insights to help businesses identify opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable insights to identify opportunities in existing and potential areas and assess their competitive positions within changing scenarios.

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SOURCE Technavio