ALBANY, New York, Feb. 6, 2020 /PRNewswire/ -- There are several factors that are responsible for an exceptional growth of global self-driving car market says Transparency Market Research's recent report. Moreover, the growth of the market is also attributed to drivers such as development of advanced technologies and growing demand for intelligent driving solutions. As per the report the market is anticipated to witness a staggering 89% CAGR during the forecast period of 2019 to 2030. Additionally, lucrative opportunities such as growing demand for fuel efficient vehicles and stimulated preference of the customers towards a relaxed and effortless driving shall support the global self driving car market to surpass the mark of US$ 40 Bn by the end of 2030, says the report.
"The concept of self-driving vehicles incepted and prototyped in mid 1980s has come a long way today. What was once mere a university project in the Carnegie Mellon University has now become one of the major attraction for automotive manufacturers? With the development of cognitive technologies like Artificial Intelligence and Internet of Things, the global self-driving car market is expected to offer a substantial growth potential to the players during the tenure of 2019 to 2030" –Transparency Market Research.
Key Findings in Self-Driving Car Market Report
- Internet of Things (IoT) is the core technology that is propelling the growth of the global self-driving car market. Coupled with technologies like Machine learning and Artificial Intelligence, the innovative cars can overcome any obstacle on the road while driving.
- Hybrid vehicles are expected to emerge as a dominant segment in fuel type category. The dominance of the segment is the result of growing demand for fuel efficient vehicles.
- The Hardware category of the global self-driving vehicles market is dominated by camera segment. This prominence is subjected to the extensive use of cameras at various terminals of the vehicles to provide real-time data to on-board computer.
Explore the actionable insights from the report on global self-driving vehicles market available under the title: Self-driving Car Market (Fuel: ICE, Hybrid, Electric; Level of Autonomy: Level 4, Level 5; Hardware: Ultrasonic Sensors, LiDAR, RADAR, Cameras, Vision Detectors, GPS Receivers, Others; Usage: Personal, On-Demand Service) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 – 2030 at https://www.transparencymarketresearch.com/self-driving-car-market.html
Global Self-Driving Car Market: Key Drivers
Majorly driven by development of technologies like IoT and AI, the global self-driving cars market owes its growth to various other factors also. The most important factor contributing to the growth is the rising demand for roadside safety of the drivers and passengers. As per various studies, more that 90% of the accidents are the result of human errors. Among these accidents, 50% have proven to be fatal. It is here where the demand for a vehicle arises that can autonomously understand the surrounding and eliminate the chances of human errors. With the development of self-driving cars, manufacturers can ensure the safety of the customers.
Some other factors propelling the growth of the self-driving car market are:
- Improving Data connectivity technologies like Wi-Fi, 5G, and various other mode of connection are making the data collection and processing smooth with every passing day.
- Improving quality of sensors that shall accomplish the task of data collection through various medium is further enabling the manufacturers to develop smarter cars, propelling the growth of global self-driving car market in estimated duration.
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Key Impediments for Global Self-Driving Car Market
Apart from the positive aspect of the global self-driving car market, the Transparency Market Research's report also enlightens the readers with the challenges that are prevalent in the market. This insight help the players to develop strategies that can help the organizations with sustainable future. Also, with the help of this information, the players can have better decision-making and generate better revenue.
Major challenges profiled in the study are mentioned below:
- Though Artificial Intelligence, is bringing wonders to other businesses, for implementing in self-driving cars, the technology must be able to perceive the nature, type, condition, and distance of the obstacle from the vehicle. However, it is not an easy task for generic AI. Nevertheless, the development of perceptive AI in under process, once deployed, the technology can provide perceptive intelligence to the cars.
- Total dependency on the machine has just been accepted partially by the users across the globe. To gain a sustainable future, the developers must be able to attract the critics and convert them into an admirer of the concept.
View Detailed Table of Contents at https://www.transparencymarketresearch.com/report-toc/70608
Global Self-Driving Car Market: Regional Analysis
- North America and Europe collectively hold the lion's share in global self-driving car market. This is because, the regions are founders and inceptors of Industry 4.0 and have various large, medium and small businesses that are developing solutions that can improve the functionality of self-driving vehicles.
- The regions are the home to some the pioneers in technology business. These players are responsible for the developing autonomous solution implemented by businesses across the globe.
Analyze self-driving car market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study.
The global self-driving car market is in its nascent stage hence encapsulates a handful of players. However, the growth potential is highly lucrative which is attracting new players in the market. Nevertheless, the new players might have to face a tough competition by the prominent players that are already present in the global self-driving car market.
To withstand this challenge, the new players are involving in strategies such as partnerships and collaborations. These strategies allow the new players to acquire essential resources that can help them develop an optimal product. These strategies might also help the new players to gain sustainability in the global self-driving car market during the tenure of 2019 to 2030.
The global self-driving car market is segmented on the basis of:
Global Self-Driving Car Market Fuel Outlook (Revenue, USD Million 2019-2030)
Global Self-Driving Car Market Level of Autonomy Outlook (Revenue, USD Million 2019-2030)
- Level 4
- Level 5
Global Self-Driving Car Market Hardware Outlook (Revenue, USD Million 2019-2030)
- Ultrasonic Sensors
- Vision Detectors
- GPS Receivers
Global Self-Driving Car Market Usage Outlook (Revenue, USD Million 2019-2030)
- Personal Service
- On-Demand Service
Global Self-Driving Car Market Regional Outlook (Revenue, USD Million 2019-2030)
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Explore Transparency Market Research's award-winning coverage of the Global Automotive Industry:
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Hybrid Cars Market – The global market is categorized into plug-in hybrid, series parallel hybrid cars, and the series hybrid. Of these segment, demand of the series parallel hybrid dominates the market in terms of demand. The overall scenario of this market likely to remain same over the coming years.
Robot Cars and Trucks Market – Increasing production of vehicles and rising demand for automation of transportation services is a major driving factor for the robot cars and trucks market. Rising incidents of road accidents due to human errors is another influential factor to the robot cars and trucks market.
Micro Cars Market – Expanding automotive industry, rise in income level, growing consumer demand for small vehicles, and innovative engineering solutions such as rear-mid-engine are the primary factor driving the growth of the global micro cars market
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SOURCE Transparency Market Research