The autonomous/driverless car market was valued at USD 24.10 billion in 2019 and is expected to project a CAGR of 18.06%, during the forecast period, 2020-2025
The autonomous/driverless car market was valued at USD 24.10 billion in 2019 and is expected to project a CAGR of 18.06%, during the forecast period, 2020-2025.
NEW YORK, March 24, 2020 /PRNewswire/ -- Read the full report: https://www.reportlinker.com/p05877798/?utm_source=PRN
- Autonomous cars use technologies like RADAR, LIDAR, GPS, and computer vision, in order to sense their environment. Advanced control systems that are integrated into the car can interpret the sensory inputs to detect the signboards or to avoid the collision.
- Although, Level 4 and Level 5 (as scaled by SAE) autonomous cars are unlikely to reach wide acceptance, by 2030, there would be a rapid growth for Level 2 and Level 3 autonomous cars, which have advanced driver assistance systems, like collision detection, lane departure warning, and adaptive cruise control. Fully autonomous cars are not going to reach a wide customer base, unless, they are secure from cyber-attacks. If such concerns are addressed, the autonomous car market is estimated to reach USD 60 billion, by 2030.
- Major automaker companies, technology giants and specialist start-ups have invested more than USD 50 billion over the past five years, in order to develop autonomous vehicle (AV) technology, with 70% of the money coming from other than the automotive industry. At the same time, public authorities see that AVs offer huge potential economic and social benefits.
Key Market Trends
Demand for Safe and Efficient Traveling Options
Connectivity is a fastest growing feature that is being adopted by the car market, currently. It is expected to generate approximately USD 1 trillion by the end of 2030.
A connected car provides a driver, several smart options and benefits, along with internet access. The benefits include safety alerts, automatic crash notifications, and enhanced engine controls.
This is made possible through the Internet of Things (IoT), which refers to the connectivity of multiple devices through internet.
- Driverless cars utilize this connectivity when updating their algorithms based on user data. These autonomous vehicles require an enormous quantity of data collecting and processing.
- Thus, through IoT, the driverless car shares information about the road (which has already been mapped out)
- The information includes the actual path, traffic, and methods to navigate around any obstacles.
- The entire data is shared between IoT connected cars and is uploaded wirelessly to a cloud system, to be analyzed and put to use for improving automation.
There are many applications that enable owners to interact with the vehicle even from a certain distance. Even though all these features look attractive, automotive manufacturers face challenges with regard to providing security for these features, owing to the increasing rate of cyber-attacks. This attention to cybersecurity drives the market for automotive cybersecurity, worldwide.
A typical car communication system involves vital enhancements, including sensors that manage a driver's health (C2D), efficiency features of car-to-home (C2H), traffic patterns of car-to-car (C2C), and communications between cars-to-passengers (C2P).
Connected car and vehicle infotainment system features are at the forefront, enhancing the need for increasingly complex software-driven functionality.
Semi-Autonomous Vehicles Dominating the Market
Following the SAE (Society of Automotive Engineers) International automated driving standards, cars with level 1 to level 3 automation features have been considered under the market segment of semi-autonomous cars.
- Level 1 automation (also known as Driver Assistance) has been available on cars for several years, handling driving modes like steering or throttle and brake, but never both. The level 1 cars must need driver attention to take over those functions if called upon by the vehicle. Some of the features seen in the level 1 cars are parking assistance, adaptive cruise control, and lane keeping assistance.
- Level 2 automation (also known as Partial Assistance) has a suite of driver assistance technologies including Traffic Aware Cruise Control and Autosteer with lane change, which enables automatic steering on undivided roads but with speed limitations
- Level 3 automation is referred to as conditional automation. In Level 3 automation, the autonomous cars driving system performs all the dynamic driving tasks with the expectation that the human driver will respond appropriately to a request to intervene.
North America and Europe covered more than half of the global semi-autonomous cars market in 2018 and likely to continue to increase their market share, during the forecast period, owing to the increasing launch of semi-autonomous car models and increasing development towards vehicle semi-autonomous systems among players in automotive industry.
Competitive Landscape
Many players from the hardware to software firms in the automotive industry started focusing on entering into the growing trend of autonomous driving technology. Thus, partnerships, collaborations, and investments toward the development of autonomous vehicles increased significantly in the automotive industry over the past three years (i.e., 2015-2017). They are likely to continue to grow during the forecast period, primarily owing to the increasing support from governments and private sectors across several countries, to promote autonomous driving vehicle technology.
Mando Corporation, one of the largest Tier 1 Korean original equipment manufacturers, obtained a test-drive license of the autonomous driving vehicles in California, the United States, in October 2018. It is one of the first Korean companies to receive the permission. The company aims at developing platforms for fully self-driving vehicles with level four autonomy. It also intends to put its safety equipment on autonomous driving cars effectively in the coming years.
In October 2018, General Motors (GM) and Cruise announced that they joined forces with Honda to pursue large scale deployment of autonomous vehicle technology. Honda may contribute approximately USD 2 billion over 12 years to develop a purpose-built autonomous vehicle for Cruise. In addition to the recently announced Softbank investments, this transaction brings the post-money valuation of Cruise to USD 14.6 billion.
Daimler, which ranks third position in the level four autonomous vehicle market after Waymo and GM, partnered with two major players namely Robert Bosch GmbH and Nvidia Corporation, to develop level four and level five autonomous cars during the forecast period.
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