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Autonomous Car Market Is Moving Fast | Get all your questions answered. 2018 Key Players Volkswagen, BMW, Ford, GM, Honda, Hyundai, Daimler, Mitsubishi, Nissan, Subaru, Tesla, Toyota, Volvo, Bosch, Baidu, Uber, Autoliv
Autonomous Car
With companies pouring billions of dollars in self-driving technology, the global autonomous car market has advanced rapidly in the recent years. In fact, with the development stages as close to testing on public roads, the notion of driverless cars is no longer a science fiction. The overall technological advancements and integration of GPS, Artificial Intelligence, advanced electronic sensors such as LiDAR, RADAR, and ultrasonic sensors, have undeniably shaped the overall progress of the autonomous car market.
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How is the level 2 vehicle segment of autonomous car market faring of late?
According to reliable reports, with automotive technologies showing incredible potential, a big shift has been witnessed from level-1 to level-4 type of autonomous driving. Accounting for a dominating share in 2017, the level-1 (semi-autonomous solutions) autonomous car market is projected to register a CAGR of 6% over 2018-2024. However, level-2 autonomous cars sales are expected to depict an impressive growth, given the integration of advanced sensors and internet technologies with advanced automotive machineries. The level-2 autonomous car market is anticipated to record a phenomenal double-digit growth of 45% over 2018-2024.
Is Europe emerging as a lucrative investment hub for autonomous car market?
With the profound presence of automotive industry bigshots in the region, the regional autonomous car market of late has been gaining immense momentum. The automakers are increasingly seen adopting and investing in the autonomous vehicle technology to strengthen their product portfolio, while enhancing their overall global reach. The relentlessly hyped arrival of autonomous vehicles in the region is further favored by strong governmental support. The regional governments are taking initiatives to improve the road & telecom infrastructure to improve the interaction of self-driving vehicles with the surrounding.
Recently for instance, Gothenburg, a major European city has made it to the headlines for strongly embracing autonomous cars deployment. The authorities are planning to turn this Swedish city into an amenable location for the self-driving cars. It has been reported that with this deployment move, the city will be poised to witness benefits such as safe and secure transportation with more smooth and efficient flow of traffic. Besides, the Netherlands government has reportedly invested over 100 million in projects like installing new traffic lights to enable better communication with self-driving cars.
Such supportive governmental initiatives have also helped the regional auto manufacturers & technology firms to conduct and test autonomous driving technology on roads and freeways. Estimates claim that the Europe autonomous car industry share accounted for a major chunk of over 40% of the global autonomous car market in 2017.
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How many cars can we expect by 2024 to have self-driving capabilities?
According to a report by Global Market Insights, Inc., the global autonomous car market has the potential to surpass 60 million units by 2024. The data significantly goes on to validate that the overall autonomous car market, being just one of the subcategory of the global automobile industry, is moving lot faster and is poised to traverse along a lucrative growth curve in the ensuing years.
How worldwide automobile companies are inclining towards the autonomous cars segment?
The major companies working on the autonomous car market are Volkswagen, BMW, Fiat Chrysler Automobiles, Ford, GM, Honda, Hyundai, Jaguar, Mazda, Daimler, Mitsubishi, Nissan, Subaru, Tesla, Toyota, Volvo, Bosch, Waymo, Baidu, Uber, Continental GT, Aptiv, NVIDIA, Intel, and Autoliv. The technology players and OEMs are acquiring and forming alliances with various automakers to develop their own self-driving vehicles. These players are also partnering with regional and technology startups to develop AI-based solutions for autonomous vehicles.
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About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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