Autonomous Vehicles Market is Projected to Witness Significant Growth by 2025 | Hexa ResearchPosted:
8 January 2019, Growing need for driverless vehicles among consumers is anticipated to propel the Autonomous Vehicles Market in the forthcoming years. It is expected to witness significant expansion attributed to reduced number of accidents caused by manual errors. Lowered emission of harmful gases like carbon dioxide can provide traction to the market. It is projected to witness significant growth in near future owing to continual technological advancements and R&D activities by manufacturers. Efforts to develop advanced sensors for consumer comfort and automobile capacity.
The driving capability of autonomous vehicles can differ according to their automation level. Semi- and fully autonomous can be considered as their two major types. The adoption of semi-autonomous automobile is likely to witness steady rise in next few years owing to increasing investments from consumers and manufacturing companies. Imminent launches of completely self-driven vehicles are likely to boost market penetration of this type in next few years. However, as soon as level 4 and level 5 vehicles are introduced, the market share of semi-autonomous cars can diminish.
Sensors like radar, ultrasonic, Light Detection and Ranging (LiDAR), and image sensors are some of the essential components of self-driven cars. Manufacturers prefer radar sensors over other types as they can work even during bad weather conditions. As a result, this type may witness significant rise in demand in the years to come. LiDAR sensors can detect edge of the road and lane markings by bouncing pulses of light from vehicle surroundings. They are quite expensive as compared to their radar-based counterparts. Ultrasonic sensors can be used at bumper level to detect position of curbs and nearby vehicles while parking.
North America is expected to hold a major market share in terms of volume attributed to increasing production and demand for self-driven cars. Continual amendments in traffic rules, particularly in developed countries such as U.S. and Canada, to incorporate such cars is anticipated to further propel regional expansion. These regulations are likely to create potential for the adoption of fully autonomous transportation systems in coming future.
For instance, according to pilot program introduced by the National Highway Traffic Safety Administration (NHTSA), manufacturing companies can test highly or completely autonomous vehicles on public roads with or without state regulation. California recently issued 60 permits for testing such automobiles. Waymo became the first company to receive the California permit allowing it to test the self-driving car on public roads without any safety driver.
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Asia Pacific is anticipated to witness rapid growth in the forthcoming years. Rising adoption of enhanced safety features by leading automobile manufacturing companies can stimulate growth of the regional market. Supportive government regulations regarding adoption of advanced technologies in automotive sector can also boost regional growth. Moreover, increasing number of road accidents attributed to huge traffic in developing countries like China, India, and Japan can propel demand for autonomous vehicles.
Europe is the land of major automobile manufacturers like Volkswagen, Volvo, and Fiat Chrysler Automobiles. Growing adoption of advanced technologies by these companies to make better products can propel regional growth. In addition, shifting consumer preference for technologically advanced products can also stimulate growth in the forthcoming years. Moreover, government initiatives to control air pollution can further boost regional demand in the forthcoming years.
Some of the leading companies operating in the autonomous vehicles market are Daimler AG (Mercedes Benz); Tesla, Inc.; Ford Motor Company; Uber Technologies, Inc.; General Motors; GoogleBMW; Volkswagen; and Volvo Car Corporation;. Most companies are expected to adopt business strategies such as mergers and acquisitions to develop better automobiles.
For instance, Fiat Chrysler Automobiles (FCA) recently joined BMW’s autonomous car platform initiative to make self-driving cars. The collaboration involves teams from Mobileye, Intel, and BMW Group. This platform is based on Intel processor. This collaboration is anticipated to enable Fiat to gain from the economies of scale and coming together of engineers for a shared initiative. This group is expected to implement fully automated driving by 2021.
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