A self-driving car or an automatic car can be referred to as a vehicle, capable of sensing the surrounding environment and navigating the same without any human intervention. These vehicles feel the surroundings with the help of techniques such as, lidar, radar. Odometry, GPS, and computer vision.
Speed plays an integral role in taking the civilization ahead. The move from foot to horse or carts and then leap to cars can be a study of this incorporation of speed, to travel in less time and that too with a hike in comfort. This is what helped the concept of self-driving cars gain substantial mentions in both sci-fi films and novels. Innovators took the cue and their desires got bolstered by recent technological advancements. In addition, the daunting time ahead, marked by traffic snarls and increasing number of cars, has fuelled this demand even more. The global self-driving cars market is witnessing a remarkable growth with companies trying to take the beginner’s advantage.
Surging demand for connected cars using IoT and development of smart cities has helped to solve the issues related to traffic congestion. This has impacted the growth of the self-driving cars market across the globe. Current boom in the automotive sector, government regulations, increased demand for high-end cars, and increasing threats from hackers in driving operation are some of the chief factors likely to augment the growth of the self-driving cars market across the globe.
Key Company Coverage (Sales Revenue, Price, Gross Margin, Main Products etc.): Toyota, BMW, Volvo, Mercedes-Benz, Audi
The global self-driving cars market has been segmented based on type and application.
By type, the self-driving cars market is segmented into commercial vehicle and passenger vehicles. Of these, passenger vehicles are estimated to gain significant prominence as technologies for self-driving cars are easy to implement.
Based on the application, the self-driving cars market comprises commercial use and home use.
Geographically, the self-driving cars market spans across South America, Europe, Asia Pacific, North America, and the Middle East & Africa.
Considering the global scenario, North America is likely to emerge as the most significant regions for self-driving cars. The region is estimated to be an early adopter of advanced technologies, which is estimated to propel the growth of the self-driving cars market in the region.
Several start-ups and well-established companies are having an intense competition in this region. The aim is to trump others. North America has the advantage owing to their superlative technological stand and easy integration of the same in products. High expenditure capacity makes things easier for the regional market. The same is true for Europe as well. Several of the prominent players, interested in controlling the market, are from this region. Both regions are also benefiting much from government initiatives to curb carbon emission. However, the real game-changer could be the APAC region. The region could impact remarkably as the demand for sooth traffic flow is quite high. This densely-populated region is looking for a way out and self-driving cars could be the perfect solution.
November 2019: Chinese electric car startup, Nio Inc. has inked a partnership with Intel Corp’s self-driving car technology firm Mobileye in order to develop autonomous vehicles for the consumers in China and gradually in other countries as well.
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