According to a recent report compiled by Transparency Market Research (TMR), the competitors of the global autonomous car marketmay
witness lucrative growth opportunities owing to the technological
advancement in the autonomous market. The rise in number of accidents
per year have also boosted the market for autonomous cars in the past
years, as driverless cars will be running systematically on the road and
there will be less chances of accidents caused by machines. Players of
the market are leaving no stone unturned to give tough competition to
each other.
Some of the key vendors of the global
autonomous car market are Ford Motor Co., Uber Technologies Inc., the
Volvo Group, Toyota Motor Corporation, and Nissan Motor Co. Ltd. Major
players are focusing on innovative techniques to create new and unique
final products in order to attract more buyers. The more the level of
product differentiation, the higher is the degree of competition among
vendors.
As per the TMR report, the global
autonomous car market is estimated to reach 0.60 mn units by the end of
2025. The market is anticipated to expand with a CAGR of 47.50% within
the forecast period of 2025 to 2035. On the basis of level of
automation, level 3 autonomous cars are expected to generate more
revenue as compared to the others. On geographical basis, North America
is seen to be dominating the global autonomous care market by the end of
the forecast period.
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Demand for Electronic Cars to Boost Market Growth
The increase in the number of car
accidents has led to the demand for autonomous cars in the market, since
autonomous cars will have more control on the gears and there is less
possibility of accidents Apart from that, the building and construction
of smart cities by various country governments have resulted in improved
internet connectivity, along with better roads and highway
infrastructures. In this way the features of autonomous cars will be
more easily displayed and put to use. Thus, the interconnectivity
between various markets and their development is ultimately driving the
growth of the autonomous car market.
Besides that, the rise in demand for
electrical vehicles is also accelerating the market at present. Over the
past twenty years, the advancement of embedded systems in the
automotive industry has surged remarkably because of the deployment of
such systems in new in-vehicle infotainment and telematics products for
automotive. Thus, demand for automotive embedded systems is propelling
the overall market due to the further requirement of operation systems
like satellite radio, anti-lock braking system, tire pressure monitoring
systems and a lot more.
From a geographical perspective, the
global autonomous car market is seen to be dominated by the North
American region. This is because of the upgrade in autonomous cars that
provides lot of benefits like reduction of car emissions by more than
60%, and saving time, money and fuel by sensing traffic in between the
journey and finding out faster ways to reach its destination within no
time. Other than that, it is also presumed that driverless or autonomous
cars will be able to park with less than 15% less space and thus, space
saving in terms of car parking.
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