Autonomous Car Market – Demand for luxurious cars and investment for industrial automation in automobile sector are increasing, which are creating demand for autonomous cars worldwide. The growth of driverless car hardware components is characterized by mass productions with help of industrial automation. Increasing population is increasing demand for eco-friendly automated cars which also boost the growth of market during the forecast period.
The growth of driverless car software component is attributed to the increase in demand of advanced driver assistance system to enhance safety and driving process. Increasing technological advancement is driving market of driverless car software component. Significant investment in industrial automation holds the opportunity to increase market for driverless car software component. All needed for a perfect autonomous car is that it should have all of the safety validation and should get commercialized till it gets ready to be on road perfectly.
“The self-driving car market is expected to witness huge surge in demand from developing countries of Asia Pacific and other developing countries once approved by the respective government of those counties regarding successful outcome of these fully automated cars as it seems to be the major inhibiting factors in the coming few years”, Says Rakesh Singh (CEO & Principal Consultant, Variant Market Research).
Quoted by ‘The Wall Street Journal’, ‘Global Autonomous Car Market is expected to hit $20 billion by 2024; Says Variant Market Research’ Read More: https://www.wsj.com/articles/gms-strategy-for-the-autonomous-car-1508811241
Due to the implementation of regulations to control increasing number of road accidents as well as high disposal income made North America market as the most favourable market for the driverless or autonomous cars. Developed economy, high commercialization, and industrialization are the key factors making North America is the largest market for the driverless cars. Concerns to reduce losses occurred due to road accidents and rising demand for luxurious car are also helping to increase the growth of driverless car market. Significant investments in R&D for commercialization of self-driving cars are holding opportunity for high demand of automated cars in upcoming years. Europe is witnessing the significant growth of driverless car market due to developed economy and technological advancements in the automobile industry. Measures to reduce rising road accidents and losses occurred due to it are major drivers of Europe driverless car market. Ongoing enhancement in technology and automation sector is holding opportunity for driverless car market in Europe.
Asia-Pacific is one of the emerging markets for the driverless cars in upcoming years. Increasing urbanization and industrialization are driving the market for automated cars in Asia-Pacific region. China is emerging as one of the largest markets for automobiles. Rapid growth in populations and development in technology are holding opportunity for fast growth of driverless car market in Asia-Pacific region during the forecast period.
Major companies operating in this market are Tesla Motors, Inc., Audi AG, Ford Motor Company, Toyota Motor Corporation, Google Inc., Volvo Group, Nissan Motor Company, Baidu Inc., Apple Inc., Daimler AG, Dutch Automated Vehicle Initiative (DAVI), BMW AG and Volkswagen among others.