Latest Research Report On Self-driving Car Market:
A self-driving car, also known as an autonomous car or driverless car, is a vehicle that uses a combination of sensors, cameras, radars and artificial intelligence (AI), to travel between destinations without the need of any human effort. To qualify as fully autonomous, a vehicle must be able to navigate without human intervention, to a predetermined destination, over roads that have not been adapted for its use. The global self-driving car market is expected to expand at a CAGR of 36.2%, leading to global revenue of USD 173.15 Bn by 2023.
AI technologies power self-driving car systems. Developers of self-driving cars use vast amounts of data from image recognition systems, along with machine learning and neural networks, to build systems that can drive autonomously. Advanced control systems interpret sensory information to identify appropriate navigation paths, as well as obstacles and relevant signage. Automakers and technical vendors are investing in AI to succeed in the era of autonomous vehicles.
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The global self-driving car market is segmented on the basis of type of vehicle, product type, application of the car, technology components (hardware and software), and geography. The global market for autonomous cars can be categorized on the basis of its use and application, that is, into personal use and commercial use. In the self-driving car market, products are segregated based on type such as Level 1, Level 2, Level 3, Level 4 and Level 5 automation. The components market comprises radar, video cameras, lidar, ultrasound, central computing and GPS navigation. Geographically, the self-driving car market is segmented into North America, Europe, Asia-Pacific, Latin America and the Middle East and Africa.
Key growth factors
Rising acceptance of autonomous vehicles by various governments is expected to boost the growth of industrial applications of autonomous cars and trucks over the forecast period. Technological advancements, increasing number of road accidents, and growing demand for automation are the key factors driving the growth of the market.
The rise of the mobility as a service (MaaS) sector is anticipated to provide an impetus to the market for autonomous cars. Automation in the automotive industry will boost the growth of the global self-driving car market.
Threats and key players
Although the self-driving car market is expected to experience positive growth globally, apprehension regarding privacy and security risk and lack of proper infrastructure that is needed to support autonomous cars may pose several challenges for manufacturers. There can be security threats to the wide-ranging networks that will connect with autonomous vehicles.
Major self-driving car providers operating in the market are divided based on technology providers (Microsoft, Apple, IBM, Cisco) and automobile industry players (Google, Toyota, General Motors, Tesla, Volvo)
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What’s covered in the report?
1. Overview of the global self-driving car market
2. Market drivers and challenges in the global self-driving car market
3. Market trends in the global self-driving car market
4. Historical, current and forecasted market size data for the global self-driving car market
5. Historical, current and forecasted market size data for the types of cars in the global self-driving car market (passenger vehicle and commercial vehicle)
6. Historical, current and forecasted market size data for the applications of cars in global self-driving car market (passenger use and commercial use)
7. Historical, current and forecasted market size data for the product types in the global self-driving car market (Level 1, Level 2, Level 3, Level 4 and Level 5 automation)
8. Historical, current and forecasted market size data for the technology components in the global self-driving car market (radar sensors, video cameras, lidar senors, ultrasound sensors, central computing systems, GPS navigation systems)
9. Historical, current and forecasted regional (North America, Europe, Asia-Pacific, Latin America, the Middle East & Africa) market size data for the global self-driving car market
10. Analysis of the competitive landscape and profiles of major companies operating in the market
11. Key recent developments in the global self-driving car market
1. To gain insightful analysis of the entire market and have a comprehensive understanding of the global self-driving car market
2. To understand the growth drivers and challenges in the self-driving cars market and its impact on the global scenario
3. To analyze the market potential, drivers, latest market trends, opportunities and challenges, self-driving cars market threats and risks
4. Identify major Competitors’ business and market dynamics, and respond accordingly
5. Devise market-entry strategies by understanding the factors driving the growth of the market
6. Get stakeholder and technology analysis, relevant Companies’ profiles and start-ups’ profiles
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Lastly, the Self-driving Car Market study provides essential information about the major challenges that are going to influence market growth. The report additionally provides overall details about the business opportunities to key stakeholders to expand their business and capture revenues in the precise verticals. The report will help the existing or upcoming companies in this market to examine the various aspects of this domain before investing or expanding their business in the Self-driving Car market.”