The global autonomous cars market is set to gain traction from the increasing innovations occurring in the transportation and automotive industry. Besides, the rising adoption of ride-hailing technology is leading several prominent manufacturers to invest in the field of driverless ride-sharing. This information is published by Fortune Business Insights™ in a new report, titled, “Autonomous Cars Market Size, Share & COVID-19 Impact Analysis, By Type (Fully Autonomous and Semi-Autonomous), By Vehicle Type (Passenger Cars and Commercial Vehicles) and Regional Forecasts, 2020-2027.” The report further states that the autonomous cars market size was valued at USD 1.82 billion in 2019 and is projected to reach USD 1.33 billion by 2027, exhibiting a CAGR of 3.3% during the forecast period.
COVID-19: Disruptions in Cross Border Trade to Hamper Growth
The emergence of the COVID-19 pandemic across the globe has resulted in the deployment of complete lockdown measures by regulatory bodies. It has also compelled manufacturers to shutdown their facilities and reduce the workforce. China, being the major provider of automobile components is severely impacted. Disruptions in cross border trade would also hamper the demand for autonomous cars. Our reports would help you better understand the current situation and adopt suitable strategies for business growth.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit:https://www.fortunebusinessinsights.com/industry-reports/autonomous-cars-market-100141
This Report Answers the Following Questions:
- How will the companies boost sales amid COVID-19?
- Which region would lead the market in the near future?
- Which firms are set to dominate the market in the coming years?
- What are the current challenges and opportunities in the global market?
Drivers & Restraints-
Rising Commercialization of Autonomous Cars Technology to Spur Demand
The global transportation network is set to be altered on account of the increasing commercialization of autonomous cars technology. Governments of various countries are implementing strict laws and norms to promote automation in vehicles. This would help in enhancing the safety and security of passengers, vehicles, and pedestrians.
Furthermore, the rising adoption of advanced driver assistance systems (ADAS)to reduce pressures and distractions on the driver is likely to bolster the autonomous cars market growth in the near future. However, these systems pose numerous challenges, such as failures and malfunctioning. It may obstruct growth.
Semi-autonomous Segment to Grow Rapidly Owing to Integration of Various Features
Based on type, the fully-autonomous segment procured 78.9% in terms of the autonomous cars market in 2019. The semi-autonomous segment, on the other hand, is expected to grow considerably backed by the increasing integration of various ADAS features, namely, adaptive cruise control and intelligent park assist.
Asia Pacific to Remain Dominant Owing to High Demand for Unique Features
Geographically, in 2019, Asia Pacific earned USD 0.81 billion in terms of revenue. The region is set to retain its dominant position in the coming years stoked by the rising consumer preferences for technologically advanced features, as well as higher usage of autonomous vehicles in the region. Multiple automotive manufacturers in this region are trying to broaden their production units for surging sales in India and China.
Europe, on the other hand, is set to remain in the second position fueled by rising investments by prominent manufacturers to develop novel technologies. The British government, for instance, is planning to introduce self-driving cars by the end of 2021.
Key Players Focus on Partnership Strategy to Co-develop New Solutions for Autonomous Cars
The global market for autonomous cars is fragmented with the presence of multiple reputed companies. Most of them are adopting the strategy of partnership to co-develop new features for autonomous cars. Some of the others are investing huge sums in research and development activities to come up with new autonomous car solutions. Below are the two latest industry developments:
- February 2020: Pony.ai raised USD 400 million from Toyota Motor Corporation to broaden its partnership with the latter in mobility services. This would help both companies to deploy mobility services and to develop autonomous driving technology.
- July 2020: Mobile ye teamed up with a transportation service provider named Willer to introduce a self-driving robo taxi service in Japan and Southeast Asia.
A list of all the autonomous cars manufacturers operating in the global market:
- Autoliv Inc. (Stockholm, Sweden)
- Aptiv (Dublin, Ireland)
- Waymo LLC (California, United States)
- Robert Bosch GmbH (Gerlingen, Germany)
- Daimler AG ( Stuttgart, Germany)
- Baidu (Beijing, China)
- AutoX, Inc. (California, United States)
- ai (Fremont, California, United States)
- Ford Motor Company (Michigan, United States)
- HYUNDAI MOTOR GROUP (Seoul, South Korea)
- Volvo (Gothenburg, Sweden)
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Author’s Bio –
Name: Reeti Banerjee
Reeti Banerjee is currently working as a content writer in a prominent market research firm named Fortune Business Insights™. She specializes in writing articles, press releases, blogs, and news reports. She believes in maintaining simplicity throughout her content to provide the clients with a seamless reading experience.https://bisouv.com/