The autonomous/driverless car market was valued at USD 24.10 billion in 2019 and is expected to project a CAGR of 18.06%, during the forecast period, 2020-2025.
- Autonomous cars use technologies like RADAR, LIDAR, GPS, and computer vision, in order to sense their environment. Advanced control systems that are integrated into the car can interpret the sensory inputs to detect the signboards or to avoid the collision. - Although, Level 4 and Level 5 (as scaled by SAE) autonomous cars are unlikely to reach wide acceptance, by 2030, there would be a rapid growth for Level 2 and Level 3 autonomous cars, which have advanced driver assistance systems, like collision detection, lane departure warning, and adaptive cruise control. Fully autonomous cars are not going to reach a wide customer base, unless, they are secure from cyber-attacks. If such concerns are addressed, the autonomous car market is estimated to reach USD 60 billion, by 2030. - Major automaker companies, technology giants and specialist start-ups have invested more than USD 50 billion over the past five years, in order to develop autonomous vehicle (AV) technology, with 70% of the money coming from other than the automotive industry. At the same time, public authorities see that AVs offer huge potential economic and social benefits.
Key Market Trends Demand for Safe and Efficient Traveling Options
Connectivity is a fastest growing feature that is being adopted by the car market, currently. It is expected to generate approximately USD 1 trillion by the end of 2030.
A connected car provides a driver, several smart options and benefits, along with internet access. The benefits include safety alerts, automatic crash notifications, and enhanced engine controls.
This is made possible through the Internet of Things (IoT), which refers to the connectivity of multiple devices through internet.
- Driverless cars utilize this connectivity when updating their algorithms based on user data. These autonomous vehicles require an enormous quantity of data collecting and processing. - Thus, through IoT, the driverless car shares information about the road (which has already been mapped out) - The information includes the actual path, traffic, and methods to navigate around any obstacles. - The entire data is shared between IoT connected cars and is uploaded wirelessly to a cloud system, to be analyzed and put to use for improving automation.
There are many applications that enable owners to interact with the vehicle even from a certain distance. Even though all these features look attractive, automotive manufacturers face challenges with regard to providing security for these features, owing to the increasing rate of cyber-attacks. This attention to cybersecurity drives the market for automotive cybersecurity, worldwide.
A typical car communication system involves vital enhancements, including sensors that manage a driver’s health (C2D), efficiency features of car-to-home (C2H), traffic patterns of car-to-car (C2C), and communications between cars-to-passengers (C2P).
Connected car and vehicle infotainment system features are at the forefront, enhancing the need for increasingly complex software-driven functionality.
Semi-Autonomous Vehicles Dominating the Market
Following the SAE (Society of Automotive Engineers) International automated driving standards, cars with level 1 to level 3 automation features have been considered under the market segment of semi-autonomous cars.
- Level 1 automation (also known as Driver Assistance) has been available on cars for several years, handling driving modes like steering or throttle and brake, but never both. The level 1 cars must need driver attention to take over those functions if called upon by the vehicle. Some of the features seen in the level 1 cars are parking assistance, adaptive cruise control, and lane keeping assistance. - Level 2 automation (also known as Partial Assistance) has a suite of driver assistance technologies including Traffic Aware Cruise Control and Autosteer with lane change, which enables automatic steering on undivided roads but with speed limitations - Level 3 automation is referred to as conditional automation. In Level 3 automation, the autonomous cars driving system performs all the dynamic driving tasks with the expectation that the human driver will respond appropriately to a request to intervene.
North America and Europe covered more than half of the global semi-autonomous cars market in 2018 and likely to continue to increase their market share, during the forecast period, owing to the increasing launch of semi-autonomous car models and increasing development towards vehicle semi-autonomous systems among players in automotive industry.
Competitive Landscape Many players from the hardware to software firms in the automotive industry started focusing on entering into the growing trend of autonomous driving technology. Thus, partnerships, collaborations, and investments toward the development of autonomous vehicles increased significantly in the automotive industry over the past three years (i.e., 2015-2017). They are likely to continue to grow during the forecast period, primarily owing to the increasing support from governments and private sectors across several countries, to promote autonomous driving vehicle technology.
Mando Corporation, one of the largest Tier 1 Korean original equipment manufacturers, obtained a test-drive license of the autonomous driving vehicles in California, the United States, in October 2018. It is one of the first Korean companies to receive the permission. The company aims at developing platforms for fully self-driving vehicles with level four autonomy. It also intends to put its safety equipment on autonomous driving cars effectively in the coming years.
In October 2018, General Motors (GM) and Cruise announced that they joined forces with Honda to pursue large scale deployment of autonomous vehicle technology. Honda may contribute approximately USD 2 billion over 12 years to develop a purpose-built autonomous vehicle for Cruise. In addition to the recently announced Softbank investments, this transaction brings the post-money valuation of Cruise to USD 14.6 billion.
Daimler, which ranks third position in the level four autonomous vehicle market after Waymo and GM, partnered with two major players namely Robert Bosch GmbH and Nvidia Corporation, to develop level four and level five autonomous cars during the forecast period.
Reasons to Purchase this report: - The market estimate (ME) sheet in Excel format - 3 months of analyst support
Our reports have been used by over 10K customers, including:
A vehicle should have three attributes for it to be completely autonomous: advanced driver-assistance systems (ADAS), vehicle-to-everything (V2X) communication technologies, and certain wireless technologies of the infotainment system.As the degree of autonomy of vehicles continues to grow, the number of electronic control units (ECUs) and...
120 pages •
By Infiniti Research Limited
• Apr 2020
Global Autonomous Cars Software Market 2020-2024 The analyst has been monitoring the autonomous cars software market and it is poised to grow by $ 3.26 bn during 2020-2024 progressing at a CAGR of 36% during the forecast period. Our reports on autonomous cars software market provides a holistic analysis, market size and...
This IDC study examines the worldwide and U.S. connected vehicle market for the 2019-2024 period. A five-year growth forecast for this market is shown for 2020-2024."Connectivity remains the key foundational pillar to build upon the success of autonomy, shared services, and electrification," says Matt Arcaro, research manager, Next-Generation...
New mobility services such as carsharing, bikesharing, ridesharing, ride hailing, and demand-responsive transit (DRT) have brought the concept of shared mobility to the center stage.Environmental concerns, congestion, lack of parking, vertical expansion in most emerging cities, and smart city initiatives have propelled a revolution from single-occupancy...
Global Memory Market for Connected and Autonomous Vehicle to Grow at a CAGR of 20.87% from 2019-2029 Key Questions Answered in the Report: • Which global factors are expected to impact the automotive memory industry? • How is the industry expected to evolve during the forecast period 2019-2029? •...
The aim of this research study is to give an overview of automotive cloud platforms and the key cloud applications adopted in the automotive market. The study focuses on the different cloud platform strategies adopted by original equipment manufacturers (OEMs), key business models used, key cloud vendors, and their core features. The report...
Increase in demand for safety services and connectivity solutions in vehicles is the significant factor for the telematics solutions market growth globally. The telematics solutions market is projected to reach USD 62.6 billion by 2025 from an estimated USD 29.9 billion in 2020, at a CAGR of 15.9% during the forecast period. All the...
Connected Car Market Research Report by Transponder (Onboard Unit and Roadside Unit), by Form (Embedded, Integrated, and Tethered), by Network, by Service, by Component, by End User - Global Forecast to 2025 (Cumulative Impact of COVID-19) The Global Connected Car Market is expected to grow from USD 64,941.56 Million in 2019 to USD...
The global LiDAR market was valued at USD 1326.01 million in 2019 and is expected to reach USD 1620.89 million by 2025, recording a CAGR of 29.55% over the forecast period of 2020-2025 (henceforth, referred to as the forecast period). Over the years, advancements in LiDAR mapping systems and their enabling technologies penetrated into...
Smart Parking Systems Market Size Analysis and Outlook to 2026- Potential Opportunities, Companies and Forecasts across products across End User Industries and Countries The Smart Parking Systems market is one of the dynamic markets sensors technology segment with major factors such as technological advancements, wide...
You can change your Cookie Settings at any time but parts of our site will not function correctly without them.