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Autonomous Cars Market Trends And Growth 2025 By Key Players Tesla, Ford Motors, Ford Motors, Waymo

09-17-2018 03:59 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Coherent Market Insights

Autonomous Cars Market Trends And Growth 2025 By Key Players

The autonomous car market in Asia Pacific is expected to grow at a CAGR of 36.6% over the forecast period, owing to rapid urbanization and industrialization in China due to increasing GDP. Therefore, increased standard of living has significantly impacted affordability and expenditure on luxury vehicles. Moreover, increasing vehicle production in China is expected to further propel the regional market growth over the forecast period. For instance, according to the Organization Internationale des Constructeurs d'Automobiles (OICA), in 2016, vehicle production in China accounted for total of 29.6% of the global production. Moreover, the country’s production increased about 14.5% in 2016 from 2015.

Increasing smart city and connected infrastructure initiatives by various governments in this region has led to improvement in internet connectivity, road infrastructures, and highways, which will make the infrastructure in this region suitable for autonomous cars. For instance, in 2015, 100 smart city mission was launched by the Government of India to develop 100 smart cities across the country.

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Market Drivers:

Advancement in technology and growing demand for electric vehicles is driving growth of autonomous car market. The adoption of advanced embedded systems in automotive industry has increased significantly over the past two decades. This is due to deployment of these systems in emerging telematics products and in-vehicle infotainment for automotive. Tire pressure monitoring systems, airbags, anti-lock braking system, satellite radio, telematics, and emission control are some of the prominent applications that require incorporation of an embedded system for their operations. For instance, embedded airbag system is a battery-operated system that works on commands generated from the microcontroller in an event of collision and triggers the airbag system by operating an alternator. Hence, demand for automotive embedded systems is expected to propel the autonomous car market growth.

Level 4 segment is expected to exhibit the highest CAGR over the forecast period (2018 - 2035)

Among level of automation, level 4 segment is expected to exhibit the highest CAGR over the forecast period. The demand for level 4 autonomous vehicles is increasing due to rising road accidents across the globe. For instance, according to the National Highway Traffic Safety Administration (NHTSA) analysis, around 90% road accidents are majorly caused due to human errors. Therefore, rising road accidents are considered to be the most prominent factor for automakers to increase integration of safety system in the car, which further helps in increasing the safety of the vehicles as well as pedestrians walking on the road.

Passenger car application segment held dominant position in the global autonomous car market in 2017

Autonomous passenger cars features various technologies such as GPS sensors to help with navigation and sensors to avoid collisions. They also have the ability to use augmented reality, where a vehicle displays information to drivers in innovative ways. Industry manufacturers are focused on developing technologically advanced cars with easy to use and more safety features. For instance, General Motors is expected to start production of fully autonomous cars in 2019, with no steering wheel or ability for drivers to intervene. Companies are majorly investing in the development of passenger cars. Moreover, advancements in new technologies have accelerated in the market with the participation of leading car developers including Audi, BMW, Ford, and most recently Tesla and Google. These factors will drive growth of the segment in the autonomous car market.

Asia Pacific autonomous market is projected to witness the highest CAGR in the forecast period

Asia Pacific is expected to be the fastest growing region in the autonomous car market over the forecast period. Increasing vehicle manufacturing and high demand for electric vehicles in economies such as China and Japan are expected to drive growth of the regional market. According to the International Energy Agency’s Global EV Outlook, China led the electric vehicles market in 2016, accounting for sale of over 40% electric cars worldwide. Hence, increasing demand for electric vehicle is propelling demand for autonomous cars.

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Moreover, government regulations for safety and to reduce road accidents is one of the major growth factors for the market in Asia Pacific. For instance, in 2016, according to the Indian Ministry of Road Transport & Highways, it is mandatory for the OEMs to install anti-locking brake system on heavy vehicles.

Key companies

Major players operating in the global autonomous car market include Tesla, Ford Motors, Ford Motors, Waymo, Volkswagen Group, BMW, Renault SA, Audi, Hyundai, Honda, Toyota, Mercedes, Kia Motors, Baidu, Inc., Samsung Electronics, Inc., NVIDIA Corporation, Mobileye, Inc., Delphi Automotive System LLC, and NXP BlueBox. The market players are adopting various growth strategies such as mergers & acquisitions, product launches, collaborations, geographic expansions, and others to expand their market presence.

About Coherent Market Insights:

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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Coherent Market Insights
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