Autonomous Driving Technology Market Accelerates as Industry Leaders Embrace Self-Driving Innovations

The development of smart cities and rise in demand for connected cars using internet of things (IoT) and sensors to help solve the problem of traffic congestion and automate the vehicles drives the growth of autonomous driving technology market. In addition, the latest technological advancements in the areas of artificial intelligence, machine learning, and other sensors like LIDAR, GPS, Radar, and computer vision, have allowed manufacturers to increase self-driving abilities in vehicles and this drives the market growth. However, high implementation & maintenance cost, malfunctioning of sensors and threat of hackers to infect systems are the factors that hamper the market growth. Furthermore, government initiatives to adopt vehicles with advanced safety features and latest technologies provides lucrative opportunities to the growth of autonomous driving technology market.

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COVID-19 Scenario Analysis:

► Since the COVID-19 virus outbreak in December 2019 and became a global pandemic. The unstoppable spread of disease in almost 180+ countries around the globe with the World Health Organization declaring it a public health emergency has led to downfall of the global economy. The global impacts of the corona virus disease 2019 have already started to be felt and is expected to impact the autonomous driving technology market.

► COVID-19 has interrupted the development of autonomous driving technology and slowed consumer purchasing of new vehicles although it has also boosted the possibility for the further adoption of technology in other areas. Autonomous driving technology has the potential to change the way consumer products move from warehouse to the store, foods from restaurants to our houses, and how packages delivered from retailers to our homes.

North America is expected to lead the autonomous driving technology market during the forecast period due to factors such as strong and well-established automobile company groups and also being the industrial hub for the world's biggest technology companies like Alphabet Inc., Apple Inc., and IBM Corporation. With the integration of both the sectors automobile and technology, they are creating autonomous driving technology. The companies in the U.S. are already testing self-driving cars and are being used in cities like California, Washington, and other states of the U.S. However, the mobility of these vehicles equipped with autonomous driving technology are currently limited to particular test areas and driving conditions.

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Key benefits of the report:

► This study presents analytical depiction of the autonomous driving technology market along with the current trends and future estimations to determine the imminent investment pockets.

► The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the autonomous driving technology market share.

► The current market is quantitatively analyzed to highlight the autonomous driving technology market growth scenario.

► Porter's five forces analysis illustrates the potency of buyers & suppliers in the market.

► The report provides a detailed autonomous driving technology market analysis based on the present and future competitive intensity of the market.

LIDAR sensors acts as vision for self-driving vehicles because it provides a 360-degree view point of the surrounding, which helps vehicles drive on their own in a safe manner. These sensors are used by many autonomous automobiles to navigate real-time environments. Some of its benefits include accurate depth perception, which enables LIDAR to know the distance of an object to within a few centimeters away.

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The autonomous driving technology systems consist of sensors and transmitters which work together with help of advanced computer vision functions. These sensors and transmitters are used to generate an updated map of their surroundings, detect the existence of nearby vehicles & pedestrians, measure overall distances, and detect irregular surfaces on roads and pavements. Autonomous driving technology helps to interconnect other external devices such as smart traffic road lights, to enhance the overall driving experience.

Key Market Players:

► Volkswagen AG

► General Motors

► Honda Motor Co., Ltd.

► Ford Motor Company

► Daimler AG

► Nissan Motors Co., Ltd.

► Tesla, Inc.

► Toyota Motor Corporation

► BMW AG

► AB Volvo

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