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HD Map For Autonomous Vehicles Market 2024 - Growth by Regional Segments, Upcoming Business Strategies, Industry Revenue And Forecast by 2033
HD Map For Autonomous Vehicles Market
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According to The Business Research Company's, The HD map for autonomous vehicles market size has grown exponentially in recent years. It will grow from $1.83 billion in 2023 to $2.33 billion in 2024 at a compound annual growth rate (CAGR) of 27.1%. The growth in the historic period can be attributed to growing interest in and adoption of autonomous vehicles, increasing consumer demand for safer driving experiences, increased use of IoT, and improvements in telecommunication infrastructure.
The HD map for autonomous vehicles market size is expected to see exponential growth in the next few years. It will grow to $6.1 billion in 2028 at a compound annual growth rate (CAGR) of 27.2%. The growth in the forecast period can be attributed to increasing demand for ADAS, increasing demand for autonomous driving technology, the growing importance of HD maps for safe autonomous driving, and increasing demand for self-driving cars. Major trends in the forecast period include rapid developments in AI, advances in real-time data processing technologies, the integration of edge computing, and advances in high-resolution mapping technologies.
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Market Drivers and Trends:
The increasing demand for advanced driver assistance systems (ADAS) is expected to propel the growth of the HD Map for Autonomous Vehicles market going forward. Advanced driver assistance systems are electronic systems in vehicles that use advanced technologies to assist the driver in driving, enhancing safety and driving ease. The demand for ADAS is increasing due to stricter safety regulations and growing consumer preference for improved vehicle safety and convenience. HD maps for autonomous vehicles provide highly detailed and accurate information about the road environment, enhancing ADAS's performance by enabling precise navigation, better object detection, and improved decision-making for safer and more efficient driving. For instance, in April 2023, according to a report published by the Highway Loss Data Institute (HLDI), a US-based nonprofit scientific and educational organization, it predicts that by 2027, three ADAS systems will be installed in 50% or more registered vehicles. Additionally, the report forecasts that by 2027, approximately 73% of registered vehicles will be equipped with rear cameras, 63% with rear parking sensors, and 51% with front collision prevention systems. Therefore, the increasing demand for Advanced Driver Assistance Systems (ADAS) drives growth in the HD map for autonomous vehicles market.
Major companies operating in the HD maps for autonomous vehicles market are developing innovative solutions such as HD Live Map, to enhance real-time updating capabilities and support autonomous driving functions effectively. HD Live Map is a highly detailed, real-time mapping service tailored for autonomous vehicles, offering precise information on lane markings, road geometry, traffic signs, and more for safe navigation. For instance, in September 2021, Mercedes-Benz Group AG, a Germany-based automotive manufacturer, launched HD Live Map, an integral part of its new DRIVE PILOT, in collaboration with HERE Technologies, a Netherlands-based software company. The HD Live Map provides detailed data about the road network to allow the DRIVE PILOT system to maneuver safely without driver intervention. It includes 3 models, namely the Road Model, the HD Lane Model, and the Localization Model. These provide centimeter-level accuracy on road geometry, lane details, traffic signs, barriers, and other roadside features crucial for autonomous vehicles. This detailed data enhances navigation by enabling advanced driving functionalities such as autonomous lane-keeping and real-time route adjustments based on current road conditions.
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Major Key Players of the Market:
Google LLC, Toyota Motor Corporation, Mercedes-Benz Group AG, Nissan Motor Co. Ltd., Aisin Corporation, NVIDIA Corporation, Baidu Inc., Aptiv PLC, NavInfo Co. Ltd., Mobileye, HERE Global B.V., Cyient Limited, TomTom N.V., Zenrin Co. Ltd., The Sanborn Map Company Inc., Carmera Inc., Voler Systems Inc., Waymo LLC, ZENRIN EUROPE GmbH, Nexar, Intellias, iMOVE Australia
HD Map For Autonomous Vehicles Market 2024 Key Insights:
• The HD map for autonomous vehicles market size is expected to see exponential growth in the next few years. It will grow to $6.1 billion in 2028 at a compound annual growth rate (CAGR) of 27.2%.
• Impact Of Advanced Driver Assistance Systems (ADAS) On HD Map For Autonomous Vehicles Market
• Advancements In HD Live Map Technology For Autonomous Vehicles
• North America was the largest region in the HD map for autonomous vehicles market in 2023
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