09-14-2017 12:24 PM CET - Tourism, Cars, Traffic

Autonomous Car Market Forecast | Industry Research Report, 2016 - 2024: Global Market Insights Inc.

Press release from: Global Market Insights, Inc.

Autonomous Car Market forecast report focuses on regional growth for 15+ countries, leading industry companies, applications of Autonomous Car and more with an aim to help take business decisions. Autonomous Car Market size is driven by rising human errors that cause automobile accidents. Pedestrian safety and driver assistance are the secondary benefits, which support the industry growth over the forecast timeline.

Increasing technological developments in ensuring better transportation system have attracted investments to make this technology efficient and safe at the same time. Moreover, vendors are showing a keen interest in driverless vehicle development by investing heavily in R&D, manufacturing, and commercialization of robotic vehicles.

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Increasing urban customers and newer mobility concepts are expected to drive this industry. Varied age group mobility will also act as an added benefit to the autonomous car market. It will enable elderly people, who are too old to drive themselves and differently-abled population and younger generations to traveling independently. With the adoption of these vehicles, traveling demand along with reduced carbon emissions and energy use will also drive the autonomous car market share from 2016 to 2024.

Stringent government norms and regulations may hamper the autonomous car market size over the forecast timeframe. In September 2016, the U.S. Department of Transportation announced its guidelines regarding current regulations that need to be applied and safety expectations, which are to be met by the automakers such as 15-point safety standard for design development, encouraging nascent technology with uniform rules.

Varying weather conditions, such as rain, fog, and snow, make the system inefficient in detecting the track lines on the pavement. Maintenance costs are very high, which may have a negative impact on the increasing number of robotic transportation. In addition, concerns pertaining to the adoption rate that will lead to a slowdown of the growth rate are different types of weather that cover the track lines by a coating of snow or mud, relying too much on google maps, and potholes that are tough to be detected by sensors as they lie below the road surface.

The autonomous car market adoption among consumers is challenging as the mobility group is still not confident enough to give full control of their cars in the robot’s hands. For instance, according to AAA survey in the U.S., three out of four drivers are afraid to travel in an autonomous car. About 54% drivers feel unsafe in sharing the road with autonomous cars. Nearly two-thirds of drivers report the adoption of semi-autonomous technologies such as adaptive cruise control, automatic emergency braking, lane-keeping assist, or self-parking technology.

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The majority of automakers along with other industries are focusing on providing benefits pertaining to advanced driver assistance systems for the consumers. For instance, Apple has invested over USD 1 billion in Didi Chuxing, a Chinese ride-hailing service. In July 2016, Uber announced a merger between Didi Chuxing, adding value to Apple’s investment. Suppliers, such as Mobile eye, is offering ‘system-on-a-chip’ solution for ADAS thus disrupting the vehicle technology value chain.

Industry participants of autonomous car market include Google, Alpha, Mercedes-Benz, BMW, Nissan, General Motors, Tesla, Ford, Volvo, Honda Motor Corporation, Toyota, and Uber.

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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