Driverless Cab Service Market - Analysis and future growth opportunities by 2024
Automated vehicle technology is expected to get largely implemented in cab service market in coming years. The driverless/automated cab service is expected to drastically reduce the number of accidents per year and would eventually lead to cost savings in terms of healthcare spending. The technology is expected to further improve the prevailing traffic condition and congestions in the cities. Advance GPS system used in the automated technology will help passenger to follow short route to reach their destination henceforth reducing the journey time. Car theft is another major issue that could be limited by the driverless technology, since these cars would be self-aware about the prevailing situation. The driverless cab service fare charges would be less as compared to current cab services since the labor cost can be eliminated which would eventually decrease the burden on end-users. The automated technology is also expected to get implemented in public transportation including buses.
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The driverless cab service market is driven by technological revolution, growing need to solve various problems related to traffic, parking space and demand for a hassle free and easy commutation. However resistance from certain section of society including cab drivers whose source of income is driving may display restrains that might hinder the market growth. Acceptance of new technology by developing countries may be doubtful that can also lead to possible hindrance in the growth of the market. Regardless of these restraints the driverless cab service market portrays immense opportunities that may range from embedding autonomous advance features in the car to manufacturing electric driverless cab service for the customers.
Key players in the market are nuTonomy Asia, Uber Technologies Inc., Google Inc. QNX Software Systems Ltd, Mercedes-Benz, BMW Automobiles and Tesla Motors.
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