SELBYVILLE , Delaware, October 23, 2018
SELBYVILLE , Delaware, October 23, 2018 /PRNewswire/ --
Global Market Insights, Inc. forecasts autonomous cars market to cross shipments of over 60 million units by 2024. The level 1 autonomous cars are expected to account for over 90% of the autonomous industry. The autonomous cars market is driven by the growing number of vehicle safety concerns around the world.
The government authorities are consistently working on improving the safety of these cars by mandating the use of ADAS systems in the vehicles. This has led automakers to launch their own level 1 self-driving solutions. The level 4 cars are still in the development phase and are expected to be commercially available by 2022. The automakers have increased their R&D spending to intensify their efforts for the development of self-driving cars. The companies are obtaining licenses from various local authorities to test their level 4 self-driving technology.
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On the other hand, the level 2 autonomous car market is expected to grow at a CAGR of 45% during the projected period. The advancements in the automotive technology such as the integration of artificial intelligence, GPS, and advanced electronic sensors such as radar, LiDAR, and ultrasonic sensors promote the market growth.
Internal Combustion Engine (ICE) cars hold a majority share in the autonomous cars market with a market share of over 95% in 2017. This growth is attributed to the high demand for ICE-based cars in emerging nations such as India and Brazil. However, the rising concerns toward environmental safety and the increasing number of government regulations to reduce carbon emissions have restricted the growth of the ICE cars market. The supportive government policies such as tax benefits and subsidiaries are fostering the growth of the Hybrid Electric Vehicle (HEV) market, which is estimated to grow at a CAGR of over 60% during the forecast timeline.
Browse key industry insights spread across 230 pages with 298 market data tables & 31 figures & charts from the 2018 report in its research report "Autonomous Cars Market Size, By Level of Autonomy ( Level-1, Level-2, Level-3, Level-4), By Type (Internal Combustion Engine (ICE), Hybrid Electric Vehicle (HEV), Battery Electric Vehicle (BEV)), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Spain, Netherlands, Sweden, Australia, China, India, Japan, South Korea, Brazil, Mexico, UAE, South Africa), Growth Potential, Competitive Market Share & Forecast, 2018 - 2024". in detail along with the table of contents:
Europe holds a major share in the autonomous cars industry with a share of over 40% in 2017. The market growth is attributed to the presence of large number of automakers. The auto manufacturers have invested significantly in the autonomous vehicle technology to accelerate the innovative processes in the self-driving vehicle landscape. The governments in the region are investing in improving the road & telecom infrastructure, enabling the self-driving vehicles to better interact with its surroundings. The Netherlands government has invested over 100 million to install new traffic lights across the nation to help self-driving cars better interact with its surroundings.
The North American market is expected to register a high growth rate with a CAGR of over 14% in 2017. The growth in the region can be attributed to the supportive government policies, which have allowed automakers and tech companies in the region to conduct testing of autonomous technologies on public roads and freeways.
The major companies working on the autonomous cars market are Volkswagen, BMW, Fiat Chrysler Automobiles, Ford, GM, Honda, Hyundai, Jaguar, Mazda, Daimler, Mitsubishi, Nissan, Subaru, Tesla, Toyota, Volvo, Bosch, Waymo, Baidu, Uber, Continental GT, Aptiv, NVIDIA, Intel, and Autoliv. The technology players and OEMs are acquiring and forming alliances with various automakers to develop their own self-driving vehicles. These players are also partnering with regional and technology startups to develop AI-based solutions for autonomous vehicles.
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Fully autonomous will depict a strong growth at over 40% up to 2024 in the next seven years. Implementation of precision farming system offering the vehicle to drive on its own avoiding obstacles and other vehicles without supervision of the driver will boost the autonomous farm equipment market demand. UAV is anticipated to witness robust growth at over 35% up to 2024. Usage of drones for the hazardous works such as fertilizer and pesticides spraying will propel the business demand.
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The semi-autonomous vehicle segment held more than 40% of the total stake in the automotive LiDAR market in 2017. The industry is driven by the rapid integration of the advanced driving assistance systems into the vehicles. North America has dominated the automotive LiDAR market with over 70% of the total market share. Asia Pacific will grow at a CAGR of over 60% during the projected timeline.
About Global Market Insights
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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