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Autonomous cars are basically driverless cars that possess the transportation features of a conventional vehicle. These are capable of self-navigating the surrounding location without any human input. The innovative technologies incorporated into autonomous cars include- global positioning system (GPS), LIDAR, RADAR and complex computer vision programs. The global automakers are investing heavily electric vehicle technologies and an amount of around US$ 300 Mn has been invested already in the electronic and autonomous vehicles technology. Most of the investment has been done in Germany and China owing to the presence of large number of players in these regions. German automaker Volkswagen being the leader in automotive is planning to invest around US$ 91 Bn for the development of electric cars and technology.
Several supportive government initiatives and policies regarding adoption of self-driving technology in developed nations such as the U.S, UK, Germany and Japan are acting as major catalysts in bringing about a new revolution in the automotive industry. The government authorities are cooperating with automotive manufacturers to speed up innovations in autonomous vehicles/cars. Additionally, there is ongoing strategic partnerships and rigorous research & development activities in the field of self-driving technology by key market players.
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The leading market players functioning in autonomous cars market include Daimler AG, General Motors, Ford Motor Company, BMW AG, Robert Bosch GMBH, Denso Corporation, Volvo-Autoliv-Ericsson-Zenuity Alliance, Renault-Nissan-Mitsubishi Alliance, AB Volvo, Groupe SA, Toyota Motor Corporation, Tesla Inc., and Volkswagen Group.
Segmentation of the Global Autonomous Cars Market, 2018 – 2026
By Level of Automation
· Level 1
· Level 2
· Level 4
· Level 5
· Passenger Cars
· Public Transportation
· Commercial Applications
· Others (Air Taxis)
· North America (USA and Canada)
· Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico and Rest of Latin America)
· Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
Further, increasing investment in the automation sector is also functioning as a beneficiary factor. According to present analytical results of industry experts, the future of autonomous vehicles is striving towards being an era of secure and comfortable transportation.
Growing demand for electric vehicles with ongoing technology upgradation is providing new growth opportunities for the autonomous car market. The implementation of advanced embedded systems in the automotive industry has increased considerably over the past few decades.
North America is estimated to be a major shareholder of autonomous cars market revenue in 2018, followed by Europe and Asia Pacific. The U.S. government has been actively introducing and updating its legislation on autonomous vehicles with the ongoing technological advancements in autonomous vehicle features. Despite being a developed country, the casualty rate because of car crashes in the U.S. is very high. This is likely to provide new growth opportunities since adoption of autonomous cars can reduce such accidents, considerably. Asia Pacific is projected to emerge as the fastest growing region during the same period. This significant growth in Asia Pacific is mainly a result of the predicted high adoption rate of autonomous cars in China in order to cope up with its critical car parking and traffic management issues.
Key Industry Developments
· September 2017: Ericsson, Volvo and Autoliv formed a Swedish venture for autonomous vehicles. The joint venture is aimed towards developing advanced driver assistance support (ADAS), end-to-end platform for connected safety, and autonomous driving software and functions.
· April 2017: Google’s self-driving car project Waymo already logged the equivalent of 300 years of driving experience on the city streets since 2009 and promises to free up our time, lower stress, make our roadways safer and improve transportation.
· May 2016: Uber invested USD$ 300 Mn to develop a fleet of self-driving vehicles further