Albany, NY, April 29, 2019 (GLOBE NEWSWIRE) -- Transparency Market Research reports said that the autonomous car market is competitive. This is owing to the existence of a huge number of technology and automotive companies in the self-driving car market. There are enterprises who are influencing and dominating on strategic partnerships and collaborations. This is due to get the largest revenue shares of the market and speed up their activity of researches. The automotive producers are working together with semiconductor device producers and technology solutions suppliers. This owes to reduce the cost of manufacture and gain technical expertise. Furthermore, automotive companies are capitalizing in growing their R&D process. This also owes to speed up the growth of autonomous car technology.
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The growth example for autonomous car technology is that in October 2018, Tesla announced that all their vehicles manufactured in their factory would have the equipment required for full self-driving. This hardware is capable to sustain the safety level better than any human driver. There are 8 surround cameras with a 360-degree view up to 250 meters of range. These include 12 upgraded ultrasonic sensors balance the vision, enabling identification of both soft and hard objects. The object identification will be 2 times the distance of the prior system. In addition, a radar, which will be facing forward with improved processing offering extra information about the surrounding on a redundant wavelength. This radar is also capable of seeing through dust, fog, heavy rain, as well as the car ahead.
According to TMR analyst, the autonomous car market is projected to reach US$0.60 Mn units until 2025. The global market for an autonomous car is estimated to magnify with a CAGR of 47.50% from 2025 to 2035. Based on the level of automation, the autonomous car market is categorized into level 1, level 2, level 3, level 4, and level 5. Among these, the level 3 segment of autonomous cars is projected to produce largest revenue.
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North America is projected to lead the market for autonomous car in the forthcoming years. Moreover, the North American economy continues to dominate because, in 2009, China has passed the U.S. to be the largest autonomous car market. This is due to the U.S. has consumed almost 30 mn light vehicles in 2018, which is nearly 70% more. This sustained to be an explosive development is crowding the country with automotive, driving amplified the pollution and traffic congestion. On the other hand, people of Beijing spend 1.3 hours on average for commuting every day and thrice more than the average U.S. commuter commutes.
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Study Says, Autonomous Cars are better in Saving Lives
Autonomous car technology takes the human out of calculation in terms of saving lives. According to the Transport and Road Research Laboratory report, in 1960 they estimated that autonomous technology could escape around 40% of accidents. Also in July 2017 study of American personal injury law firm Cooney and Conway, discovered that autonomous car could escape around 90% of accidents. Moreover, this would save near about 300,000 lives in a decade, and reduce $871 bn capital in terms of road traffic accidents. These all evidence of saving lives and capital will drive the autonomous car market in the near future.
Hybrid Technology is the News Future of Autonomous Car Market
In the trail to autonomous vehicle technology future, there are some key tipping facts. Now, delivery of freight might push forward the application of autonomous vehicle than normal transport. To make rapid changes the large trucking companies might have the legislative influence and financial means. They can also support hybrid technology of autonomous vehicle where only parts of the fleet or routes will be automated.
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The study presented here is based on a Transparency Market Research report titled “Autonomous Car Market (Level of Automation - Level 1, Level 2, Level 3, Level 4 and Level 5) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2025 – 2035.”
The segmentation of global Autonomous Car Market is based on:
Automation
- Level 1
- Level 2
- Level 3
- Level 4
- Level 5
Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
- Rest of ROW
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