Some of the major manufacturers operating in the North American autonomous car market are Ford Motor Company, Toyota Motor Corporation, Hyundai Motor Company, General Motors Company, Fiat Chrysler Automobiles N.V., Honda Motor Company Limited, Volkswagen Group, Tesla Inc, BMW Group, and Daimler AG.
NEW YORK, May 27, 2019 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, the North American fully autonomous car market is expected to reach $52.3 billion by 2030, growing at a CAGR of 17.1% during the period 2023–2030. Increasing research and development (R&D) activities for the development of autonomous cars, evolution in connected car technology, need for safe and efficient driving options, and support of federal and state governments ensuring the growth of these cars are some of the major factors fueling the growth of the North American autonomous car market.
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Road traffic, serious injuries, and deaths are unfortunately a common affair, and the primary cause of road crashes and accidents is human error, which accounts for more than 90% of road accidents. Thus, the emerging need for more efficient and safer driving technology, is driving the growth of the North American autonomous car market.
On the basis of vehicle autonomy, the North American autonomous car market has been categorized into semi-autonomous car and fully autonomous car. Between the two, semi-autonomous car dominated the market during the historical period. Level 1 semi-autonomous cars held the market share of over 95% in terms of volume, and also dominated the semi-autonomous car market in 2018. The government regulations for incorporation of necessary safety feature in the car is the major factor for the growth of this category. For instance, the National Highway Traffic Safety Administration (NHTSA) has mandated the use of electronic stability control (ESC) in all passenger vehicles being manufactured since 2012, benefitted the growth of the category.
Based on vehicle type, the North American autonomous car market has been categorized into internal combustion engine (ICE), hybrid electric vehicle (HEV), and battery electric vehicle (BEV). Among these, BEV category is expected to attain the fastest growth during the forecast period. The integration of fully autonomous technology in BEVs is easier as compared to other vehicle types. Smooth connectivity among electric components is more convenient to achieve in battery electric cars than conventional, fuel-based, or hybrid electric models. Such factors encourage the integration of the autonomous technology in BEVs.
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The demand for connected cars is constantly increasing in North America due to rapid technological advancement and also due to their unique features, including smartphone connectivity with vehicle, road side assistance, traffic and collision warnings, and real-time traffic monitoring, which are not available in conventional passenger cars. The increasing digitization in connected cars is simultaneously fueling the growth of autonomous cars and hence propelling the North American autonomous car market. The integration of autonomous technology in connected cars is comparatively easier as compared to conventional cars, as connected cars need to be equipped with V2V and V2I connectivity, which are two of the necessary requirements for vehicle autonomy.
In recent years, the North American autonomous car market is witnessing a significant number of collaborations and partnerships. The testing, designing, and manufacturing of an autonomous car is an expensive affair. Most companies seek to minimize the financial risks involved by entering into partnerships, mergers, and collaborations with each other. For instance, many manufacturers are collaborating with various start-ups for the purpose of acquiring vehicle technology. For instance, General Motors Company recently acquired a start-up company, Cruise Automation, for $1 billion. Furthermore, Ford Motor Company entered into a partnership with Walmart Inc. in 2018 to explore the possibility of using self-driving cars for delivering groceries and other consumer goods.
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Some of the major manufacturers operating in the North American autonomous car market are Ford Motor Company, Toyota Motor Corporation, Hyundai Motor Company, General Motors Company, Fiat Chrysler Automobiles N.V., Honda Motor Company Limited, Volkswagen Group, Tesla Inc, BMW Group, and Daimler AG.
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In recent years, the European autonomous car market has witnessed a significant number of collaborations and partnerships. For instance, Fiat-Chrysler entered into a partnership with the BMW Group in 2018 to receive hardware and software assistance from them. They further tied up with Intel for receiving computer chips for their vehicles and with Continental and Delphi for autonomous vehicle parts. Furthermore, PSA Group entered into an alliance with an autonomous vehicle start-up, Almotive, with the purpose of initiating the testing of level 4 autonomous cars. The increasing number of collaboration and partnerships has been seen as a major trend in the market.
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India Electric Car Market
Maharashtra had the highest electric car sales volume in 2017, accounting for a market share of 28.9% in the Indian electric car market. The state is expected to continue being the leading market in the country for electric cars during the forecast period, owing to the state government’s Electric Vehicle Policy 2018 to help the EV market grow by supporting EV manufacturing, developing charging infrastructure, and offering subsidies to costumers on the purchase of these vehicles. The state government announced subsidies for electric cars, amounting up to $1,550 (INR 100,000) per vehicle. However, Tamil Nadu electric car market is expected to outperform all other states in terms of growth, witnessing a CAGR of 51.5%.
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