Pune, India, Feb. 23, 2022 (GLOBE NEWSWIRE) -- According to the report, the global HD Map for Autonomous Vehicles market size is projected to grow from USD 1,365.8 million in 2021 to USD 7,009.2 million in 2028, exhibiting a CAGR of 26.3% during the forecast period.
- The HD map for autonomous vehicles is a semantic layer technology used for traffic lights, crosswalks, road signals, and lane boundary detection.
- The map provides detailed and precise information regarding surroundings and environments. The rising demand for HD map for autonomous vehicle from self-driving cars is expected to foster the demand for the product.
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HD Map for Autonomous Vehicles Market Report Scope:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 26.3% |
| 2028 Value Projection | USD 7,009.2 million |
| Base Year | 2020 |
| Market Size in 2020 | USD 1,199.1 million |
| Historical Data for | 2017-2019 |
| No. of Pages | 200 |
| Segments covered | Solution, Level of Automation, Vehicle Type, and Region |
| Growth Drivers | Increasing Investments and Involvement of Companies to Foster Industry Progress |
| Strong Demand for Technology Equipped Vehicles to Foster Market Progress in North America |
Growth Factors:
- Companies build autonomous vehicle maps to focus on the development of driver assistance, self-driving, and advanced navigation. As a result, the demand for detailed, precise, real-time, and efficient navigation systems increases rapidly.
- Further, rising investments by companies for advanced HD map for autonomous vehicle is expected to boost adoption. For example, Auto X invested nearly USD 43 million in August 2018. The investment would enable the company to develop cameras for traffic light identification, sign recognition, lane detection, and mapping.
- Integrating the Internet of Things (IoT) is expected to enhance the vehicle’s features and provide users with excellent and reliable mapping systems.
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The HD Map for Autonomous Vehicles Market is expected to be negatively affected during the COVID-19 pandemic due to the restrictions imposed on manufacturing activities. The sudden spike in COVID infections led to stringent lockdown norms. Furthermore, restrictions on travel led to raw material shortages and supply chain disruptions.
Regional Analysis:
North America is expected to dominate the global HD map for autonomous vehicle market share due to the robust demand for vehicles equipped with technologically advanced features. The HD Map for Autonomous Vehicles Market in North America stood at USD 480.2 million in 2020 and is expected to gain a considerable market share in the upcoming years.
In Europe, constant adoption and development of novel technologies are expected to boost the adoption of the product. Further, rising technical development in the HD map for the autonomous vehicle industry to implement advanced safety features is expected to boost the mapping system’s adoption.
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Vehicle Type, Automation, Solution, and Region are Studied
By vehicle type, the market is segmented into passenger vehicle and commercial vehicle. As per solution, it is bifurcated into embedded and cloud-based. Based on the level of automation, it is categorized into semi-autonomous and fully autonomous. Geographically, it is clubbed into North America, Europe, Asia Pacific, and the rest of the world.
The Report Lists the Key Companies in the HD Map for Autonomous Vehicles Market
- TomTom (Amsterdam, Netherlands)
- HERE Technologies (Eindhoven, Netherlands)
- Waymo (California, U.S.)
- Civil Maps (San Francisco, U.S.)
- Mapbox (California, U.S.)
- Woven Planet Holding (Tokyo, Japan)
- NVIDIA (California, U.S.)
- Navinfo (Beijing, China)
- The Sanborn Map Company Inc. (Colorado, U.S.)
- Esri (California, U.S.)
- Dynamic Map Platform (Tokyo, Japan)
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Global HD Map for Autonomous Vehicles Market Segmentation:
By Solution:
- Cloud-Based
- Embedded
By Level of Automation:
- Semi-Autonomous
- Fully Autonomous
By Vehicle Type:
- Passenger Vehicle
- Commercial Vehicle
By Geography
- North America (USA, 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, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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