Pune, India, Nov. 23, 2021 (GLOBE NEWSWIRE) -- The global autonomous cars market size was USD 1.45 billion in 2020. The market is projected to grow from USD 1.64 billion in 2021 to USD 11.03 billion in 2028 at a CAGR of 31.3% in the 2021-2028 period. This information is provided by Fortune Business Insights™ in its report titled, “Autonomous Cars Market, 2021-2028.” As per our researchers, the speedy development in sensor-processing technologies, adaptive algorithms, high-definition mapping, and the placement of infrastructure-to-vehicle and vehicle-to-vehicle communication technologies are reassuring numerous corporations to magnify their manufacturing capabilities and navigate vehicle automation to an elevated level.
Furthermore, giant businesses associated with automobile manufacturing are promptly adopting Artificial Intelligence (AI) and Machine Learning (ML) technologies and implementing them in automobile manufacturing. For instance, according to Washington Post, Tesla cars, which have been introduced as self-driving cars, are loaded with the latest technologies such as progressive hardware capability of offering autopilot programs, and completely self-driving abilities, via the software updates intended to augment operations as time passes.
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Moreover, Tesla's Autopilot AI crew directs the future of self-sufficiency of present and novel generations of automobiles. This is expected to drive the market growth during the forecast period.
COVID-19 Pandemic Augmented Implementation of Self-directed Automobiles
The COVID-19-persuaded health issues have substantially impacted the mobility and transportation sector owing to the factor that travelers are inclined towards private transport modes. Furthermore, shifting shopping practices owing to COVID-19 has further instigated logistics and marketing to regulate according to the fluctuating scenarios on account of the surging prominence of e-commerce. These aspects are sturdily swaying the demand for autonomous vehicles amongst industries and customers.
Numerous customers have moved to e-commerce on account of lockdown norms and other associated issues. For example, as per the Voice of the Industry, COVID-19 analysis directed by Euromonitor International in 2020 stated that 54% of the assessed population specified a strategy to eternally upsurge online expenditure, whereas 28% have decided to permanently decline visits to shops and stores physically.
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Extensive Implementation of ADAS to Enhance Market Growth
Advanced driver assistance systems (ADAS) aid drivers via their artificial intelligence (AI) and various other innovative characteristics, thus evading interruptions and plummeting the burden on the driver. The prompt acceptance of progressive technologies in software algorithms, cameras, sensors, processors, and mapping has upgraded the application process of ADAS in automobiles. Additionally, increasing issues of the protection and security of cars, inhabitants, and walkers and to decrease the rate of road mortalities, automobile producers are integrating ADAS in cars, therefore stimulating the autonomous cars market growth.
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Key Player Focus on Widespread Research & Development Activities
Crucial players are often seen applying effective schemes and strategies in order to conquer the market and set a prominent footprint in their respective industries.
For instance, Robert Bosch GmbH is an international player in the sector of autonomous car technology. The disposition of a wider variety of advanced driver-aiding solutions and the expansion of self-driving vehicles for the smart and secure age of movement are the main ideas of the company. Likewise, the endless R&D struggles by the corporation are resulting in the formation of advanced technologies, which are a few of the substantial aspects accountable for the supremacy of the company.
Industry Development
February 2020: Pony.ai, which is an autonomous driving corporation, raised nearly USD 400 million from Toyota Motor Corporation in order to extend their collaboration in mobility services. The alliance is estimated to enhance self-directed driving technology, along with install mobility services.
List of Key Players Covered in this Market Report
- Autoliv Inc. (Stockholm, Sweden)
- Aptiv (Dublin, Ireland)
- Waymo LLC ( California, United States)
- Robert Bosch GmbH ( Gerlingen, Germany)
- Daimler AG ( Stuttgart, Germany)
- Baidu (Beijing, China)
- AutoX, Inc. (California, United States)
- Pony.ai (Fremont, California, United States)
- Ford Motor Company (Michigan, United States)
- HYUNDAI MOTOR GROUP (Seoul, South Korea)
- Volvo (Gothenburg, Sweden)
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