The level 1 autonomous car market will grow at a CAGR of 6% over the period 2018-2024. The market growth is attributed to the increasing vehicle safety concerns and governmental regulations for vehicle safety across the globe.The growth of the autonomous cars market can be aptly credited to the exponentially growing automotive sector across the globe. Having sold around 24 million units in 2017, autonomous cars industry has been consolidating its stance significantly in the automotive space, the future of which has been touted to be transformed owing to the rising popularity of connected cars that have lately been revolutionizing the mobility sector.
The level-1 based autonomous cars market is primarily driven by the rising road-safety concerns around the world as more and more vehicles are added to the roads each year. The increasing road-safety concerns have prompted governments across the world to introduce programs that mandate the incorporation of ADAS inside vehicles to ensure passenger safety. Programs such as the National Highway Traffic Safety Administration (NHTSA) in the U.S and the New Car Assessment Program (NCAP) in the European Union have impelled vehicle manufacturers to deploy vehicles that include a built-in level-1 semi-autonomous system. Amidst this scenario, it comes as no surprise that level-1 autonomous vehicles account for over 90% of the autonomous cars market share.
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Attributing to such advancements, the autonomous cars market is projected to continue garnering exponential growth in the forthcoming years. According to a report by Global Market Insights, Inc., driven by the massively growing demand for these vehicles, autonomous cars market size is expected to surpass 60 million units by 2024.
Autonomous cars, which can be operated with minimal or no driving input in any capacity from a human, indeed, are rapidly becoming a reality because of the rising number of research & development (R&D) programs carried out by renowned automobile manufacturers and technology companies. The R&D efforts are mainly fueled by the lucrative opportunities offered by the sector, which has been largely unevolved – in the way the automobiles are operated – since its inception.
The level-4 autonomous vehicles – currently under the research phase – are expected to be commercially made available in the market by 2022. The rapidly increasing number of research & development efforts by industry leaders in the automated driving domain would be responsible for the growth of level-4 based autonomous cars market in the years to come. According to a 2018 report by Bloomberg, Waymo – an autonomous car initiative by Google’s parent company – Alphabet Inc., is a leading contender that is much ahead of its nearest competitor in the race to deploy an autonomous level-4 vehicle to the market. To bring this accomplishment to fruition, the firm has entered into an agreement with Chrysler to acquire thousands of Chrysler Pacifica minivans that the company intends to modify by retrofitting autonomous driving systems that use LiDAR sensors to drive the cars.
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Autonomous Cars Market Growth drivers:
1. Increasing demand for safety and comfort features in vehicles
2. Stringent regulatory framework in North America and Europe
3. Increasing sales of electric vehicles in China
4. Rapid development of unmanned driving technology in Europe
5. Flourishing automobile production in Mexico
6. Growing vehicle production activities in South Africa
7. Proliferation of component manufacturers in Asia Pacific
The players in the autonomous cars market are focusing on strategic partnerships to increase their market share and attain an edge over their competitors. For instance, in 2018, Renault, Nissan, and Microsoft have signed a multiyear partnership to develop advanced autonomous vehicle technologies.
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The new technologies will improve the driver experience through advanced navigation, predictive maintenance, and remote monitoring features. Similarly, in 2017, Velodyne collaborated with Autoliv to develop & market auto-grade LiDAR sensors. Under this agreement, both the companies will provide key components, technologies, and the intellectual know-how to develop affordable and high-performance LiDAR solutions for the automotive market.
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