Jul 06, 2020 (AmericaNewsHour) --
Global Self-Driving Car Market is forecasted to reach $20 billion by 2024; growing at a CAGR of 25.7% from 2016 to 2024. A self-driving car or a driverless car or even robotic car navigates without any human input as the vehicle has the capability of sensing its surroundings while driving on road. Self-driving cars have pre-installed control systems in them which uses their sensory data in differentiating between different cars and other vehicles on the road, and also helps in deciding a path to the destination. These cars have the ability detect their surrounding using variety of techniques such as LiDAR, radar, GPS and Odometry. Introduction of driverless cars could help in the reduction of traffic collisions, enhanced mobility for injured or disabled people, eco-friendly and lower need for insurance.
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Increasing support by various government departments for prevention of road accidents and technological advancements are the major factors supporting the growth of market. Moreover, reduction in the consumption of fuel and insurance cost are also expected to drive the market. However, concern about safety of driverless cars, risk of privacy and security may hinder the growth of market.
By components, the self-driving car market is segmented into hardware, software, Lidar, radar, optical cameras and others. The software component is largest segment at present and is likely to hold its position throughout the forecast period due technological enhancement in software segment such as advanced driver assistance systems to enhance safety and driving process.
Geographically, the market has been segmented into North America, Europe, Asia Pacific and RoW. The U.S., Mexico and Canada are covered under North America wherein Europe covers France, Germany, UK, Spain and rest of Europe. Asia-Pacific covers China, India, Japan, South Korea and Rest of Asia Pacific. Rest of the World (RoW) covers South America, Middle East and Africa.
Major companies operating in this market are Google Inc., Tesla Motors, Inc., Toyota Motor Corporation, Audi AG, Ford Motor Company, Volvo Group, Nissan Motor Company, BMW AG, Baidu Inc., Daimler AG, Dutch Automated Vehicle Initiative (DAVI), Apple Inc., and Volkswagen among others.
The key takeaways from the report:
The report will provide detailed analysis of Self-Driving Car market with respect to major segment such as technology
The report will include the qualitative and quantitative analysis with market estimation over 2015-2024 and compound annual growth rate (CAGR) between 2016 and 2024
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Comprehensive analysis of market dynamics including factors and opportunities is included in the report
An exhaustive regional analysis of Self-Driving Car Market will be provided in the report
Profile of the key players in the Self-Driving Car Market will be provided, which include key financials, product & services, new developments and business strategies
Scope of Self Driving Cars Market
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