Autonomous Cars Market in the North America to witness healthy CAGR between 2018 to 2024
Category: #business  By Partha Ray  Date: 2019-08-21
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Autonomous Cars Market in the North America to witness healthy CAGR between 2018 to 2024

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 industry size is expected to surpass 60 million units by 2024. 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.

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Europe accounted for a major stake of over 40% in the autonomous cars market in 2017. The presence of major automakers and the increasing number of investments in the auto tech sector have supported the growth of the market. The government in the region has also invested extensively to improve the road and telecom infrastructure to help self-driving cars to communicate with the surrounding environment in a better manner.

Internal Combustion Engine (ICE) cars hold a majority share in the autonomous cars market with a market share of over 95% in 2017. This growth is attributed to the high demand for ICE-based cars in emerging nations such as India and Brazil. However, the rising concerns toward environmental safety and the increasing number of government regulations to reduce carbon emissions have restricted the growth of the ICE cars market. The supportive government policies such as tax benefits and subsidiaries are fostering the growth of the Hybrid Electric Vehicle (HEV) 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

Attributing to such advancements, the autonomous cars industry 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.

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. The new technologies will improve the driver experience through advanced navigation, predictive maintenance, and remote monitoring features.

The players in the autonomous cars market are Waymo, Autoliv, BMW, Bosch, Continental, FCA, Ford, General Motors, Hyundai, Toyota, Uber, Volkswagen, Nvidia, Subaru, Tesla, Intel, Jaguar, Nissan, Honda, Daimler, Baidu, Aptiv, and Volvo. The automotive cars market is highly competitive due to the presence of a large number of players in the market.

Major Table of Content: -

Chapter 3. Autonomous Cars Industry Insights

3.1. Introduction

3.2. Industry segmentation

3.3. Industry landscape, 2015 - 2024

3.4. Industry ecosystem analysis

3.5. Market evolution

3.6. Roadmap for autonomous vehicle

3.7. Patent analysis

3.8. Cost breakdown of autonomous vehicels component

3.9. Pricing analysis of autonomous vehicles

3.10. Technology and innovation landscape

3.10.1. LiDAR

3.10.2. Artificial Intelligence

3.10.3. Hydrogen fuel cells

3.10.4. Dedicated short range communications (DSRC) & 5 LTE technology

Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/autonomous-car-market

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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About Author

Partha Ray    

Partha Ray

Partha is into digital marketing since the last 3 years and has worked on multiple projects across various industries. An Computer Science engineer by education, he has prior experience in software development. His other interests include playing cricket & Hockey.

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