New York, NY, Aug. 20, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Driverless Cars Market by Technology (Partially Autonomous, and Fully Autonomous), by Sensor Type (Ultrasonic, Radar, LIDAR, Image sensor, and Others), by Component (Hardware, and Software): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017-2024’’. According to the report, global driverless cars market was valued at around USD 5.36 billion in 2017 and is expected to reach approximately USD 26.58 billion by 2024, growing at a CAGR of 25.7% between 2018 and 2024.
Revolution in the automotive industry has led to the innovation of driverless cars also known as autonomous cars or self-driving cars. Sensors, cameras, radars, laser light, GPS, computer vision, and artificial intelligence are used by autonomous cars to travel without human support. The automotive industry has recorded remarkable growth since the past few years along with a major contribution to the global economy. Autonomous vehicles have been tested successfully in the U.S. and Europe where drivers are allowed to use autopilot mode for long distance. This initiative is well known as truck platooning and is powered by a collision avoidance system, adaptive cruise control (ACC), vehicle-communication, and much more. Due to increased accidental cases, driverless cars have accounted for cumulative demand. The United States has also accounted for driverless cars as much safer than passenger cars. A driverless car with LIDAR technology was developed by Google Inc. to measure the distance between objects.
Browse through 42 Tables & 33 Figures spread over 147 Pages and in-depth TOC on “Global Driverless Car Market Size & Share 2017 Report: By Industry Type, Trends, Segments, Technology Analysis and Forecast, 2024”.
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The shift in demand from passenger cars to self-driving cars has driven the market at a rapid pace. Global cars market has manifested rise in sales by 2.1% in the year 2017. Growth in cloud-based technology adoption has triggered the market for driverless cars. Furthermore, redundancy in traffic policing coupled with the requirement of less parking space is expected to flourish the market. The regulatory scenario in developed regions is one of the major challenges for the market players to establish their strong footprint in driverless cars market. Autonomous vehicles can easily be hacked because of the software used to drive the vehicle due to this reason developers are toiling to address the cybersecurity risks.
Driverless cars market is segmented based on type, sensor type, hardware, and region. Based on the type, the driverless cars market is categorized into partially autonomous and fully autonomous. Ultrasonic, Radar, LIDAR, and image sensor are the type of sensors used in driverless cars. LIDAR is leading the sensor type segment with its growing applications in the automotive industry, especially for driverless car technology. By hardware, the market is bifurcated as a camera, communication systems, and GPS systems.
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Technological advancements coupled with the presence of leading players are the major factors giving North America a leading position in the market. Machine learning and artificial intelligence are the important technologies used in autonomous cars which are frequently being adopted in North America region. The U.S. has witnessed highest autonomous cars market share for North America and will continue the same in the forecast period. Incorporation of mobility along with cloud technology has driven the regional market at a rapid pace.
Europe is following North America in global driverless cars market and is expected to grow at a significant rate due to the high adoption of technology. Germany covers the largest share in Europe market for driverless cars due to the presence of prominent players such as BMW, Volkswagen, and Audi. The UK, France, and Italy are following Germany in technological advancement sector.
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Geographically, the Asia Pacific region is expected to grow at the highest CAGR in the forecast period. Japan shows the largest regional share because of the technologically advanced economy with respect to other regions. China, India, and other Asian countries have recorded significant market growth following Japan. Low fuel cost coupled with low insurance cost is expected to drive the regional market in the analyzed period.
High per capita income in the Middle East region is anticipated to create a favorable environment for the adoption of driverless technology. Growing death rates in UAE, Saudi Arabia, Egypt, and Qatar is triggering the technological shift from conventional cars to autonomous cars and vehicles. The Dubai government has announced to convert its one-fourth cars into self-driving cars by 2030 in accordance with the rise in death rate caused due to road accidents in the past few years.
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Cruise Automation, Mobileye, Waymo, Nokia, Nvidia, Audi, BMW, Ford, Google, General Motors, Tesla, Volkswagen, Volvo, Toyota, Baidu, and Jaguar are some of the major players of the driverless cars market. Waymo and General Motor are the leaders in the driverless cars market. Waymo is planning to launch its first driverless car in 2019.
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The report segments the global driverless cars market as follows:
Global Driverless Cars Market: Technology Segment Analysis
- Partially Autonomous
- Fully Autonomous
Global Driverless Cars Market: Sensor Type Segment Analysis
- Ultrasonic
- Radar
- LIDAR
- Image Sensor
- Others
Global Driverless Cars Market: Component Segment Analysis
- Software
- Applications
- Operating Systems
- Hardware
- Camera
- Sensor
- Communication Systems
- GPS Systems
- Others
Global Driverless Cars Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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