New York, United States, May 14, 2024 (GLOBE NEWSWIRE) -- The Global HD Map for Autonomous Vehicles Market Size is to Grow from USD 2.76 Billion in 2023 to USD 42.58 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 31.47% during the projected period.
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The HD map, also known as the high-definition map, is a semantic layer that detects the distance between two destinations and incorporates additional information such as lane placement, road boundaries, curve severity, road surface gradient, and more to assist autonomous vehicles in navigating. HD maps are built and updated in real time using data collected from various sensors, cameras, and LiDAR. This data enables self-driving vehicles to make better decisions while driving. For instance, Audi, plans to spend over $16 billion on self-driving and sustainable technology by 2023. Furthermore, the HD map for the autonomous vehicles market is inextricably linked to the growth of the driverless vehicles market since it is used in autonomous vehicles to ensure accurate navigation and safe commuting, increasing demand for HD maps. However, these maps rely on data collected from a variety of sources, including cameras, sensors, GPS devices, high-speed communication networks, Lidar, and many others. The use of such higher-priced components results in a high system cost, which is expected to hamper the HD map for autonomous car market growth.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global HD Map for Autonomous Vehicles Market Size, Share, and COVID-19 Impact Analysis, By Solution Type (Cloud-Based, Embedded), By Level of Automation (Semi-Autonomous, Fully Autonomous), By Vehicle Type (Passenger Vehicle, Commercial Vehicle), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The cloud-based segment is expected to hold the largest share of the global HD map for autonomous vehicles market during the anticipation timeframe.
Based on the solution type, the global HD map for autonomous vehicles market is categorized into cloud-based, and embedded. Among these, the cloud-based segment is expected to hold the largest share of the global HD map for autonomous vehicles market during the anticipation timeframe. The cloud-based HP map technology saves time and provides more precise results while requiring less work and space. Furthermore, major industry businesses such as HERE, TomTom, NVIDIA, and many others prefer cloud-based solutions and prioritize cutting-edge development and real-time services with faster turnaround times.
The semi-autonomous segment is expected to grow at the fastest CAGR during the anticipation timeframe.
Based on the level of autonomous, the global HD map for autonomous vehicles market is categorized into semi-autonomous, and fully autonomous. Among these, the semi-autonomous segment is expected to grow at the fastest CAGR during the anticipation timeframe. While there is currently no enabling technology for entirely autonomous vehicles outside of a few select countries, the trend is toward automation through semi-autonomous vehicles. The increasing development and on-road presence of semi-autonomous vehicles in countries is hastening the adoption of HD maps for semi-autonomous vehicles.
The commercial vehicle segment is expected to hold a significant share of the global HD map for autonomous vehicles market during the anticipation timeframe.
Based on the vehicle type, the global HD map for autonomous vehicles market is categorized into passenger vehicle, and commercial vehicle. Among these, the commercial vehicle segment is expected to hold a significant share of the global HD map for autonomous vehicles market during the anticipation timeframe. As driving becomes more automated, HD Maps will provide commercial automated vehicles with additional intelligence, enabling them to address lateral and longitudinal control, apply contextual awareness to their surroundings, and interpret local traffic rules, resulting in safer and more proactive driving decisions.
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Asia Pacific is projected to hold the largest share of the global HD map for autonomous vehicles market over the anticipation timeframe.
Asia Pacific is projected to hold the largest share of the global HD map for autonomous vehicles market over the anticipation timeframe. Infrastructure development and industrialization operations in emerging economies have created new opportunities for automotive OEMs. This has accelerated the growth of the HD mapping market in these regions. MapmyIndia is the top provider of high-definition mapping solutions in India, serving major firms such as BMW, Ford and Hyundai. Expanding technological developments in China have increased the need for semi-autonomous vehicles, boosting the market for HD maps. The public's purchasing power has increased as a result of regional economic growth.
North America is expected to grow at the fastest CAGR growth of the global HD map for autonomous vehicles market during the anticipation timeframe. The increasing need for such technology-enabled vehicles has prompted many autonomous vehicle makers to develop superior mapping tools to address consumer perception and safety concerns. Fatalities in rod accidents have been a major source of concern for the region's governments and regulatory agencies.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major key players in the Global HD Map for Autonomous Vehicles Market Size TomTom, HERE Technologies, Waymo, Civil Maps, Mapbox, Woven Planet Holding, NVIDIA, Navinfo, The Sanborn Map Company Inc., Esri, Dynamic Map Platform, and Others
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Recent Developments
- In January 2024, XPeng Inc., a prominent Chinese smart electric vehicle manufacturer, has announced the official launch of the XPENG X9 big 7-seater MPV, a flagship model based on its next-generation technology architecture SEPA2.0, for the Chinese market. The X9 series has a range of models priced between RMB 359,800 and RMB 419,800, with quick delivery.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global HD map for autonomous Vehicles market based on the below-mentioned segments:
Global HD Map for Autonomous Vehicles Market, By Type
- Cloud-Based
- Embedded
Global HD Map for Autonomous Vehicles Market, By Level of Automation
- Semi-Autonomous
- Fully Autonomous
Global HD Map for Autonomous Vehicles Market, By Vehicle Type
- Passenger Vehicle
- Commercial Vehicle
Global HD Map for Autonomous Vehicles Market, By Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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