Autonomous cars are vehicles that are capable of sensing the environment and navigating the but these cars are still not permitted on public roads. In semi-autonomous cars the responsibility of driving is delegated to the driver and the technology is used in the vehicles for driver-air and safety feature. Established auto-makers such as Tesla, Nissan, Mercedes-Benz and Volvo have been strongly focusing on developing semi-autonomous cars in the recent years.
Swift growth, surge in demand
The global semi-autonomous and autonomous vehicle market is expected to witness swift growth during the forecast period, driven by the surge in demand for sophisticated and innovative technologies, increased research and development expenditure and growing inclination towards minimal driving errors.
A few impediments to speedy growth
Further an increase in the global production of vehicles both in the developed and developing countries coupled with the rising need of highly secured cars and stringent government norms across the global is expected to bolster the market growth during the forecast period. However, high infrastructure and vehicle cost are posing to be a hindrance to the speedy growth of the global semi-autonomous and autonomous vehicle market. The high repair cost of these vehicles could further restrain the market growth as certain part of these vehicles are complicated and thus custom made, making them very expensive. The trust and dependence of customers to let technology take away partial or complete control on the vehicle would also play a significant role in shaping the market dynamics of semi-autonomous and autonomous vehicles.
The global semi-autonomous and autonomous vehicle market can be segmented on the basis of vehicle type into semi-autonomous vehicles and autonomous vehicles. By components, the global market can be segregated into radar, engine control unit, fusion sensor, vision sensor, camera, ranging unit, control processing unit, 3D laser scanners and steering assist electronic control unit. Additionally, the market can be classified by technology into adaptive cruise control, lane keep assist, intelligent park assist, blind spot detection, emergency brake assist and adaptive front lighting for semi-autonomous vehicles and radar, lidar and ultrasonic for autonomous vehicles. Based on powertrain, the market can be segmented into conventional vehicles, electric vehicles and hybrid vehicles.
The global semi-autonomous and autonomous vehicle market can be further classified geographically into North America, Europe, Asia Pacific, South America and Middle East and Africa.
North America and Europe are leading the global market, owing to the increase in vehicle production in the recent years in developed countries like the U.S. and Germany, with OEMs catering to both the domestic and overseas demand. However, Asia Pacific is expected to witness the fastest growth rate during the forecast period from 2017 – 2025, owing to the increasing demand for passenger vehicles and a rising middle class. Further, this region is the home of established auto-makers such as Nissan, Honda and Toyota among others, who are offering semi-autonomous features. Changing lifestyles and increasing focusing on improving the roadway infrastructure is expected to strongly fuel the semi-autonomous and autonomous vehicle market growth in the coming years.
The report is provided by Transparency Market Research.