The global autonomous vehicle market is expected to reach USD 52.4billion in 2027 at an impressive 14.5% CAGR during the forecast period (2021-2027). Government programs and legislation supporting self-driving technology are propelling the demand for autonomous vehicles. Government authorities are actively working with automotive developers to speed up advancements in the autonomous vehicle industry. Furthermore, the extensive R&D activities for the advancement of self-driving technology, as well as growing investment in the auto-tech sector, all contribute to the global autonomous cars market's growth. Additionally, the tech giants and automotive manufacturers are investing excessively in technology to accelerate the development of autonomous cars, which is driving the growth of the market.
The surging technological advancements aiming at offering enhanced features while reducing costs are a major factor that is expected to drive the autonomous cars’ demand during the forecast period. Advancements in security, driver assistance, convenience & comfort, electrical suspension, power train, instrumentation, braking, and safety are also projected to fuel the adoption of autonomous cars. For example, driver assistance technology offers adaptive headlights, passive cruise control, lane departure warning, night vision, blind-spot detection, and self-parking features, which are boosting the demand for autonomous vehicles around the world.
What’s more, advanced security features include remote keyless entry and passive car entry. Additionally, autonomous cars enhance comfort by integrating air conditioning, LED lighting, electric windows, rain-sensitive wipers, electric seats, power sliding doors, and electric roofs. The electrical suspension offers an active as well as passive suspension. The powertrain feature in autonomous vehicles consists of engine management, electrical power steering, electro-hydraulic power steering, automatic gearbox, and steer-by-wire. While instrumentation offers head-up displays, braking advancements offer Anti-lock Braking System (ABS)with or electronic stability. At the same time, the safety features incorporate airbags and occupant detection.
Introduction of New Autonomous Vehicles Technologies Such as Motion Planning Navigation and Mapping Technology and Motion Planning and Trajectory Control
Navigation and mapping technology provides immense future possibilities for self-driving cars. These advanced technologies can successfully navigate the car from the source to the destination. Autonomous cars require improved maps and upgraded navigation algorithms. Completely automated or driverless vehicles will be unable to navigate using meter-resolution maps dependent on GPS. They need high-definition maps that can notify obstacles on the road. Accuracy is extremely important to navigate driverless cars on public roads. Environmental sensing, combined with vehicle dynamics control, is the significant parameter that is integrated for an advanced level of reliability and safety for autonomous vehicles.
Sample Copy of the Report :https://www.blueweaveconsulting.com/global-autonomous-vehicles-market/report-sample
Concerns Pertaining to the Adoption and Maintenance Costs
The manufacturing costs of self-driving cars are high and unpredictable. They need a variety of advanced sensors, processors, and controls, which can cost tens of thousands of dollars. The price of radar sensors varies depending on the range they cover, which can be short or long. The core component of these cars is called the central processor, which analyzes all the sensor inputs; implements the rules of the road; and controls the steering, accelerator, and brakes, and constitutes 50-200% of the sensor cost. Since system failures could be lethal to car occupants as well as road users, all acute components would need to meet stringent production, repair, installation, testing, and maintenance requirements, which is quite expensive.
Impact of COVID-19
The automobile industry is a pillar of the global economy. The automotive sector has already witnessed considerable slowdown due to the COVID-19 pandemic for the last 12-18 months from 2019 to 2020. This can be attributed to several reasons, including factory closures, government sanctions, supply chain disruption, and lockout in many countries, which resulted in a global collapse of vehicle demand. Also, the supply of automotive components all over the world has been disrupted due to restrictions on import-export activities by several countries.
Several small, medium and large manufacturers of automotive and automotive components have faced huge losses due to the lack of sales and demand of automotive during the COVID-19 pandemic. For instance, in May 2020, Nissan decided to close down its Barcelona plant after reporting the worst net loss of USD 6.2 billion during the same fiscal year, compared with the net profit of 319.1 billion yen a year in 2019. Also, new vehicle sales in the United States has declined by almost 23.9% in July 2020 as compared to 2019.
Global Autonomous Vehicle Market: By Sensor
Based on sensors, the autonomous market is bifurcated into LiDAR, ultrasonic, radar, and image sensors. Radio Detection and Ranging (RADAR) segment hold the largest share in the autonomous vehicle market. The ability of RADAR sensors to see in the fog, snow, or rain is a key attribute that is likely to fuel the segment demand. These sensors are also capable of preventing accidents caused by driver error, drowsiness, or distraction, which in turn is driving the growth of the globally advanced driver assistance system market. Additionally, LiDAR sensors are projected to gain high traction over the forecast period due to their crucial function in self-driving cars.
The presence of leading players in this market space greatly reduces the opportunities for new entrants as matching the high capital requirements is quite difficult. Some of the key market players areAptiv PLC,Honda Motor Corporation,Daimler AG (Mercedes Benz), Jaguar, Tesla, Toyota, General Motors, Volkswagen, BMW, Ford Motor Company, Continental AG, Baidu, Volvo Car Corporation, and other prominent players. In order to improve their production capability, product portfolio, and provide competitive differentiation, companies are increasingly participating in acquisitions, alliances, and mergers.
· On 11 January 2021, Aptiv introduced the next-gen ADAS platform for highly automated and electrified vehicles. As part of Aptiv’s Smart Vehicle Architecture, the open and scalable ADAS platform not only supports the software-defined vehicle but also reduces complexity and lowers total system costs.
· On 20 January 2021, Honda announced a collaboration with Cruise and General Motors on self-driving vehicles for its autonomous vehicle mobility service (MaaS) business in Japan, based on the development and commercial agreements signed in October 2018.
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online & offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost up the performance of your business solutions. BWC has built its reputation from the scratches by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.