Connected, Autonomous, Shared, and Electric (CASE) Market Emerging Trends and Global Demand 2020 to 2027
- Significant rise in technological advancements, improvement in standard of living, and supportive government policies such as right to Internet access have been driving the automobile industry. Introduction of vehicles powered by technologies, including Internet of Things (IoT) and Artificial Intelligence (AI), has led to a revolution in vehicle manufacturing. This has further helped in the development of driverless cars.
- According to the World Health Organization (WHO), approximately 1.35 million people across the world lost their lives due to road fatalities in 2018. Human errors accounted for about 90% of these road accidents. Human errors include inattention, drowsiness, and drivers’ negligence. These coupled with several factors such as unknown terrain, and low visibility during fog and night led to an increase in accident rates. Incorporation of several technologies in the vehicle industry such as ADAS, traction control, and automatic braking system can help reduce road accidents.
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- Growth in the global economy has been boosting car sales. However, people increasingly prefer ride and car sharing services such as UberPOOL, Lyft, and Zipcar. The outlook of the shared vehicle industry appears promising due to the emergence of data sharing and technology linked platforms. Increase in usage of these technologies and systems in vehicles are anticipated to drive the global CASE market.
Key drivers of Connected, Autonomous, Shared, and Electric (CASE) Market
- Implementation of stringent environmental policies and government regulations to control climate change across the globe has led to restrictions on the usage of traditional IC engines. Electrical vehicles are emission-free, have high torque ratings, and provide alternatives for IC engines. These are shaping the future of the automotive industry.
- Autonomous vehicles are likely to be independent of drivers owing to the presence of secure and advanced safety features, high economical ratings, and high accuracy in navigation. For instance, companies such as BMW, Volvo, and Nissan are conducting trials for driverless vehicles in Germany and are planning to sell such vehicles by the end of 2021.
- Increasing number of people are opting to buy state-of-the-art vehicles with advanced features owing to the growth in economy, and rise in disposable income and purchasing power. This is propelling the global autonomous car industry, thereby boosting the CASE market.
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Absence of Fully Developed Autonomous Vehicles makes it Difficult to Compare Available Systems
- Demand for autonomous electric vehicles has been rising. However, various companies are still in the development and testing phase of electrical vehicles. Most of these vehicles are expected to be connected in the near future. Currently, there is no clear standard for connectivity or driverless vehicles. This lack of clarity is likely to make it difficult for customers to compare features and capabilities of different vehicles.
China to Dominate Connected, Autonomous, Shared, and Electric (CASE) Market
- China is the dominant region in terms of sale of electric vehicles. It is followed by Europe and the U.S. Government subsidiaries, leniency for exemption of number plates in select major cities, and stringent regulations are fueling the electric vehicles industry in China. Government subsidies help reduce the cost of buying vehicles. This is another factor augmenting the popularity of electric vehicles.
- A new EV policy, implemented in 2019, mandates automakers to comply with EV credit target. Various OEMs have partnered with domestic companies in order to develop new EVs complying with the new policy. These factors are driving the CASE market.
- Germany and Norway have the highest rate of acceptance for eclectic vehicles in the European Union. Every second car sold in Norway is likely to be an electric vehicle by December 2019. This indicates the high rate of adoption of EV in the country.
- The U.S. Environmental Protection Agency has announced that it would refurbish the current vehicle emission standards, mandating cars and light trucks to have average of more than 50 miles per gallon by 2025.