Published on: May 2022
Uncovering the market secrets of the driverless car industry
The demand for autonomous vehicles in the global market is expected to be around 6.7 thousand units in 2020, with a CAGR of 63.1 percent from 2021 to 2030. Autonomous vehicles (AV), commonly known as self-driving automobiles, are a major advancement in the automotive industry. They have a great growth potential and act as a catalyst for car technology advancements.
Regional Insights of the driverless car industry
The autonomous car market is expected to benefit from the growth of mobility as a service sector. Due to changes in traffic legislation in the United States that allow autonomous vehicles to operate on public roads, North America is projected to see significant growth in the next few years. In order to make transportation entirely autonomous, the regulation is steadily being enacted across all 50 states in the United States. For example, in 2013, the National Highway Traffic Safety Administration (NHTSA), a federal agency in charge of traffic safety, approved self-driving car testing in Nevada, California, Florida, Michigan, and Washington, D.C. Due to the increased acceptance of autonomous vehicles and increasing consumer preference for technologically advanced products, Europe is likely to emerge as a potentially lucrative self-driving car industry in the coming years. In addition, the United Kingdom's Department of Transport established a jurisdiction in 2018 that allows autonomous vehicles to operate on any public road without additional insurance or licences. In 2018, the country launched the Centre for Connected and Autonomous Vehicles. The United Kingdom government is committed to putting autonomous vehicles on the roads by 2021, and it also wants to implement the necessary regulatory reforms to promote the development of autonomous vehicles in the country.
Insights into Key Companies and Market Share
To keep ahead of the competition, leading firms in the self-driving vehicle business are collaborating and developing novel solutions. In August 2017, for example, BMW AG, Intel Corporation, Mobileye, an Intel Corporation subsidiary, and Fiat Chrysler Automobiles (FCA) signed a memorandum of understanding enabling FCA to join the firms in developing an autonomous vehicle driving platform. The goal of the MoU is to pool all of the companies' resources, capabilities, and competencies in order to minimise time to market, improve development efficiency, and improve the platform's technology. Such activities are anticipated to have a significant impact on market expansion.
Key Players in the market are
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