The global autonomous / self-driving cars market size is projected to grow from 20.3 million units in 2021 to 62.4 million units by 2030, at a CAGR of 13.3%. The growth of the market is driven by the growing demand for driver assistance systems and stringent safety mandates for a safer driving experience.
Safety features are an important prerequisite for automotive customers across the world. Governments across the world have mandated the incorporation of features such as lane departure warning (LDW) and automatic emergency braking (AEB) paving way for new technologies and Autonomous / Self-driving cars . Different types of safety features have, therefore, been developed to assist drivers and lower the number of accidents. It is expected that the emergence of robo-taxis will be one of the key revenue-generating segment for Autonomous / Self-driving cars.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1220
Driver: Introduction of AI-based camera systems for autonomous / self-driving applications
Numerous tier-1 suppliers and autonomous / self-driving car developers are focusing on the development and adoption of AI-based cameras as these systems offer safety features, such as adaptive cruise control, adaptive headlamp control, traffic sign recognition, forward collision warning, pedestrian detection, and automated braking. Advantages of AI camera systems include cost-savings, the fusion of various complementary technologies for reliable safety, and highly compact form factor.
Opportunity: Increasing developments in autonomous shared mobility
Autonomous / Self-driving cars can operate with little or no human intervention. These vehicles are being developed for a reduction in accidents caused due to human errors, reduction in traffic congestion, and hassle-free transport. The development of autonomous vehicles will fuel the growth of ridesharing. According to the Future of Driving report from Ohio University, with the use of autonomous taxis, the waiting time for a cab would come down from an average of 5 minutes to just 36 seconds. With autonomous ridesharing, the cost of a ride would come down to just USD 0.5 per mile. For example, according to secondary research, Uber’s per ride charges are ~USD 2/mile, of which Uber takes ~50 cents, and USD 1.50 is with the driver. For an autonomous car or robo-taxi instead of a driver-driven car, Uber can straightaway charge a customer ~USD 1 per mile and earn additional ~50 cents per mile. However, the overhead costs such as the maintenance of a car, navigation, and payment services would be a part of it. Autonomous / Self-driving cars would also solve the problem of the first and last mile.
Challenge: High system and component cost
Autonomous / Self-driving cars comprise various components, and their configuration differs according to the features and the technology used in them. These systems comprise micro-controller units, electronic control units, and various sensors. The control units use different sensors such as radar, LiDAR, ultrasonic, image, radio or laser sensors, and infrared sensors. The systems also incorporate a human-machine interface, which assists or alerts the driver whenever required.
Key Market Players
The autonomous / self-driving cars market is dominated by global players such as General Motors (US), Ford (US), Daimler (Germany), Volkswagen (Germany), Toyota (Japan) and Waymo (US). These companies have adopted strategies such as new product development, expansion, collaborations, partnerships, and mergers & acquisitions to gain traction in the Autonomous cars Market. Partnership and collaboration are the most widely adopted strategies by major players.
Request Free Sample Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=1220
