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The Autonomous/Driverless Car Market is Segmented by Type (Semi-autonomous Vehicles, Fully-autonomous Vehicles) and Geography.
Fastest Growing Market:
The autonomous/driverless car market was valued at USD 24.10 billion in 2019 and is expected to project a CAGR of 18.06%, during the forecast period, 2020-2025.
Autonomous or driverless cars are vehicles that are capable of maneuvering on their own or by human assistance by sensing its nearby environment.
The autonomous cars have been segmented by type.
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Connectivity is a fastest growing feature that is being adopted by the car market, currently. It is expected to generate approximately USD 1 trillion by the end of 2030.
A connected car provides a driver, several smart options and benefits, along with internet access. The benefits include safety alerts, automatic crash notifications, and enhanced engine controls.
This is made possible through the Internet of Things (IoT), which refers to the connectivity of multiple devices through internet.
There are many applications that enable owners to interact with the vehicle even from a certain distance. Even though all these features look attractive, automotive manufacturers face challenges with regard to providing security for these features, owing to the increasing rate of cyber-attacks. This attention to cybersecurity drives the market for automotive cybersecurity, worldwide.
A typical car communication system involves vital enhancements, including sensors that manage a driver’s health (C2D), efficiency features of car-to-home (C2H), traffic patterns of car-to-car (C2C), and communications between cars-to-passengers (C2P).
Connected car and vehicle infotainment system features are at the forefront, enhancing the need for increasingly complex software-driven functionality.
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Following the SAE (Society of Automotive Engineers) International automated driving standards, cars with level 1 to level 3 automation features have been considered under the market segment of semi-autonomous cars.
North America and Europe covered more than half of the global semi-autonomous car market in 2018 and are likely to continue to increase their market share during the forecast period, owing to the increasing launch of semi-autonomous car models and increasing development towards vehicle semi-autonomous systems among players in the automotive industry.
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Many players from the hardware to software firms in the automotive industry started focusing on entering into the growing trend of autonomous driving technology. Thus, partnerships, collaborations, and investments toward the development of autonomous vehicles increased significantly in the automotive industry over the past three years (i.e., 2015-2017). They are likely to continue to grow during the forecast period, primarily owing to the increasing support from governments and private sectors across several countries to promote autonomous driving vehicle technology.
Mando Corporation, one of the largest Tier 1 Korean original equipment manufacturers, obtained a test-drive license of the autonomous driving vehicles in California, the United States, in October 2018. It is one of the first Korean companies to receive permission. The company aims at developing platforms for fully self-driving vehicles with level four autonomy. It also intends to put its safety equipment on autonomous driving cars effectively in the coming years.
In October 2018, General Motors (GM) and Cruise announced that they joined forces with Honda to pursue large scale deployment of autonomous vehicle technology. Honda may contribute approximately USD 2 billion over 12 years to develop a purpose-built autonomous vehicle for Cruise. In addition to the recently announced Softbank investments, this transaction brings the post-money valuation of Cruise to USD 14.6 billion.
Daimler, which ranks the third position in the level four autonomous vehicle market after Waymo and GM, partnered with two major players, namely Robert Bosch GmbH and Nvidia Corporation, to develop level four and level five autonomous cars during the forecast period.
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Technology Trends
4.2 Market Drivers
4.3 Market Restraints
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Type
5.1.1 Semi-autonomous Vehicles
5.1.2 Fully-autonomous Vehicles
5.2.1 North America
5.2.4 Rest of the World
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share**
6.2 Company Profiles
6.2.1 Uber Technologies Inc.
6.2.2 Daimler AG
6.2.3 Waymo LLC (Google Inc.)
6.2.4 Toyota Motor Corp.
6.2.5 Nissan Motor Co. Ltd
6.2.6 Volvo Cars
6.2.7 General Motors Company
6.2.8 Volkswagen AG
6.2.9 Tesla Inc.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject to Availability