Autonomous Cars Market Forecasted Double-Digit Growth Rate Through 2024
Sarasota, FL -- (SBWIRE) -- 10/10/2017 -- Global Autonomous Cars Market: Overview
A highly developed automobile that can direct itself with any human intervention or action is termed as an autonomous car, driverless car, self-driving car, or robot car. Autonomous cars work on the integrated program structure based on artificial intelligence, Simultaneous localization, and mapping (SLAM).These types of autonomous cars are projected to replace the man driven taxis or other types of vehicles.
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The global autonomous cars market is broadly segmented based on its Automation levels. These levels include SAE level 0, SAE level 1, SAE level 2, SAE level 3, SAE level 4, and SAE level 5. These bifurcations represent the automating capability of the vehicle. Currently, we are majorly using the Level 0 and SAE Level 1 and till some extent, the level 2 cars can be seen on the roads that are still under testing phase. Various systems used while making an autonomous car include radar, GPS system, odometry, lidar, computer vision and advanced control systems. The application of autonomous is majorly inclining towards commercial segment as the costing of a single car which is equipped with highly precise devices hardware, and operational mechanism wouldn't be affordable for an individual for personal use.
Rising number of road mishaps and accident caused due to human error, lack of alertness is driving the growth of the global autonomous cars market. Rising awareness among the consumers about the advantages of autonomous cars and its future based benefits has forced the key players to develop these extra-efficient autonomous cars. The introduction of autonomous cars on the roads would probably help to reduce the travel time, fuel consumption as its advanced GPS system would play smartly by redirecting the desired to the low traffic congested route.
Looking at the current situation in the autonomous car market, the growth factors seem to be in fewer numbers, as the concept of driverless cars still has many loopholes.
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Geographically, North America is leading the global autonomous cars market followed by Europe, owing to growing demand for driverless cars in the region and government allowing the testing of the autonomous cars on public roads. Asia-Pacific region is anticipated to witness a rapid growth in coming future due to the adoption of the technology and desire to participate in the development of the global autonomous cars market.
Market Competitive Players
Some of the major players working curiously to achieve the dominance in autonomous car market include Volvo Car Corporation, Tesla Motors, Mercedes-Benz, Bayerische Motoren Werke AG (BMW), Alphabet Inc. (Google), Audi, General Motors, Nissan, Mercedes-Benz, Uber, and Toyota.
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Autonomous Cars Market by Geographical Analysis: North America( U.S.), Europe( UK, France, Germany), Asia-Pacific (China, Japan, India), Latin America( Brazil), Middle East and Africa
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