The shift in demand from passenger cars to self-driving cars has driven the market at a rapid pace. Global cars market has manifested rise in sales by 2.1% in the year 2017. Growth in cloud-based technology adoption has triggered the market for driverless cars. Furthermore, redundancy in traffic policing coupled with the requirement of less parking space is expected to flourish the market. The regulatory scenario in developed regions is one of the major challenges for the market players to establish their strong footprint in driverless cars market. Autonomous vehicles can easily be hacked because of the software used to drive the vehicle due to this reason developers are toiling to address the cybersecurity risks.
Sarasota, FL -- (SBWIRE) -- 08/30/2018 -- Zion Market Research has published a new report titled "Driverless Cars Market by Technology (Partially Autonomous, and Fully Autonomous), by Sensor Type (Ultrasonic, Radar, LIDAR, Image sensor, and Others), by Component (Hardware, and Software): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017-2024''. According to the report, global driverless cars market was valued at around USD 5.36 billion in 2017 and is expected to reach approximately USD 26.58 billion by 2024, growing at a CAGR of 25.7% between 2018 and 2024.
Revolution in the automotive industry has led to the innovation of driverless cars also known as autonomous cars or self-driving cars. Sensors, cameras, radars, laser light, GPS, computer vision, and artificial intelligence are used by autonomous cars to travel without human support. The automotive industry has recorded remarkable growth since the past few years along with a major contribution to the global economy. Autonomous vehicles have been tested successfully in the U.S. and Europe where drivers are allowed to use autopilot mode for long distance. This initiative is well known as truck platooning and is powered by a collision avoidance system, adaptive cruise control (ACC), vehicle-communication, and much more. Due to increased accidental cases, driverless cars have accounted for cumulative demand. The United States has also accounted for driverless cars as much safer than passenger cars. A driverless car with LIDAR technology was developed by Google Inc. to measure the distance between objects.
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The shift in demand from passenger cars to self-driving cars has driven the market at a rapid pace. Global cars market has manifested rise in sales by 2.1% in the year 2017. Growth in cloud-based technology adoption has triggered the market for driverless cars. Furthermore, redundancy in traffic policing coupled with the requirement of less parking space is expected to flourish the market. The regulatory scenario in developed regions is one of the major challenges for the market players to establish their strong footprint in driverless cars market. Autonomous vehicles can easily be hacked because of the software used to drive the vehicle due to this reason developers are toiling to address the cybersecurity risks.
Driverless cars market is segmented based on type, sensor type, hardware, and region. Based on the type, the driverless cars market is categorized into partially autonomous and fully autonomous. Ultrasonic, Radar, LIDAR, and image sensor are the type of sensors used in driverless cars. LIDAR is leading the sensor type segment with its growing applications in the automotive industry, especially for driverless car technology. By hardware, the market is bifurcated as a camera, communication systems, and GPS systems. In terms of geography, the market has been analyzed in North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. Asia Pacific region is anticipated to grow with the highest CAGR in the forecast period for the driverless cars market. Japan is dominating the Asia Pacific region with advanced technology adoptions for the driverless cars.
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Cruise Automation, Mobileye, Waymo, Nokia, Nvidia, Audi, BMW, Ford, Google, General Motors, Tesla, Volkswagen, Volvo, Toyota, Baidu, and Jaguar are some of the major players of the driverless cars market. Waymo and General Motor are the leaders in the driverless cars market. Waymo is planning to launch its first driverless car in 2019.
The report segments the global driverless cars market as follows:
Global Driverless Cars Market: Technology Segment Analysis
Partially Autonomous
Fully Autonomous
Global Driverless Cars Market: Sensor Type Segment Analysis
Ultrasonic
Radar
LIDAR
Image Sensor
Others
Global Driverless Cars Market: Component Segment Analysis
Software
Applications
Operating Systems
Hardware
Camera
Sensor
Communication Systems
GPS Systems
Others
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Global Driverless Cars Market: Regional Segment Analysis
North America
The U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa