HD Map Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025
Albany, NY -- (SBWIRE) -- 08/14/2017 -- HD or high definition maps are essential in the core chain of driving services. In addition, rising awareness regarding advanced technology and dependence on the internet is driving this market. High definition refers to accuracy in high technology, which gives accurate results. HD map is used for accurate navigation and it helps the driver to reach the exact location. HD mapping is the core of new autonomous cars. LIDAR, Radar and visual cameras are the sensors to a car's vicinity. Demand for HD map application is growing significantly owing to the rising demand for car renting services such as Uber and Ola. HD maps give detailed information about road traffic, road shape, lane slope, curvature, roll data and elevation. Thus, demand for HD maps is growing globally.
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Rising trend of self driving cars, autonomous driving trends, and self driving car renting services globally is anticipated to fuel the growth of the HD map market during the forecast period. Moreover, due to the numerous benefits of HD maps such as indication of road conditions, traffic conditions, weather forecast and others, their demand is growing positively and is anticipated to significantly grow during the forecast period. However, many rural areas in developing countries such as India, China, and Brazil do not have self drive or rented driving car services. Moreover, HD maps cannot detect the location or the road condition and traffic situation in rural areas due to poor internet connection. Governments and manufacturers are taking initiatives to provide free internet connections in such areas. Therefore, the HD map market is expected a see steady growth in rural areas during the forecast period. The impact of this restraint is high in recent times; however, it is expected to be low during the forecast period.
The market of HD map is segmented into two categories based on component and industry. Based on component, the market of HD map is segmented by cameras, positioning systems, involving LIDAR and inertial measurement unit (IMU) among others. In terms of industry, the market of HD map is segmented by auto makers, internet firms, digital map providers and sensor vendors among others.
By geography, the global HD map market is segmented into North America, Europe, Asia Pacific, Middle East and Africa and Latin America. North America HD map market held the largest market share in 2016 and is anticipated to hold its position throughout the forecast period. Asia-Pacific (APAC) HD map market is expected to grow at the highest CAGR during the forecast period of 2017-2025. Increasing adoption of advanced technology in the daily life is the major driving factor in North America and is expected to fuel the overall market growth of HD map market during the forecast period. Additionally, in Europe and Asia-Pacific, many consumers are depending upon online car rental service. Asia Pacific has anticipated the highest growth due to the rising economics such as China and India. Middle East and Africa has shown a remarkable growth in online hyper-local service market followed by Latin America in recent years.
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Numerous mergers and acquisitions, joint ventures, and partnership agreements, product innovation, research and development, and geographical expansion are some of the key strategies adopted by key players to ensure long-term sustenance in this market. Major participants in the global HD map industry include HERE (U.S.), TomTom NV (Netherlands), Google Inc (U.S.), Alibaba (Japan.), NavInfo (China), Mapmyindia (India), and Sandborn (U.S).