Autonomous Car Market to grow strongly by 2024

Autonomous Car Market adoption among consumers is challenging as the mobility group is still not confident enough to give full control of their cars in the robot’s hands. For instance, according to AAA survey in the U.S., three out of four drivers are afraid to travel in an autonomous car. About 54% drivers feel unsafe in sharing the road with autonomous cars. Nearly two-thirds of drivers report the adoption of semi-autonomous technologies such as adaptive cruise control, automatic emergency braking, lane-keeping assist, or self-parking technology. This consumer perception of the technology poses a potential challenge to manufacturers to penetrate in this autonomous car market.

Increasing technological developments in ensuring better transportation system have attracted investments to make this technology efficient and safe at the same time. Moreover, vendors are showing a keen interest in driverless vehicle development by investing heavily in R&D, manufacturing, and commercialization of robotic vehicles. For instance, in May 2016, Volkswagen announced USD 300 million investment in Israeli startup Gett, serving taxis, and black cars in 60 cities.

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Driverless transportation systems are expected to reduce the energy consumption in multiple ways. For instance, a widespread adoption of autonomous vehicles can have benefits such as vehicle communications and information exchange regarding direction changes. Furthermore, vehicle interaction with road infrastructure also reduces the traffic congestion leading to a smother traffic flow.

Increased adoption of driverless transportation will result in enhanced societal and economic benefits of automotive manufacturers and other players in the value chain. Suppliers of autonomous car electronics will benefit from growing autonomous car market demand by innovating newer technologies in satisfying OEM requirements.

High maintenance and repairing costs may hamper the autonomous car market. Varying weather conditions, such as rain, fog, and snow, make the system inefficient in detecting the track lines on the pavement. Maintenance costs are very high, which may have a negative impact on the increasing number of robotic transportation. In addition, concerns pertaining to the adoption rate that will lead to a slowdown of the growth rate are different types of weather that cover the track lines by a coating of snow or mud, relying too much on google maps, and potholes that are tough to be detected by sensors as they lie below the road surface.

The autonomous car market is segmented based on its components such as radar sensors, LiDARs, video cameras, central computing systems, ultrasound sensors, and GPS navigation systems.

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Within a complex and diversified transportation industry landscape, competitors are being forced to compete on multiple fronts providing new services potentially. Autonomous car market participants focus on partnerships, collaborations, and mergers & acquisitions to acquire a considerable market share in the industry while new market entrants initially target economically attractive segments.

Industry participants of autonomous car market include Google, Alpha, Mercedes-Benz, BMW, Nissan, General Motors, Tesla, Ford, Volvo, Honda Motor Corporation, Toyota, and Uber.

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