The strong presence of competitors will characterize the global market for autonomous cars,
finds a new study by Transparency Market Research (TMR). Tesla Motors
Inc., Nissan Motor co., Ltd. and Waymo LLC are expected to lead this
market in future. The high degree of product differentiation will
maintain the high degree of competition between the players.
Global Autonomous Car Market: Snapshot
The
global market for autonomous cars is likely to emerge as a massive
entity in the forthcoming years. The significantly rising number of
accidents across the world is predicted to drive the growth of this
market substantially over the next few years. Moreover, the growing
awareness among consumers regarding the benefits autonomous cars offer
to its users, such as the enhanced mobility is projected to fuel the
demand for autonomous cars in the years to come. The regulatory
concerns, however, may hinder the growth of this market to some extent
in the near future.
Analysts
estimate the worldwide autonomous car market to account for 0.60 mn
units in 2025. Expanding at a CAGR of 47.50% between 2025 and 2035, the
shipment volume is likely to increase to 29.31 mn units by the end of
2035.
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http://www.transparencymarketresearch.com/autonomous-cars-driverless-cars-market.html
http://www.transparencymarketresearch.com/autonomous-cars-driverless-cars-market.html
Level 3 Autonomous Cars to Dominate Global Market
On
the basis of the level of automation, the global autonomous car market
can be segmented into level 1, level 2, level 3, level 4 and level 5.
With technology reaching its tipping point, it is expected that level 1
and level 2 autonomous cars will hold a comparatively smaller share in
the overall market in 2025. The features offered in such cars are
expected to become obsolete by then, making way for new and better
options. Early adopters will begin to move on to the next level of
automation with advanced options.
Level
3 autonomous cars are likely to witness the most prominent demand
across the world over the forecast period. The rapid proliferation and
uptake of advanced autonomous driving technologies, specifically in the
technologically advanced regions, is anticipated to boost the growth of
this segment in the future.
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North America to Emerge as Leading Regional Market for Autonomous Cars
North
America, Europe, Asia Pacific, South America, and the Middle East and
Africa are projected to surface as the main regional markets for
autonomous cars over the forthcoming years. Among these, North America
is expected to experience a relatively faster adoption of autonomous
cars and hence, is anticipated to witness a higher growth rate than
other regional markets in the future.
On
a similar note, Asia Pacific is also expected to witness a healthy rise
in the demand for these cars in the near future on a backdrop of
growing awareness pertaining to advancements in technology and the
significant increase in the disposable income of consumers. Within Asia
Pacific, the level 3 automated cars are projected to contribute a
massive share of total demand volume, thanks to the imminent development
in the information and communication infrastructure in China,
Singapore, and Japan.
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