Autonomous Car is Estimated to Witness High Growth Owing to Opportunity in Navigation Technologies
Autonomous cars also known as driverless cars are vehicles that use a system of sensors, cameras, radar and artificial intelligence (AI) to drive themselves without human intervention. These cars collect data from their surroundings through these sensors and systems and make real-time decisions about their movement to navigate on roads safely. Autonomous cars bring numerous benefits like reduce human errors in driving, improve traffic flow, provide mobility to disabled people. With advancements in AI and machine learning, autonomous vehicles can process data to recognize objects and navigate accurately which will eliminate road accidents resulting from human errors.
The global Autonomous Car Market is estimated to be valued at US$ 147.63 Bn in 2023 and is expected to exhibit a CAGR of 7.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Advancements in technologies for navigation systems and sensory devices present a key growth opportunity for autonomous car market size. The development of highly advanced technologies like LiDAR, radar and cameras have enabled cars to develop high-resolution images of surrounding areas which helps them maneuver precisely. Ongoing innovations are focused on improving real-time data processing capabilities through AI which can accurately interpret sensory inputs. Enhanced navigation technologies will assist autonomous cars to navigate through complex environments and drive on all types of roads including highways and off-road terrains. This factor along with continuous technology upgrades will drive the adoption of autonomous vehicles over the forecast period.
Porter's Analysis
Threat of new entrants: Low barriers to entry. However, high R&D and capital investments create barriers for new manufacturers.
Bargaining power of buyers: Buyers have increasing choices with many companies offering autonomous vehicles. However, demand is still nascent allowing companies to charge premium prices.
Bargaining power of suppliers: Few sensor, chip and technology suppliers giving them significant bargaining power. Dependence on technology suppliers can impact costs.
Threat of new substitutes: Emerging mobility services pose threat. However, safety and regulations still favors private vehicle ownership over shared mobility.
Competitive rivalry: Intense competition among established automakers to deploy autonomous driving technology at scale.
SWOT Analysis
Strengths: Rapid technological advancements. Leader automakers have financial muscle for R&D.
Weaknesses: High costs, technology challenges, regulations and safety concerns slowing mass adoption. Dependency on technology suppliers affects autonomy roadmaps.
Opportunities: New mobility services, regional expansion, partnerships to accelerate technology development. Addressing urban transportation needs presents opportunities.
Threats: Changing regulations, emergence of new entrants and mobility models, data privacy issues pose threats. Regional acceptability of autonomous driving varies.
Key Takeaways
The global autonomous car market is expected to witness high growth over the forecast period driven by advancements in sensors, computer vision, AI and 5G connectivity. The global Autonomous Car Market is estimated to be valued at US$ 147.63 Bn in 2023 and is expected to exhibit a CAGR of 7.7% over the forecast period 2023-2030.
North America dominates currently due to presence of technology giants and supportive regulations for testing. However, China and Europe are expected to see faster growth in adoption of autonomous vehicles for mobility services in coming years.
Key players operating in the autonomous car market are Audi AG, Bayerische Motoren Werke AG, General Motors Company, Nissan Motor Co., Ltd., Tesla Motors, Inc., The Volvo Group, Toyota Motor Corporation, Uber Technologies Inc., Waymo LLC, Kia- Hyundai, Poni.ai. Regional analysis shows that North America leads currently due to presence of major automakers and tech companies actively working on autonomous driving technologies. However, Asia Pacific region especially China is emerging as a high growth market for autonomous vehicles due to focus on smart mobility solutions and increasing investment in self-driving car infrastructure and technology.
Get more insights on this topic: https://creativenewsalert.blogspot.com/2023/12/the-global-autonomous-car-market-growth.html
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