Driverless car is also called as autonomous car, self-driving car, and robotic cars. Autonomous car is defined as autonomous car which feature the major competencies of traditional cars. Autonomous cars are capable of sensing its environment and operating without human involvement. These cars are relying on sensors, actuators, machine learning systems and powerful processors to execute software.
The automotive industry has evolved on a great level during the last few years. Many factors have influenced a change, including customer sentiment, economic health, and the emergence of digital technology. Original Equipment Manufacturers (OEMs) from all over the globe are likely to face multiple obstacles for the next few years, marking the start of a challenging phase for the global automotive industry.
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Increase in technological advancements is considered as key driving factor which is expected to boost the global driverless car market growth. Furthermore, increase in demand for smart and automated vehicle systems will have the positive impact on market growth. Moreover, increase in road accidents is expected to propel the market growth. In addition to that, driverless car will reduce fuel consumption by 10% and insurance cost by 30% which expected to fuel the market growth during this forecast period.
However, lack of infrastructural development is the major restraining factor which is expected to hinder the global driverless car market growth. Also, stringent government rules and regulations increase in terrorism are some factors which expected to obstruct the market growth.
Global Driverless Car Market is segmented into components such as Radar Sensor, Video Cameras, LiDAR Sensor, Ultrasound Sensor, Central Computing System, and GPS Navigation System. Further, Global Driverless Car Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East and Africa.
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The market report has been accumulated with the assistance of many primary (interviews, surveysobservations,) and secondary (journals, industrial databases,) sources to distinguish and gather proper information for this broadcommercial, market-oriented, and technical estimation. Porter’s Five Force Model has been implementedto determinethe market assessment precisely and to verify the several strengths, and weaknesses, along with opportunities, and threats (SWOT analysis), and multiple quantitative and qualitative study related with the market.
Market Key Players
Various key players are discussed in this report such as Google, Inc, Daimler AG, Ford Motor Company, Toyota Motor Corporation, BMW AG, Audi AG, AB Volvo, AutoNOMOS Labs, and Volkswagen
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