The autonomous car often referred to as a driverless automobile or self-driving car, can understand and feel its surroundings and function with little or no human intervention. Self-driving automobiles have marked the beginning of an age of automation and connectivity technologies. The internet, computers, smartphones, and innovative technologies are integrating with automobiles to help and automate driving processes.
Recent advancements in sensor-processing techniques, high-definition mapping, interactive algorithms, and the implementation of infrastructure-to-vehicle and vehicle-to-vehicle connectivity technologies are empowering a number of businesses to enlarge their manufacturing capabilities and advance vehicle automation.
What are Autonomous or Self-Driving Cars?
The autonomous or driverless car can drive and perform critical activities without the assistance of human contact because of its capability to recognize its environment. It senses the area and navigates by generating a dynamic 3D map of that region using artificial intelligence (AI) software, light detection and ranging (LiDAR), radio detection and range (RADAR), and cameras. The majority of self-driving systems generate and store an internal map of their environment using a number of different sensors like RADAR. There are also various types of autonomy levels like semi-autonomous (requiring driver help) and fully autonomous.
Today several automobile manufacturers, like Ford, Volvo, and Tesla, have made huge advancements with self-driving technology, and many latest cars feature various autonomous technologies. Moreover, these cars have various benefits when compared to traditional automobiles, such as enhanced safety, lower consumption of fuel, and reduced traffic jams and emissions by utilizing less gas and battery power, resulting in lesser pollution. These elements contribute to its environmental friendliness nature.
Market research is a systematic method of acquiring data about your targeted consumers and market. While rolling out new services and businesses, researchers can assist you in understanding purchasing behavior, the newest trends, opportunities, and the most effective techniques that will lead to success.
Numerous autonomous car companies are currently looking for market research firms to help them better understand the current marketplace. Market research helps clients to understand why the market's demand is increasing among consumers, the market's potential, and the major challenges of the market.
To help you better understand the autonomous car market, we will look at the drivers, opportunities, and challenges that market researchers believe you will experience when investing or growing your business.
Factors Leading to the Growth of the Market
The use of modern technology in automobiles and the emergence of smart cities are accelerating its annual growth
- The increase in the development of smart cities is a critical component driving the global autonomous car market forward. Electric self-driving cars contribute to decreasing the air pollution of the smart city and fighting climate change. Using driverless cars can cut traffic fatalities by 90%, significantly improving road safety. Some nations, notably Mexico, Canada, and the United States, are constructing digital infrastructure to enhance communication between networks and automobiles in order to collect critical information, thereby improving road safety and reducing traffic congestion. Therefore, with the evolution of smart cities, the market for autonomous vehicles is expected to rise.
- Prominent car companies are seeking to develop driverless vehicles by incorporating innovative technologies such as artificial intelligence and the Internet of Things. The increasing demand for novel technologies in automobiles is primarily fueled by government initiatives and efforts to enhance customer security and privacy. Furthermore, the integration of AI-based cameras increases product demand and contributes to the growth of the autonomous car industry. The global market for self-driving cars is rising due to the increased implementation of innovative technologies.
- The rise in sales of autonomous/semi-autonomous vehicles in developed markets creates a significant demand for autonomous vehicles. In addition, advancements in different in-vehicle technologies and sensors, such as adaptive cruise control, lasers & radar, anti-lock braking systems (brake-by-wire), active steering (steer-by-wire), and GPS navigation technology have a positive impact on market growth.
What are the Opportunities of the Market?
Shared networks of autonomous electric cars offer the ability to handle complicated urban mobility difficulties while also promoting an environment-friendly way of transportation. Autonomous mobility-on-demand solutions are cutting-edge transportation options that are designed to decrease carbon output and automobile accidents. It will open new opportunities for the market players when they completely understand the function of innovative technologies and the growth of novel business models to enhance the effectiveness of urban mobility and accommodate mobility demands with the help of low-carbon transportation solutions.
The market would benefit greatly from the advancement of ADAS technology. Rising demand for 5G technology for vehicle connectivity, as well as increased demand for electric vehicles, have proven to be great industry opportunities. The rapid development of autonomous shared transportation is becoming a market-growth opportunity.
Driverless technology has the ability to revolutionize transportation and long-distance traveling. It is vital in the advancement of smart cities with minimal carbon emissions, a greener way of life, and safer mobility. It is predicted to boost research and development operations in the transport sector, along with the growth of larger transport systems and autonomous private-use cars, and to generate profitable opportunities for major market players.
Challenges of the Autonomous Car Market
Autonomous vehicle technology is a growing market in the telecommunications and automotive industries. It offers various technologically enhanced safety measures, along with increased comfort and security to cars and their users. But in-vehicle solutions result in higher expenditures related to telecommunications services, networking solution costs, and hardware systems, which can restrict market expansion. Furthermore, these high-tech devices provide numerous obstacles and complexities, like malfunctioning and failures. The increased risk of hackers gaining system data and illegal access to car functions might also hinder market expansion.
Market research, in addition to identifying trends, opportunities, and difficulties, assists businesses in understanding their market competitors. It provides its clients with solutions for maintaining a competitive advantage. According to the market study, the major players in the autonomous cars market are Ford Motor Company, Tesla, BMW AG, Audi AG, Volkswagon AG, and many more.
If you are considering venturing into the autonomous or self-driven car industry or learning more about it, you may collaborate with Cognitive Market Research. Joining forces with Cognitive Market Research will provide you with access to a wide range of difficult-to-reach market niches. They have an experienced research team that collects and analyzes data on consumers, competitors, distributors, and other market forces that operate across the value chain.
Surabhi Bhaiyya, LinkedIn
Senior Research Analyst at Cognitive Market Research
Surabhi Bhaiyya is an experienced market researcher focused on the Pharma & Healthcare industry. With over 7+ years of experience, She has worked with major pharmaceutical companies and healthcare providers, helping them to understand market trends, identify new business opportunities, and develop effective sales & marketing strategies. Her expertise lies in the ability to analyze complex data sets and deliver insights that drive business decisions. At Cognitive Market Research, she handles the market research related to Pharma and healthcare industry. To get in touch and access the above report book an apointment at https://calendly.com/speak-to-analyst.
Senior Research Analyst at Cognitive Market Research
Surabhi Bhaiyya is an experienced market researcher focused on the Pharma & Healthcare industry. With over 7+ years of experience, She has worked with major pharmaceutical companies and healthcare providers, helping them to understand market trends, identify new business opportunities, and develop effective sales & marketing strategies. Her expertise lies in the ability to analyze complex data sets and deliver insights that drive business decisions. At Cognitive Market Research, she handles the market research related to Pharma and healthcare industry.