The automobile industry is one of the most thriving industries in the world. With rising disposable income and desire for a comfortable life, the automobile sales have shot up drastically in the last two years. Though the automotive industry faced a little depression in 2014, wherein sales of vehicles was less than expected, it has carved an upward trajectory post the depression. With high sales of vehicles and higher demands of luxury and comfort, the automobile industry is venturing into the future of automobiles, which require little human intervention. These vehicles are being called the Autonomous Vehicles. It seemed to be a long haul before we could see the autonomous vehicles on the road, but the interest of big players from the automotive market in this sector has brought the distant future closer to us.
Autonomous vehicle’s concept is a game changer for global automotive industry, and constant innovations and development in this sector will change the face of the automotive industry in the coming 10-15 years. The global autonomous vehicle market is expected to see a surge as the market is observing a high demand in driver assistance mobility feature of automotive industry, with a significant rise in the revenue generation. Some automated features which are already being integrated in the vehicles are adaptive cruise control, parking assistance, lane departure warning, and automatic braking. More than a million commercial vehicles and around 50 million vehicles in total were estimated to be equipped with one or more driver assistance systems (ADAS) in 2016. The global ADAS market will grow moderately, however the revenue from ADAS market is expected to show a substantial increase.
The global autonomous vehicle market is bifurcated depending upon the capability of automation in vehicles. Some features like telematics solutions and connected car systems are expected to disrupt the global automotive industry in the coming years, as key industry players are preparing to provide various telematics solution such as fleet management, vehicle tracking using GPS, infotainment, and driver coaching among others. Connected cars system permits vehicles to interconnect to form platoons while moving, and is expected to attract key players in the market with scope for significant market penetration. The aforementioned features with other automation features, integrated in the vehicles with the help of sophisticated software and hardware, artificial intelligence and mapping solutions, will further the development and innovations in the autonomous vehicles market, which will pave the way for fully autonomous vehicles in the future.
The accidents and mishaps caused by human errors, stringent regulations on driving and the demand for more sophisticated vehicles are some of the driving factors of the global autonomous vehicles market. Key players are investing substantially in the research and development in the autonomous vehicle industry and it is rapidly expanding to keep pace with the rising demands of sophisticated and effective technology in the automobiles such as autonomous vehicles, telematics and intelligent transportation systems. Some of the key players in this emerging technology market are Daimler AG, Audi AG, General Motors Company, Toyota Motor Corporation, Tesla Motors, Volvo Group, Volkswagen AG, Bayerische Motoren Werke AG, Fiat Chrysler Automobiles (FCA) NV, Denso Corporation, NVIDIA Corporation, Mobileye N.V. and HERE.
BIS Research in its latest upcoming report has done an extensive market research on ‘Global Autonomous Vehicle Market- Analysis and Forecast (2016-2025)’. The market analysis report aims to provide an in-depth analysis of the key development strategies, marketing strategies and market trend dynamics which includes drivers, restraints and opportunities prevailing in the industry.
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