COVID19 Impact on Autonomous Cars Market Revenue and Growth Forecast till 2026
September 8, 2020
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Sep 07, 2020 (The Expresswire) —
The global autonomous car market is set to grow exponentially owing to the increasing development of the ride hailing technology. Hence, numerous industry giants are investing hefty amounts of money in the field of driverless ride sharing. This information is given by Fortune Business Insights™ in a new study, titled, “Autonomous Car Market Size, Share and Industry Analysis, By Type (Fully Autonomous and Semi-Autonomous), By Vehicle Type (Passenger Cars and Commercial Vehicles) and Regional Forecasts, 2020-2027.” As per the study, the autonomous car market size was USD 1.82 billion in 2019 and is projected to reach USD 1.33 billion by 2027, exhibiting a CAGR of 3.3% during the forecast period.
The outbreak of the COVID-19 pandemic is impacting the automotive industry severely by causing stringent restrictions on cross border trade. China is considered to be a major distributor of numerous technologies and components for automobiles. Owing to complete lockdown measures in this country, several companies located in the other nations are finding it difficult to get raw materials. Our reports would help you in gaining more insights into this market. You can select the best strategy available and gain business confidence.
To get to know more about the short-term and long-term impact of COVID-19 on this market,
What are the market drivers, hindrances, and opportunities?
Which segment is set to dominate the market in the near future?
How will the companies generate more sales amid the COVID-19 pandemic?
Which region is expected to remain in the leading position in the coming years?
Drivers and Restraints-
Emergence of Advanced Driver Assistance Systems to Boost Growth
The emergence of advanced driver assistance systems (ADAS) is a major autonomous car market growth driver. They help in reducing the pressure on the driver by avoiding distractions. They are mainly equipped with artificial intelligence and other similar unique features. Besides, the increasing adoption of state-of-the-art technologies in mapping, processors, cameras, sensors, and software algorithms are resulting in the enhancements of the applicability of ADAS in every vehicle.
Apart from that, automotive manufacturers are using ADAS in vehicles to reduce the rate of road accidents, as well as to improve safety of pedestrians, occupants, and vehicles. However, the highly advanced technological systems can often lead to failures and malfunctions. This factor may hamper the market growth.
Semi-autonomous Segment to Generate Highest Share Owing to Usage of Novel Features
Based on type, the market is bifurcated into fully autonomous and semi-autonomous. Out of these the fully autonomous car segment generated 78.9% in terms of autonomous car market share in 2019. The semi-autonomous car segment is likely to generate the largest share throughout the forthcoming years owing to the increasing equipment of features, such as adaptive cruise control and intelligent park assist. This is mainly occurring because of the implementation of various government mandates to refine safety and security.
Rising Consumer Preference for Advanced Features will Favor Growth in Asia Pacific
In 2019, Asia Pacific procured USD 0.81 billion in terms of revenue. The region is set to retain its dominant position in the coming years backed by the rising consumer preference for technologically advanced features and the high usage of autonomous cars in this region. Several autonomous car manufacturers in India and China are planning to broaden their production facilities and are trying to bring about rapid technological advancements.
Europe, on the other hand, is anticipated to remain in the second position because of the increasing investments by the renowned manufacturers in the development of unique technologies. The British government has planned, for instance, is planning to support the development of autonomous cars in the U.K. by installing self-driving vehicles till 2021.
Key Players Focus on Developing New Technologies for Strengthening Their Positions
The market consists of a large number of enterprises that are persistently striving to strengthen their positions in the global market. To do so, they are investing extensively in developing new technologies. Some of them are also joining hands with the other local start-ups to obtain their in-house products. Below are two latest industry developments:
July 2020: The official valuation of Argo AI, an autonomous car start-up, stands at USD 7.5 billion. The company is presently focusing on the creation of the virtual driver system. Ford is investing in the start-up as the latter would provide sensors, high-definition maps, cameras, and software solutions to Ford’s self-driving vehicles.
February 2020: Pony.ai raised USD 400 million to expand and deepen a business partnership. The amount was raised from Toyota Motor Corporation for their collaboration in mobility services.
Fortune Business Insights™ lists out the names of all the prominent autonomous car manufacturers operating in the global market.
They are as follows:
Autoliv Inc. (Stockholm, Sweden)
Aptiv (Dublin, Ireland)
Waymo LLC ( California, United States)
Robert Bosch GmbH ( Gerlingen, Germany)
Daimler AG ( Stuttgart, Germany)
Baidu (Beijing, China)
AutoX, (California, United States)
ai (Fremont, California, United States)
Ford Motor Company (Michigan, United States)
HYUNDAI MOTOR GROUP (Seoul, South Korea)
Volvo (Gothenburg, Sweden)
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