Global Autonomous Cars Market Report Talks About The Key Drivers And Trends Of The Market Which Will Lead To A Rapid Growth By 2030, Resulting In A $3.1 Trillion Market For Autonomous Cars
London, Oct. 29, 2020 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the global autonomous cars market, the market is expected to benefit from the increased investments on self-driving vehicles and the technological advances in the market. The global autonomous cars market is expected to grow from $1.1 trillion in 2023 to reach $3.1 trillion in 2030 at a compound annual growth rate (CAGR) of more than 14%.
Companies such as Ford and General Motors are increasingly investing in R&D for self-driving vehicles. In November 2018, Ford publicly stated that it plans to have self-driving cars on the road in a commercial capacity by 2021 and has been building out a testing facility in Miami. In July 2018, Ford had stated that it was creating a separate $4 billion unit for its self-driving vehicle operations and for also seeking outside investors. In March 2020, General Motors made an announcement of intentions to invest more than $20 billion through 2025 on its next-generation electric and autonomous vehicles including capital and engineering resources. These investments will drive the growth of the market in the forecast period.
The use of Artificial Intelligence (AI) is one of the major key trends in the autonomous cars market. Autonomous car manufacturers are increasingly using this technology to improve the safety and efficacy of these cars. AI is used to monitor driver and user behavior and can predict and prescribe preferences based on the data collected. Basic activities such as seat position adjustment, mirror adjustment, air-conditioning settings, and songs to be played can be controlled easily through AI. It helps in cross traffic detection, syncs with traffic signals, monitors blind spots and helps in controlling the vehicle during an emergency.
Implementation of virtual reality (VR) and augmented reality (AR) technologies for the reduction of costs and increased efficiency is another technological advancement in the autonomous cars industry. Virtual reality is the use of computer technology to create a computer-simulated experience, while augmented reality is real environment objects supplemented with computer-generated information through sensory inputs. These technologies benefit the manufacturing process by reducing rework, increasing quality, lowering labor costs, meeting timelines, improving safety, streamlining collaboration, design analysis approach, improving accuracy, aiding in project management and presentation of product plans.
Major transportation manufacturing companies utilizing AR and VR technologies are Toyota Motor, Volkswagen Group, General Motors, Daimler AG, Ford Motor and Fiat Chrysler Automobiles.
The Business Research Company’s report titled Autonomous Cars Market Global Report 2020-30: Covid 19 Growth And Change covers major autonomous cars companies, autonomous cars market share by company, autonomous cars manufacturers, autonomous cars market size, and autonomous cars market forecasts. The report also covers the global autonomous cars market and its segments. The autonomous cars market is segmented by product type into semi-autonomous cars and fully-autonomous cars. The semi-autonomous cars market was the largest segment of the autonomous cars market segmented by product type, accounting for 97.1% of the total autonomous cars market. The top opportunities in the autonomous cars market segmented by product type will arise in the semi-autonomous cars market segment, which will gain $315.2 billion of global annual sales by 2023.
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The autonomous cars market consists of sales of autonomous cars by entities (organizations, sole traders and partnerships) that manufacture autonomous cars for transporting people and goods. An autonomous car, which is also known as a driverless car, is a vehicle capable of guiding itself with minimum or no human involvement. An autonomous car uses a wide range of technology including cameras, sensors, GPS, radars, artificial intelligence and other technologies to navigate. To navigate between places, autonomous cars use machine learning and neural networks on huge amounts of image recognition data, which are fed into the system.
The global autonomous cars market is concentrated, with a small number of large players. The top ten competitors in the market made up to 70% of the total market. Major players in the market include Toyota Motor Corporation, Ford Motor Company, Daimler AG, General Motors Company, and Volkswagen AG.
Autonomous Cars Market Global Report 2020-30: Covid 19 Growth And Change is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, autonomous cars market segments and autonomous cars market geographies, autonomous cars market trends, autonomous cars market drivers, autonomous cars market restraints, autonomous cars market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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