The global autonomous car market, by Level of Automation (Level 1, Level 2, Level 3, Level 4, and Level 5), by Application (Passenger Cars, Public Transportation, Commercial Applications, and Air Taxis), and by Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa), was valued at US$ 9.9 billion in 2017, and is expected to increase to US$ 2,406.3 billion by 2035, registering a CAGR of 36.6% over the forecast period (2018-2035), according to the market report published by Coherent Market Insights.
Reduction in traffic congestion and parking problems will help autonomous vehicles gain higher market traction. According to Coherent Market Insights’ analysis, the autonomous driving technologies will help users to save around over 30 minutes of their daily time in traffic congestions, which could be utilized for more productive tasks. Moreover, no requirement for door opening spaces for self-parking vehicles can save up to 15% of the extra parking spaces. This will help in reducing the parking space problems, specifically in the frequently congested city areas. These associated benefits will drive growth of the autonomous car market.
Rising demand for advanced safety, comfort, and convenience systems is one of the major factors driving growth of the market
Automotive embedded system is a crucial component in improving vehicle performance, driver and pedestrian safety, and for effective emission control. In advanced vehicles, several electronic components such as sensors and microcontrollers for enhanced safety and convenience features such as infotainment, electronic steering, automatic braking, collision avoidance, brake assist, driver warning, external airbags, and other embedded systems are used. Key players in the automotive industry such as Volvo, Mercedes, and BMW are involved in the development and manufacturing of autonomous vehicles, which includes features such as collision avoidance, driver warning, and external airbags.
Stringent government regulations regarding antilock braking systems (ABS), advanced driver assistance systems (ADAS), electronic brake-force distribution (EBD), tire pressure management systems (TPMS), and airbags across the globe to enhance user safety has fuelled the adoption of these safety systems. For instance, in 2008, the U.S. Congress TREAD Act mandated the deployment of appropriate tire pressure monitoring system (TPMS) technology in all passenger vehicles to improve the driver and passenger safety by means of a dashboard warning system.
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Key Trends and Analysis of the Global Autonomous car Market:
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