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Autonomous Vehicle Market 2019An autonomous vehicle, commonly known as a self-driving car or a driverless car is a vehicle that utilizes a combination of sensors, radar, cameras, and artificial intelligence to travel between destinations without a human driver. Artificial Intelligence technologies power self-driving vehicle systems. Creators of self-driving vehicle use a huge amount of data from image recognition systems, along with neural networks and machine learning analytics, to develop vehicles that can drive autonomously. These vehicles are capable of driving on their own or by human assistance by sensing the nearby environment.
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Market Analysis
The Research conducted a detailed analysis of the global autonomous vehicle market. Some of the key findings from the research report are mentioned below-
The autonomous vehicle uses advanced technologies like GPS, LIDAR, and computer vision, in order to sense the nearby environment. Advanced control systems that are incorporated into the automobiles can interpret the sensory inputs to discover the signboards or to prevent a collision.
According to research, by the year 2030, there would be an instantaneous growth for Level 2 and Level 3 autonomous vehicles, which have advanced driver assistance systems, like lane departure warning, collision detection, and adaptive cruise control.
The leading automobile manufacturing companies, technology giants and professional start-ups have invested more than US$50 billion over the past five years, in order to develop advanced autonomous vehicle technology, with almost 70% of the capital coming from other than the automotive industry. At the same time, public authorities claim that autonomous vehicles offer huge social and economic benefits.
However, factors like cybersecurity concerns and Safety issues are impeding the autonomous vehicle market growth. One of the crucial cybersecurity threats associated with autonomous cars is hacking. Apart from cybersecurity threats, safety considerations pertaining to accidents have always been the main concern for both the customers and the international authorities.
Market segmentation
According to the report published in WiseGuy Research, the global autonomous vehicle market can be analyzed on the basis of component types, autonomous vehicles levels, important applications, and regional markets.
Based on the components, the global AV market can be segmented into-
Hardware(Radar Sensors, Sensor Components, Video Camera, Lidar Sensor)
Software
Services(Managed Services, Consulting Services, Security Services)
Based on the level of automation, the autonomous vehicle market can be segmented into-
Fully Autonomous vehicles
Semi-Autonomous vehicles
According to the research, Semi-Autonomous Vehicle segment is expected to dominate the growth of the overall market.
Based on application, the global AV market can be segmented into-
Robo taxi
Civil
Rideshare
Self-driving truck
Self-driving bus
The primary regions that contribute to the growth and development of autonomous vehicle market-
North America
Europe
Asia-Pacific
LAMEA
Important Facts
Europe and North America covered more than half of the global semi-autonomous vehicle market segment in the year 2018 and likely to continue to improve their market share during the forecast period, owing to the rising development of semi-autonomous car models and increasing advancement in the vehicle semi-autonomous systems in the automotive industry.
Chinese internet service provider, Baidu, and Volvo have collaborated to develop self-driving electric vehicles in China. Volvo will deliver its expertise in advanced technologies in the automotive industry, whereas Baidu offers its advanced autonomous driving platform, Apollo.
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